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1st Quarter 2020 -20.41% 0.2446 0.1530 0.0126 0.2758 -0.0437 0.3594 0.4049 0.1907 -0.2968 0.3126 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 2nd Quarter 2020 28.40% Worst 2nd Quarter 2022 -19.58% 0.1147 0.2130 -0.0485 0.3091 0.1783 0.2813 -0.1840 0.2570 0.2445 0.1730 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 2nd Quarter 2020 20.41% Worst 1st Quarter 2020 -19.70% "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 the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. 0.2016 0.1569 -0.1158 0.2566 0.1310 0.2420 -0.1349 0.1597 0.1340 0.0710 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 4th Quarter 2020 24.21% Worst 1st Quarter 2020 -29.85% "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 the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. 0.0450 0.4526 0.0080 0.2968 -0.1672 0.2208 -0.0040 0.1062 -0.0625 0.1585 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 4th Quarter 2020 19.40% Worst 1st Quarter 2020 -30.20% 0.1395 0.1362 0.1333 -0.1346 0.3130 0.0648 0.3196 -0.0945 0.1025 0.1286 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 4th Quarter 2020 22.53% Worst 1st Quarter 2020 -32.89% 0.0823 0.0564 0.2592 0.1281 -0.0895 0.2230 0.1092 0.2607 -0.1652 0.1555 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 4th Quarter 2020 31.13% Worst 1st Quarter 2020 -32.69% 0.1132 0.0793 0.2339 0.1063 -0.1769 0.2035 0.0985 0.3370 -0.1384 0.1374 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 4th Quarter 2020 34.01% Worst 1st Quarter 2020 -35.65% N-1A COLUMBIA FUNDS SERIES TRUST 2026-07-01 Summary of the Fund Investment Objective <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Columbia Convertible Securities Fund (the Fund) </span><span style="color:#003c78;font-family:arial;font-size:10pt">seeks total return, consisting of capital appreciation and current </span><span style="color:#003c78;font-family:arial;font-size:10pt">income.</span></div> Fees and Expenses of the Fund <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">You may </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">in the tables and examples below.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">You may qualify for sales charge discounts if you and members of your </span><span style="color:#003c78;font-family:arial;font-size:10pt">immediate family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible funds </span><span style="color:#003c78;font-family:arial;font-size:10pt">distributed by Columbia Management Investment Distributors, Inc. (the Distributor). More information is available </span><span style="color:#003c78;font-family:arial;font-size:10pt">about these and other sales charge discounts and waivers from your financial intermediary, and can be found in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Choosing a Share Class</span><span style="color:#003c78;font-family:arial;font-size:10pt"> section beginning on page </span><span style="color:#003c78;font-family:arial;font-size:10pt">25</span><span style="color:#003c78;font-family:arial;font-size:10pt"> of the Fund’s prospectus, in </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Appendix A </span><span style="color:#003c78;font-family:arial;font-size:10pt">to the prospectus </span><span style="color:#003c78;font-family:arial;font-size:10pt">beginning on page A-1 and in Appendix S to the Statement of Additional Information (SAI) under </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Sales Charge </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Waivers</span><span style="color:#003c78;font-family:arial;font-size:10pt"> beginning on page</span><span style="color:#003c78;font-family:arial;font-size:10pt"> S-1.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> 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 is available about these and other sales charge discounts and waivers from your financial intermediary, and can be found in the Choosing a Share Class section beginning on page 25 of the Fund’s prospectus, in Appendix A to the prospectus beginning on page A-1 and in Appendix S to the Statement of Additional Information (SAI) under Sales Charge Waivers beginning on page S-1. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0 0 0 0 0 0.0100 0.0100 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0077 0.0077 0.0077 0.0077 0.0077 0.0077 0.0025 0.0100 0.0000 0.0000 0.0000 0.0000 0.0013 0.0013 0.0013 0.0009 0.0004 0.0013 0.0115 0.0190 0.0090 0.0086 0.0081 0.0090 -0.0006 -0.0006 -0.0006 -0.0006 -0.0006 -0.0006 0.0109 0.0184 0.0084 0.0080 0.0075 0.0084 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.This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. “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 the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. June 30, 2027 Example <div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing </span><span style="color:#003c78;font-family:arial;font-size:10pt">in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods </span><span style="color:#003c78;font-family:arial;font-size:10pt">indicated, and assumes that:</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">your investment has a 5% return each year, and</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Annual Fund Operating Expenses</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">table above.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Class C shares’ 10-year cost examples below reflect the Class C shares' 8-year conversion policy.</span> <br/> <span style="color:#003c78;font-family:arial;font-size:10pt">Since the waivers and/or reimbursements shown in the</span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic"> Annual Fund Operating Expenses</span><span style="color:#003c78;font-family:arial;font-size:10pt"> table above expire as </span><span style="color:#003c78;font-family:arial;font-size:10pt">indicated in the preceding table, they are only reflected in the 1 year example and the first year of the other </span><span style="color:#003c78;font-family:arial;font-size:10pt">examples. Although your actual costs may be higher or lower, based on the assumptions listed above, your costs </span><span style="color:#003c78;font-family:arial;font-size:10pt">would be:</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> 680 680 914 914 1166 1166 1887 1887 287 591 1021 2022 187 591 1021 2022 86 86 281 281 493 493 1102 1102 82 82 268 268 471 471 1055 1055 77 77 253 253 444 444 996 996 86 86 281 281 493 493 1102 1102 Portfolio Turnover <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color:#003c78;font-family:arial;font-size:10pt">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or </span><span style="color:#003c78;font-family:arial;font-size:10pt">in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="color:#003c78;font-family:arial;font-size:10pt">was </span><span style="color:#003c78;font-family:arial;font-size:10pt">212</span><span style="color:#003c78;font-family:arial;font-size:10pt">% of the average value of its portfolio.</span></div> 2.12 Principal Investment Strategies <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal circumstances, the Fund invests at least 80% of its net assets (</span><span style="color:#003c78;font-family:arial;font-size:10pt">plus</span><span style="color:#003c78;font-family:arial;font-size:10pt"> the amount of any borrowings for </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment purposes) in convertible securities. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Convertible securities are bonds, preferred stocks, and other </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities that pay interest or dividends and are convertible into common stocks or its equivalent value. In general, a </span><span style="color:#003c78;font-family:arial;font-size:10pt">convertible security performs more like a stock when the underlying stock's price is high (because it is assumed that </span><span style="color:#003c78;font-family:arial;font-size:10pt">it will be converted into the stock) and more like a bond when the underlying stock's price is low (because it is </span><span style="color:#003c78;font-family:arial;font-size:10pt">assumed that it will mature without being converted).</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may invest up to 15% of its total assets in Eurodollar </span><span style="color:#003c78;font-family:arial;font-size:10pt">convertible securities and up to an additional 20% of its total assets in foreign securities. Most convertible securities </span><span style="color:#003c78;font-family:arial;font-size:10pt">are not investment grade-rated. Convertible securities rated below investment grade may be referred to as “junk </span><span style="color:#003c78;font-family:arial;font-size:10pt">bonds.” The Fund also may invest directly in equity securities.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal circumstances, the Fund invests at least 80% of its net assets (</span><span style="color:#003c78;font-family:arial;font-size:10pt">plus</span><span style="color:#003c78;font-family:arial;font-size:10pt"> the amount of any borrowings for </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment purposes) in convertible securities. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Convertible securities are bonds, preferred stocks, and other </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities that pay interest or dividends and are convertible into common stocks or its equivalent value. In general, a </span><span style="color:#003c78;font-family:arial;font-size:10pt">convertible security performs more like a stock when the underlying stock's price is high (because it is assumed that </span><span style="color:#003c78;font-family:arial;font-size:10pt">it will be converted into the stock) and more like a bond when the underlying stock's price is low (because it is </span><span style="color:#003c78;font-family:arial;font-size:10pt">assumed that it will mature without being converted).</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may invest up to 15% of its total assets in Eurodollar </span><span style="color:#003c78;font-family:arial;font-size:10pt">convertible securities and up to an additional 20% of its total assets in foreign securities. Most convertible securities </span><span style="color:#003c78;font-family:arial;font-size:10pt">are not investment grade-rated. Convertible securities rated below investment grade may be referred to as “junk </span><span style="color:#003c78;font-family:arial;font-size:10pt">bonds.” The Fund also may invest directly in equity securities.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund looks for opportunities to participate in the potential growth of underlying common stocks, while seeking </span><span style="color:#003c78;font-family:arial;font-size:10pt">to earn income that is generally higher than the income those stocks provide. The Fund may sell common stocks </span><span style="color:#003c78;font-family:arial;font-size:10pt">short against positions in which the Fund has directly invested in convertible securities with no more than 10% of its </span><span style="color:#003c78;font-family:arial;font-size:10pt">assets.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may from time to time emphasize one or more economic sectors in selecting its investments, </span><span style="color:#003c78;font-family:arial;font-size:10pt">including the information technology sector.</span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest in privately placed and other securities or instruments that are purchased and sold pursuant to </span><span style="color:#003c78;font-family:arial;font-size:10pt">Rule 144A or other exemptions under the Securities Act of 1933, as amended, subject to certain regulatory </span><span style="color:#003c78;font-family:arial;font-size:10pt">restrictions.</span></div> Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in convertible securities. Convertible securities are bonds, preferred stocks, and other securities that pay interest or dividends and are convertible into common stocks or its equivalent value. There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Active Management Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Due to its active management, the Fund could underperform its benchmark index and/or </span><span style="color:#003c78;font-family:arial;font-size:10pt">other funds with similar investment objectives and/or strategies.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Changing Distribution Level Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund normally expects to receive income which may include interest, </span><span style="color:#003c78;font-family:arial;font-size:10pt">dividends and/or capital gains, depending upon its investments. The distribution amounts paid by the Fund will vary </span><span style="color:#003c78;font-family:arial;font-size:10pt">and generally depend on the amount of income the Fund earns (less expenses) on its portfolio holdings, and capital </span><span style="color:#003c78;font-family:arial;font-size:10pt">gains or losses it recognizes. A decline in the Fund’s income or net capital gains arising from its investments may </span><span style="color:#003c78;font-family:arial;font-size:10pt">reduce its distribution level.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Convertible Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Convertible securities are subject to the usual risks associated with debt instruments, </span><span style="color:#003c78;font-family:arial;font-size:10pt">such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common </span><span style="color:#003c78;font-family:arial;font-size:10pt">stock into which they convert</span><span style="color:#003c78;font-family:arial;font-size:10pt"> and are thus subject to market risk. The Fund may also be forced to convert a </span><span style="color:#003c78;font-family:arial;font-size:10pt">convertible security at an inopportune time, which may decrease the Fund’s return.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Credit Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Credit risk is the risk that the value of debt instruments may decline if the issuer thereof defaults or </span><span style="color:#003c78;font-family:arial;font-size:10pt">otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, </span><span style="color:#003c78;font-family:arial;font-size:10pt">such as making payments to the Fund when due. Credit rating agencies, such as S&amp;P Global Ratings, Moody’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">Investors Service, Inc. (Moody’s Ratings), Fitch Ratings, Inc. (Fitch), Morningstar DBRS (DBRS) and Kroll Bond Rating </span><span style="color:#003c78;font-family:arial;font-size:10pt">Agency, LLC (KBRA), assign credit ratings to certain debt instruments to indicate their credit risk. A rating downgrade </span><span style="color:#003c78;font-family:arial;font-size:10pt">by such agencies can negatively impact the value of such instruments. Lower-rated or unrated instruments held by </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund may present increased credit risk as compared to higher-rated instruments. Non-investment grade debt </span><span style="color:#003c78;font-family:arial;font-size:10pt">instruments may be subject to greater price fluctuations and are more likely to experience a default than investment </span><span style="color:#003c78;font-family:arial;font-size:10pt">grade debt instruments and therefore may expose the Fund to increased credit risk. If the Fund purchases unrated </span><span style="color:#003c78;font-family:arial;font-size:10pt">instruments, or if the ratings of instruments held by the Fund are lowered after purchase, the Fund will depend on </span><span style="color:#003c78;font-family:arial;font-size:10pt">analysis of credit risk more heavily than usual.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Foreign Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in or exposure to securities of foreign companies may involve heightened risks </span><span style="color:#003c78;font-family:arial;font-size:10pt">relative to investments in or exposure to securities of U.S. companies. Investing in securities of foreign companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">subjects the Fund to the risks associated with an issuer’s (and any of its related companies’) country of organization </span><span style="color:#003c78;font-family:arial;font-size:10pt">and places of business operations, including risks related to political, regulatory, economic, social, diplomatic and </span><span style="color:#003c78;font-family:arial;font-size:10pt">other conditions or events (including, for example, military confrontations and actions, war, other conflicts, terrorism </span><span style="color:#003c78;font-family:arial;font-size:10pt">and disease/virus outbreaks and epidemics) occurring in the country or region, as well as risks associated with less </span><span style="color:#003c78;font-family:arial;font-size:10pt">developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities </span><span style="color:#003c78;font-family:arial;font-size:10pt">of U.S. companies</span><span style="color:#003c78;font-family:arial;font-size:10pt"> and are subject to the risks associated with potential imposition of economic and other sanctions </span><span style="color:#003c78;font-family:arial;font-size:10pt">against a particular foreign country, its nationals or industries or businesses within the country. In addition, foreign </span><span style="color:#003c78;font-family:arial;font-size:10pt">governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the </span><span style="color:#003c78;font-family:arial;font-size:10pt">disposition of foreign securities, which could reduce the Fund’s return on such securities. The performance of the </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">Fund may also be negatively affected by fluctuations in a foreign currency's strength or weakness relative to the U.S. </span><span style="color:#003c78;font-family:arial;font-size:10pt">dollar, particularly to the extent the Fund invests a significant percentage of its assets in foreign securities or other </span><span style="color:#003c78;font-family:arial;font-size:10pt">assets denominated in currencies other than the U.S. dollar.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">High-Yield Investments Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Securities and other debt instruments held by the Fund that are rated below </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment grade (commonly called “high-yield” or “junk” bonds) and unrated debt instruments of comparable quality </span><span style="color:#003c78;font-family:arial;font-size:10pt">expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment grade debt instruments. In addition, these investments have greater price fluctuations, are less liquid and </span><span style="color:#003c78;font-family:arial;font-size:10pt">are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are </span><span style="color:#003c78;font-family:arial;font-size:10pt">considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Interest Rate Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest </span><span style="color:#003c78;font-family:arial;font-size:10pt">rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to </span><span style="color:#003c78;font-family:arial;font-size:10pt">rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it </span><span style="color:#003c78;font-family:arial;font-size:10pt">but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the </span><span style="color:#003c78;font-family:arial;font-size:10pt">liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt </span><span style="color:#003c78;font-family:arial;font-size:10pt">instrument, the greater its sensitivity to changes in interest rates. For example, a three-year duration means a bond is </span><span style="color:#003c78;font-family:arial;font-size:10pt">expected to decrease in value by 3% if interest rates rise 1% and increase in value by 3% if interest rates fall 1%. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment </span><span style="color:#003c78;font-family:arial;font-size:10pt">risk. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher </span><span style="color:#003c78;font-family:arial;font-size:10pt">periods of inflation could lead such authorities to raise interest rates. Such actions may negatively affect the value of </span><span style="color:#003c78;font-family:arial;font-size:10pt">debt instruments held by the Fund, resulting in a negative impact on the Fund's performance and NAV. Any interest </span><span style="color:#003c78;font-family:arial;font-size:10pt">rate increases could cause the value of the Fund’s investments in debt instruments to decrease. Rising interest rates </span><span style="color:#003c78;font-family:arial;font-size:10pt">may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not </span><span style="color:#003c78;font-family:arial;font-size:10pt">advantageous to do so, which could result in losses.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Issuer Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below </span><span style="color:#003c78;font-family:arial;font-size:10pt">expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color:#003c78;font-family:arial;font-size:10pt">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color:#003c78;font-family:arial;font-size:10pt">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color:#003c78;font-family:arial;font-size:10pt">outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Liquidity Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Liquidity risk is the risk associated with any event, circumstance, or characteristic of an investment or </span><span style="color:#003c78;font-family:arial;font-size:10pt">market that negatively impacts the Fund’s ability to sell, or realize the proceeds from the sale of, an investment at a </span><span style="color:#003c78;font-family:arial;font-size:10pt">desirable time or price. Liquidity risk may arise because of, for example, a lack of marketability of the investment, </span><span style="color:#003c78;font-family:arial;font-size:10pt">which means that when seeking to sell its portfolio investments, the Fund could find that selling is more difficult than </span><span style="color:#003c78;font-family:arial;font-size:10pt">anticipated, especially during times of high market volatility. Decreases in the number of financial institutions, </span><span style="color:#003c78;font-family:arial;font-size:10pt">including banks and broker-dealers, willing to make markets (match up sellers and buyers) in the Fund’s investments </span><span style="color:#003c78;font-family:arial;font-size:10pt">or decreases in their capacity or willingness to trade such investments may increase the Fund’s exposure to this risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The debt market has experienced considerable growth, and financial institutions making markets in instruments </span><span style="color:#003c78;font-family:arial;font-size:10pt">purchased and sold by the Fund (e.g., bond dealers) have been subject to increased regulation. The impact of that </span><span style="color:#003c78;font-family:arial;font-size:10pt">growth and regulation on the ability and willingness of financial institutions to engage in trading or “making a </span><span style="color:#003c78;font-family:arial;font-size:10pt">market” in such instruments remains unsettled. Certain types of investments, such as lower-rated securities or those </span><span style="color:#003c78;font-family:arial;font-size:10pt">that are purchased and sold in over-the-counter markets, may be especially subject to liquidity risk. Securities or </span><span style="color:#003c78;font-family:arial;font-size:10pt">other assets in which the Fund invests may be traded in the over-the-counter market rather than on an exchange and </span><span style="color:#003c78;font-family:arial;font-size:10pt">therefore may be more difficult to purchase or sell at a fair price, which may have a negative impact on the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance. Market participants attempting to sell the same or a similar instrument at the same time as the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">could exacerbate the Fund’s exposure to liquidity risk. The Fund may have to accept a lower selling price for the </span><span style="color:#003c78;font-family:arial;font-size:10pt">holding, sell other liquid or more liquid investments that it might otherwise prefer to hold (thereby increasing the </span><span style="color:#003c78;font-family:arial;font-size:10pt">proportion of the Fund’s investments in less liquid or illiquid securities), or forego another more appealing </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment opportunity. The liquidity of Fund investments may change significantly over time and certain </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">investments that were liquid when purchased by the Fund may later become illiquid, particularly in times of overall </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic distress. Changing regulatory, market or other conditions or environments (for example, the interest rate or </span><span style="color:#003c78;font-family:arial;font-size:10pt">credit environments) may also adversely affect the liquidity and the price of the Fund's investments. Judgment plays </span><span style="color:#003c78;font-family:arial;font-size:10pt">a larger role in valuing illiquid or less liquid investments as compared to valuing liquid or more liquid investments. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Price volatility may be higher for illiquid or less liquid investments as a result of, for example, the relatively less </span><span style="color:#003c78;font-family:arial;font-size:10pt">frequent pricing of such securities (as compared to liquid or more liquid investments). Generally, the less liquid the </span><span style="color:#003c78;font-family:arial;font-size:10pt">market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Overall market liquidity and other factors can lead to an increase in redemptions, which may negatively impact Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance and NAV, including, for example, if the Fund is forced to sell investments in a down market.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Market Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. </span><span style="color:#003c78;font-family:arial;font-size:10pt">These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, </span><span style="color:#003c78;font-family:arial;font-size:10pt">regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, </span><span style="color:#003c78;font-family:arial;font-size:10pt">turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively </span><span style="color:#003c78;font-family:arial;font-size:10pt">affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly </span><span style="color:#003c78;font-family:arial;font-size:10pt">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color:#003c78;font-family:arial;font-size:10pt">and financial markets are increasingly interconnected, and conditions and events in one country, region or financial </span><span style="color:#003c78;font-family:arial;font-size:10pt">market may adversely impact issuers in a different country, region or financial market. These risks may be magnified </span><span style="color:#003c78;font-family:arial;font-size:10pt">if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such </span><span style="color:#003c78;font-family:arial;font-size:10pt">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span><span style="color:#003c78;font-family:arial;font-size:10pt">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color:#003c78;font-family:arial;font-size:10pt">depressions or other events – or the potential for such events – could have a significant negative impact on global </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic and market conditions.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Preferred Stock Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Preferred stock is a type of stock that may pay dividends at a different rate than common </span><span style="color:#003c78;font-family:arial;font-size:10pt">stock of the same issuer, if at all, and that has preference over common stock in the payment of dividends and the </span><span style="color:#003c78;font-family:arial;font-size:10pt">liquidation of assets. Preferred stock does not ordinarily carry voting rights. The price of a preferred stock is </span><span style="color:#003c78;font-family:arial;font-size:10pt">generally determined by earnings, type of products or services, projected growth rates, experience of management, </span><span style="color:#003c78;font-family:arial;font-size:10pt">liquidity, and general market conditions of the markets on which the stock trades. The most significant risks </span><span style="color:#003c78;font-family:arial;font-size:10pt">associated with investments in preferred stock include issuer risk, market risk and interest rate risk (the risk of </span><span style="color:#003c78;font-family:arial;font-size:10pt">losses attributable to changes in interest rates).</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Prepayment and Extension Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Prepayment and extension risk is the risk that a bond or other security or </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment might, in the case of prepayment risk, be called or otherwise converted, prepaid or redeemed before </span><span style="color:#003c78;font-family:arial;font-size:10pt">maturity and, in the case of extension risk, that the investment might not be called as expected. In the case of </span><span style="color:#003c78;font-family:arial;font-size:10pt">prepayment risk, if the investment is converted, prepaid or redeemed before maturity, the portfolio managers may </span><span style="color:#003c78;font-family:arial;font-size:10pt">not be able to invest the proceeds in other investments providing as high a level of income, resulting in a reduced </span><span style="color:#003c78;font-family:arial;font-size:10pt">yield to the Fund. As interest rates decrease or spreads narrow on such investments, the likelihood of prepayment </span><span style="color:#003c78;font-family:arial;font-size:10pt">increases. Conversely, extension risk is the risk that an unexpected rise in interest rates will extend the life of an </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment beyond the prepayment time. If the Fund’s investments are locked in at a lower interest rate for a longer </span><span style="color:#003c78;font-family:arial;font-size:10pt">period of time, the portfolio managers may be unable to capitalize on investments with higher interest rates or wider </span><span style="color:#003c78;font-family:arial;font-size:10pt">spreads.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Rule 144A and Other Exempted Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may invest in privately placed and other securities or </span><span style="color:#003c78;font-family:arial;font-size:10pt">instruments exempt from SEC registration (collectively “private placements”), subject to certain regulatory </span><span style="color:#003c78;font-family:arial;font-size:10pt">restrictions. In the U.S. market, private placements are typically sold only to qualified institutional buyers, or qualified </span><span style="color:#003c78;font-family:arial;font-size:10pt">purchasers, as applicable. An insufficient number of buyers interested in purchasing private placements at a </span><span style="color:#003c78;font-family:arial;font-size:10pt">particular time could adversely affect the marketability of such investments and the Fund might be unable to dispose </span><span style="color:#003c78;font-family:arial;font-size:10pt">of them promptly or at reasonable prices, subjecting the Fund to liquidity risk. The Fund’s holdings of private </span><span style="color:#003c78;font-family:arial;font-size:10pt">placements may increase the level of Fund illiquidity if eligible buyers are unable or unwilling to purchase them at a </span><span style="color:#003c78;font-family:arial;font-size:10pt">particular time. Issuers of Rule 144A eligible securities are required to furnish information to potential investors upon </span><span style="color:#003c78;font-family:arial;font-size:10pt">request. However, the required disclosure is much less extensive than that required of public companies and is not </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">publicly available since the offering information is not filed with the SEC. Further, issuers of Rule 144A eligible </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities can require recipients of the offering information (such as the Fund) to agree contractually to keep the </span><span style="color:#003c78;font-family:arial;font-size:10pt">information confidential, which could also adversely affect the Fund’s ability to dispose of the security.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Sector Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> At times, the Fund may have a significant portion of its assets invested in securities of companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">conducting business in a related group of industries within one or more economic sectors, including the information </span><span style="color:#003c78;font-family:arial;font-size:10pt">technology sector. Companies in the same sector may be similarly affected by economic, regulatory, political or </span><span style="color:#003c78;font-family:arial;font-size:10pt">market events or conditions, which may make the Fund vulnerable to unfavorable developments in that group of </span><span style="color:#003c78;font-family:arial;font-size:10pt">industries or economic sector.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Information Technology Sector.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is vulnerable to the particular risks that may affect companies in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">information technology sector. Companies in the information technology sector are subject to certain risks, </span><span style="color:#003c78;font-family:arial;font-size:10pt">including the risk that new services, equipment or technologies will not be accepted by consumers and </span><span style="color:#003c78;font-family:arial;font-size:10pt">businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including </span><span style="color:#003c78;font-family:arial;font-size:10pt">obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including </span><span style="color:#003c78;font-family:arial;font-size:10pt">aggressive pricing of their products or services, new market entrants, competition for market share and short </span><span style="color:#003c78;font-family:arial;font-size:10pt">product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to </span><span style="color:#003c78;font-family:arial;font-size:10pt">limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In </span><span style="color:#003c78;font-family:arial;font-size:10pt">addition, many information technology sector companies have limited operating histories and prices of these </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies’ securities historically have been more volatile than other securities, especially over the short term. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Some companies in the information technology sector are facing increased government and regulatory scrutiny </span><span style="color:#003c78;font-family:arial;font-size:10pt">and may be subject to adverse government or regulatory action, which could negatively impact the value of their </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Short Positions Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may establish short positions which introduce more risk to the Fund than long </span><span style="color:#003c78;font-family:arial;font-size:10pt">positions (where the Fund owns the instrument or other asset) because the maximum sustainable loss on an </span><span style="color:#003c78;font-family:arial;font-size:10pt">instrument or other asset purchased (held long) is limited to the amount paid for the instrument or other asset plus </span><span style="color:#003c78;font-family:arial;font-size:10pt">the transaction costs, whereas there is no maximum price of the shorted instrument or other asset when purchased </span><span style="color:#003c78;font-family:arial;font-size:10pt">in the open market. Therefore, in theory, short positions have unlimited risk. The Fund’s use of short positions in </span><span style="color:#003c78;font-family:arial;font-size:10pt">effect “leverages” the Fund. Leverage potentially exposes the Fund to greater risks of loss due to unanticipated </span><span style="color:#003c78;font-family:arial;font-size:10pt">market movements, which may magnify losses and increase the volatility of returns. To the extent the Fund takes a </span><span style="color:#003c78;font-family:arial;font-size:10pt">short position in a derivative instrument or other asset, this involves the risk of a potentially unlimited increase in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">value of the underlying instrument or other asset. Short positions also involve transaction and other costs that will </span><span style="color:#003c78;font-family:arial;font-size:10pt">reduce potential Fund gains and increase potential Fund losses.</span></div> 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, as well as another measure of performance for markets in which the Fund may invest. <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following bar chart and table show you how the Fund has performed in the past, and can help you understand </span><span style="color:#003c78;font-family:arial;font-size:10pt">the risks of investing in the Fund. The bar chart shows how the Fund’s Class A share performance (without sales </span><span style="color:#003c78;font-family:arial;font-size:10pt">charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be </span><span style="color:#003c78;font-family:arial;font-size:10pt">lower. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The table below the bar chart compares the Fund’s returns (after applicable sales charges shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Shareholder Fees</span><span style="color:#003c78;font-family:arial;font-size:10pt"> table in this prospectus) for the periods shown with a broad measure of market performance, as </span><span style="color:#003c78;font-family:arial;font-size:10pt">well as another measure of performance for markets in which the Fund may invest.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The performance of one or more share classes shown in the table below begins before the indicated inception date </span><span style="color:#003c78;font-family:arial;font-size:10pt">for such share class. The returns shown for each such share class include the returns of the Fund’s Class A shares </span><span style="color:#003c78;font-family:arial;font-size:10pt">(without applicable sales charges) for periods prior to its inception date.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), </span><span style="color:#003c78;font-family:arial;font-size:10pt">the share classes of the Fund would have substantially similar annual returns because all share classes of the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">invest in the same portfolio of securities.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The after-tax returns shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Average Annual Total Returns</span><span style="color:#003c78;font-family:arial;font-size:10pt"> table below are calculated using the highest </span><span style="color:#003c78;font-family:arial;font-size:10pt">historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do </span><span style="color:#003c78;font-family:arial;font-size:10pt">not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not </span><span style="color:#003c78;font-family:arial;font-size:10pt">apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs).</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The </span><span style="color:#003c78;font-family:arial;font-size:10pt">after-tax returns are shown only for Class A shares and will vary for other share classes.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting </span><span style="color:#003c78;font-family:arial;font-size:10pt">columbiathreadneedleus.com.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> 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, as well as another measure of performance for markets in which the Fund may invest. 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 in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged 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. The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. 800.345.6611 columbiathreadneedleus.com Year by Year Total Return (%)as of December 31 Each Year* Best 2020-06-30 0.2595 Worst 2022-06-30 -0.1640 Year to Date return 2026-03-31 0.0270 Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2025) 1987-09-25 1987-09-25 1987-09-25 0.1268 0.0289 0.1055 0.1205 0.0087 0.0858 0.0756 0.0166 0.0793 1996-10-21 0.1765 0.0333 0.1037 1999-05-21 0.1987 0.0438 0.1148 2012-11-08 0.1995 0.0443 0.1155 2014-10-01 0.1997 0.0448 0.1160 2024-10-02 0.1987 0.0419 0.1124 0.1798 0.0505 0.1122 0.1715 0.1315 0.1429 Summary of the Fund Investment Objective <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Columbia </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Cornerstone </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Equity Fund (the Fund) </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">seeks long-term capital appreciation.</span></div> Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">You may </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">in the tables and examples below.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">You may qualify for sales charge discounts if you and members of your </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">immediate family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible funds </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">distributed by Columbia Management Investment Distributors, Inc. (the Distributor). More information is available </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">about these and other sales charge discounts and waivers from your financial intermediary, and can be found in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Choosing a Share Class </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">section beginning on page </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">22 </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of the Fund’s prospectus, in </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Appendix A </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">to the prospectus </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">beginning on page A-1 and in Appendix S to the Statement of Additional Information (SAI) under </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Sales Charge </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Waivers </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">beginning on page </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">S-1.</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> 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 is available about these and other sales charge discounts and waivers from your financial intermediary, and can be found in the Choosing a Share Class section beginning on page 22 of the Fund’s prospectus, in Appendix A to the prospectus beginning on page A-1 and in Appendix S to the Statement of Additional Information (SAI) under Sales Charge Waivers beginning on page S-1. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0 0 0 0 0 0 0.0100 0.0100 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0071 0.0071 0.0071 0.0071 0.0071 0.0071 0.0071 0.0025 0.0100 0.0000 0.0000 0.0000 0.0050 0.0000 0.0014 0.0014 0.0014 0.0008 0.0003 0.0014 0.0014 0.0110 0.0185 0.0085 0.0079 0.0074 0.0135 0.0085 -0.0020 -0.0020 -0.0020 -0.0021 -0.0021 -0.0020 -0.0020 0.0090 0.0165 0.0065 0.0058 0.0053 0.0115 0.0065 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.This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. Other expenses for Class R shares are based on estimated amounts for the Fund’s current fiscal year. “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 the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. June 30, 2027  Example <div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">indicated, and assumes that:</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">your investment has a 5% return each year, and</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Annual Fund Operating Expenses</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">table above.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Class C shares’ 10-year cost examples below reflect the Class C shares' 8-year conversion policy.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span> <br/><span style="color: #003c78; font-family: arial; font-size: 10pt;">Since the waivers and/or reimbursements shown in the</span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;"> Annual Fund Operating Expenses</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> table above expire as </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">indicated in the preceding table, they are only reflected in the 1 year example and the first year of the other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">examples. Although your actual costs may be higher or lower, based on the assumptions listed above, your costs </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">would be:</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> 662 662 886 886 1128 1128 1821 1821 268 562 982 1956 168 562 982 1956 66 66 251 251 452 452 1030 1030 59 59 231 231 418 418 958 958 54 54 215 215 391 391 899 899 117 117 408 408 720 720 1607 1607 66 66 251 251 452 452 1030 1030 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">was </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">71</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">% of the average value of its portfolio.</span></div> 0.71 Principal Investment Strategies <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">plus </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the amount of any borrowings for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment purposes) in equity securities of companies that have market capitalizations</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in the range of companies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in the Standard &amp; Poor’s (S&amp;P) 500 Index (the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Capitalization </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Index).</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The market capitalization range of the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies included within the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Capitalization </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Index was $5.4 billion to $</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">5.1</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> trillion as of May 31, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">2026</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The market </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">capitalization range and composition of companies in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Capitalization</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Index are subject to change.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">As such, the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">size of the companies in which the Fund invests may change. The Fund may continue to hold a security even if the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">company’s market capitalization is no longer within the range of the Capitalization Index.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may invest up to 20% of its total assets in foreign securities.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund normally invests in common stocks, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">preferred stocks and convertible securities and may invest in exchange-traded funds.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may at times </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">emphasize one or more sectors in selecting its investments, including the information technology sector.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Generally, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund anticipates holding between 40 and 60 securities in its portfolio; however, the Fund may hold, at any time, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">more or fewer securities than noted in this range.</span></div> Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of companies that have market capitalizationsin the range of companies in the Standard &amp; Poor’s (S&amp;P) 500 Index (the Capitalization Index). There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Active Management Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Due to its active management, the Fund could underperform its benchmark index and/or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other funds with similar investment objectives and/or strategies.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Convertible Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Convertible securities are subject to the usual risks associated with debt instruments, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">stock into which they convert</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> and are thus subject to market risk. The Fund may also be forced to convert a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">convertible security at an inopportune time, which may decrease the Fund’s return.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Counterparty Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Counterparty risk is the risk that a counterparty to a transaction in a financial instrument held by </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">fail to perform its obligations. As a result, the Fund may obtain no or limited recovery of its investment, and any </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">recovery may be significantly delayed.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Equity Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Equity securities may experience significant volatility. Such securities may fall sharply in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">financial condition.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Exchange-Traded Fund (ETF) Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Investments in ETFs have unique characteristics, including, but not limited to, the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expense structure and additional expenses associated with investing in ETFs. ETFs are subject to, among other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risks, tracking risk and passive and, in some cases, active investment risk. In addition, shareholders bear both their </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">proportionate share of the Fund’s expenses, and indirectly the ETF’s expenses, incurred through the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">ownership of the ETF. Because the expenses and costs of an underlying ETF are shared by its investors, redemptions </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">by other investors in the ETF could result in decreased economies of scale and increased operating expenses for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">such ETF. The ETFs may not achieve their investment objective. The Fund, through its investment in ETFs, may not </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">achieve its investment objective.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Focused Portfolio Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Because the Fund may invest in a limited number of companies, the Fund as a whole is </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">subject to greater risk of loss if any of those securities decline in price.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Foreign Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Investments in or exposure to securities of foreign companies may involve heightened risks </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">relative to investments in or exposure to securities of U.S. companies. Investing in securities of foreign companies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">subjects the Fund to the risks associated with an issuer’s (and any of its related companies’) country of organization </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and places of business operations, including risks related to political, regulatory, economic, social, diplomatic and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other conditions or events (including, for example, military confrontations and actions, war, other conflicts, terrorism </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and disease/virus outbreaks and epidemics) occurring in the country or region, as well as risks associated with less </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of U.S. companies</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> and are subject to the risks associated with potential imposition of economic and other sanctions </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">against a particular foreign country, its nationals or industries or businesses within the country. In addition, foreign </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disposition of foreign securities, which could reduce the Fund’s return on such securities. The performance of the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund may also be negatively affected by fluctuations in a foreign currency's strength or weakness relative to the U.S. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">dollar, particularly to the extent the Fund invests a significant percentage of its assets in foreign securities or other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">assets denominated in currencies other than the U.S. dollar.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Issuer Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund.</span></div> <div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic; font-weight: bold;">Large-Cap Stock Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Investments in larger, more established companies (larger companies) may involve certain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risks associated with their larger size. For instance, larger companies may be less able to respond quickly to new </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">competitive challenges, such as changes in consumer tastes or innovation from smaller competitors. Also, larger </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies are sometimes less able to achieve as high growth rates as successful smaller companies, especially </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">during extended periods of economic expansion.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Market Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and financial markets are increasingly interconnected, and conditions and events in one country, region or financial </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market may adversely impact issuers in a different country, region or financial market. These risks may be magnified </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">depressions or other events – or the potential for such events – could have a significant negative impact on global </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic and market conditions.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Preferred Stock Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Preferred stock is a type of stock that may pay dividends at a different rate than common </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">stock of the same issuer, if at all, and that has preference over common stock in the payment of dividends and the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">liquidation of assets. Preferred stock does not ordinarily carry voting rights. The price of a preferred stock is </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">generally determined by earnings, type of products or services, projected growth rates, experience of management, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">liquidity, and general market conditions of the markets on which the stock trades. The most significant risks </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">associated with investments in preferred stock include issuer risk, market risk and interest rate risk (the risk of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">losses attributable to changes in interest rates).</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Sector Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> At times, the Fund may have a significant portion of its assets invested in securities of companies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">conducting business in a related group of industries within one or more economic sectors, including the information </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">technology sector. Companies in the same sector may be similarly affected by economic, regulatory, political or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market events or conditions, which may make the Fund vulnerable to unfavorable developments in that group of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">industries or economic sector.</span></div> <div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic; font-weight: bold;">Information Technology Sector.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund is vulnerable to the particular risks that may affect companies in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">information technology sector. Companies in the information technology sector are subject to certain risks, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">including the risk that new services, equipment or technologies will not be accepted by consumers and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">aggressive pricing of their products or services, new market entrants, competition for market share and short </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">addition, many information technology sector companies have limited operating histories and prices of these </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies’ securities historically have been more volatile than other securities, especially over the short term. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Some companies in the information technology sector are facing increased government and regulatory scrutiny </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and may be subject to adverse government or regulatory action, which could negatively impact the value of their </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> Performance Information <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the risks of investing in the Fund. Class R shares of the Fund did not commence operations prior to the date of this </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">prospectus and, therefore, performance information is not yet available. The bar chart shows how the Fund’s Class A </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">reflected, returns shown would be lower. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The table below the bar chart compares the Fund’s returns (after applicable </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sales charges shown in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Shareholder Fees </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">table in this prospectus) for the periods shown with a broad measure </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of market performance.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Any share class, such as Class R shares, that does not have available performance would have annual returns </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">substantially similar to those of Class A shares. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The performance of one or more share classes shown in the table </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">below begins before the indicated inception date for such share class. The returns shown for each such share class </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">include the returns of the Fund’s Class Inst shares for periods prior to its inception date.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the share classes of the Fund would have substantially similar annual returns because all share classes of the Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">invest in the same portfolio of securities.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The after-tax returns shown in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Average Annual Total Returns </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">table below are calculated using the highest </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs).</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">after-tax returns are shown only for Class A shares and will vary for other share classes.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">columbiathreadneedleus.com.</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R shares of the Fund did not commence operations prior to the date of this prospectus and, therefore, performance information is not yet available. 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. Class R shares of the Fund did not commence operations prior to the date of this prospectus and, therefore, performance information is not yet available. 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. 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 in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged 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. The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. 800.345.6611 columbiathreadneedleus.com Year by Year Total Return (%)as of December 31 Each Year* Best 2020-06-30 0.2060 Worst 2020-03-31 -0.1757 Year to Date return 2026-03-31 -0.0624  Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2025)   1999-08-02 1999-08-02 1999-08-02 0.0735 0.1213 0.1332 0.0659 0.1062 0.1178 0.0480 0.0925 0.1057 1999-08-02 0.1205 0.1261 0.1314 1998-10-02 0.1415 0.1373 0.1427 2012-11-08 0.1421 0.1381 0.1435 2017-03-01 0.1430 0.1388 0.1439 2024-10-02 0.1414 0.1374 0.1427 0.1788 0.1442 0.1482 Summary of the Fund Investment Objective <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Columbia Large Cap Enhanced Core Fund (the Fund) </span><span style="color:#003c78;font-family:arial;font-size:10pt">seeks total return before fees and expenses that exceeds the </span><span style="color:#003c78;font-family:arial;font-size:10pt">total return of the Standard &amp; Poor's (S&amp;P) 500</span><span style="color:#003c78;font-family:arial;font-size:5pt;position:relative;top:-4.25pt">®</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Index.</span></div> Fees and Expenses of the Fund <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">You may </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">in the tables and examples below.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> Shareholder Fees (fees paid directly from your investment) 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0075 0.0075 0.0075 0.0075 0.0025 0.0000 0.0000 0.0050 0.0000 0.0022 0.0022 0.0005 0.0022 0.0022 0.0122 0.0097 0.0080 0.0147 0.0097 -0.0039 -0.0039 -0.0039 -0.0039 -0.0039 0.0083 0.0058 0.0041 0.0108 0.0058 “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 the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. June 30, 2027  Example <div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing </span><span style="color:#003c78;font-family:arial;font-size:10pt">in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods </span><span style="color:#003c78;font-family:arial;font-size:10pt">indicated, and assumes that:</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">your investment has a 5% return each year, and</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Annual Fund Operating Expenses</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">table above.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="line-height:12.0pt;margin-left:6pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">Since the waivers and/or reimbursements shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Annual Fund Operating Expenses</span><span style="color:#003c78;font-family:arial;font-size:10pt"> table above expire as </span><span style="color:#003c78;font-family:arial;font-size:10pt">indicated in the preceding table, they are only reflected in the 1 year example and the first year of the other </span><span style="color:#003c78;font-family:arial;font-size:10pt">examples. Although your actual costs may be higher or lower, based on the assumptions listed above, your costs </span><span style="color:#003c78;font-family:arial;font-size:10pt">would be:</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> 85 85 349 349 633 633 1443 1443 59 59 270 270 498 498 1154 1154 42 42 216 216 406 406 953 953 110 110 427 427 766 766 1724 1724 59 59 270 270 498 498 1154 1154 Portfolio Turnover <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color:#003c78;font-family:arial;font-size:10pt">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or </span><span style="color:#003c78;font-family:arial;font-size:10pt">in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="color:#003c78;font-family:arial;font-size:10pt">was </span><span style="color:#003c78;font-family:arial;font-size:10pt">72</span><span style="color:#003c78;font-family:arial;font-size:10pt">% of the average value of its portfolio.</span></div> 0.72 Principal Investment Strategies <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal circumstances, the Fund invests at least 80% of its net assets (</span><span style="color:#003c78;font-family:arial;font-size:10pt">plus</span><span style="color:#003c78;font-family:arial;font-size:10pt"> the amount of any borrowings for </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment purposes) in common stocks that comprise the S&amp;P 500 Index (the Index), convertible securities that are </span><span style="color:#003c78;font-family:arial;font-size:10pt">convertible into stocks included in the Index, and derivatives whose returns are closely equivalent to the returns of </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Index or its components.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund primarily invests in securities included in the Index but generally holds fewer stocks than the Index and </span><span style="color:#003c78;font-family:arial;font-size:10pt">may hold securities that are not in the Index.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Although the Fund’s investment manager attempts to maintain a portfolio that generally matches the risk </span><span style="color:#003c78;font-family:arial;font-size:10pt">characteristics of the Index, it will vary the number and percentages of the Fund’s holdings in attempting to provide </span><span style="color:#003c78;font-family:arial;font-size:10pt">higher returns than the Index and to reduce the potential of underperforming the Index over time.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may at </span><span style="color:#003c78;font-family:arial;font-size:10pt">times emphasize one or more sectors in selecting its investments, including the information technology sector.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">In pursuit of the Fund’s objective, the portfolio managers use quantitative analysis to evaluate the relative </span><span style="color:#003c78;font-family:arial;font-size:10pt">attractiveness of potential investments.</span></div> Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in common stocks that comprise the S&amp;P 500 Index (the Index), convertible securities that are convertible into stocks included in the Index, and derivatives whose returns are closely equivalent to the returns of the Index or its components. There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Active Management Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> While security selection is driven by fundamental concepts, a quantitative process is used </span><span style="color:#003c78;font-family:arial;font-size:10pt">to construct the portfolio. Additionally, a qualitative review of the quantitative output is conducted by the portfolio </span><span style="color:#003c78;font-family:arial;font-size:10pt">managers. Therefore, the Fund’s performance will reflect, in part, the ability of the portfolio managers to make active, </span><span style="color:#003c78;font-family:arial;font-size:10pt">qualitative decisions, including allocation decisions that seek to achieve the Fund’s investment objective. The Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">could underperform its benchmark index and/or other funds with similar investment objectives and/or strategies.</span></div> <div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Convertible Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Convertible securities are subject to the usual risks associated with debt instruments, </span><span style="color:#003c78;font-family:arial;font-size:10pt">such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common </span><span style="color:#003c78;font-family:arial;font-size:10pt">stock into which they convert</span><span style="color:#003c78;font-family:arial;font-size:10pt"> and are thus subject to market risk. The Fund may also be forced to convert a </span><span style="color:#003c78;font-family:arial;font-size:10pt">convertible security at an inopportune time, which may decrease the Fund’s return.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Counterparty Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Counterparty risk is the risk that a counterparty to a transaction in a financial instrument held by </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise </span><span style="color:#003c78;font-family:arial;font-size:10pt">fail to perform its obligations. As a result, the Fund may obtain no or limited recovery of its investment, and any </span><span style="color:#003c78;font-family:arial;font-size:10pt">recovery may be significantly delayed.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Equity Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Equity securities may experience significant volatility. Such securities may fall sharply in </span><span style="color:#003c78;font-family:arial;font-size:10pt">response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">financial condition.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Issuer Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below </span><span style="color:#003c78;font-family:arial;font-size:10pt">expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color:#003c78;font-family:arial;font-size:10pt">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color:#003c78;font-family:arial;font-size:10pt">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color:#003c78;font-family:arial;font-size:10pt">outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Large-Cap Stock Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in larger, more established companies (larger companies) may involve certain </span><span style="color:#003c78;font-family:arial;font-size:10pt">risks associated with their larger size. For instance, larger companies may be less able to respond quickly to new </span><span style="color:#003c78;font-family:arial;font-size:10pt">competitive challenges, such as changes in consumer tastes or innovation from smaller competitors. Also, larger </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies are sometimes less able to achieve as high growth rates as successful smaller companies, especially </span><span style="color:#003c78;font-family:arial;font-size:10pt">during extended periods of economic expansion.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Market Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. </span><span style="color:#003c78;font-family:arial;font-size:10pt">These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, </span><span style="color:#003c78;font-family:arial;font-size:10pt">regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, </span><span style="color:#003c78;font-family:arial;font-size:10pt">turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively </span><span style="color:#003c78;font-family:arial;font-size:10pt">affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly </span><span style="color:#003c78;font-family:arial;font-size:10pt">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color:#003c78;font-family:arial;font-size:10pt">and financial markets are increasingly interconnected, and conditions and events in one country, region or financial </span><span style="color:#003c78;font-family:arial;font-size:10pt">market may adversely impact issuers in a different country, region or financial market. These risks may be magnified </span><span style="color:#003c78;font-family:arial;font-size:10pt">if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such </span><span style="color:#003c78;font-family:arial;font-size:10pt">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span><span style="color:#003c78;font-family:arial;font-size:10pt">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color:#003c78;font-family:arial;font-size:10pt">depressions or other events – or the potential for such events – could have a significant negative impact on global </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic and market conditions.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Quantitative Models Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Quantitative models used by the Fund may not effectively identify purchases and sales of </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund investments and may cause the Fund to underperform other investment strategies. Flaws or errors in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">quantitative model’s assumptions, design, execution, or data inputs may adversely affect Fund performance. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Quantitative models may not perform as expected and may underperform in certain market environments including </span><span style="color:#003c78;font-family:arial;font-size:10pt">in stressed or volatile market conditions. There can be no assurance that the use of quantitative models will enable </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund to achieve its objective.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Sector Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> At times, the Fund may have a significant portion of its assets invested in securities of companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">conducting business in a related group of industries within one or more economic sectors, including the information </span><span style="color:#003c78;font-family:arial;font-size:10pt">technology sector. The Fund generally concentrates its investments in issuers conducting business in a related </span><span style="color:#003c78;font-family:arial;font-size:10pt">group of industries to approximately the same extent as the Index. Because of its representative sampling approach </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">to tracking the Index, the Fund may have over- or under-weight holdings in issuers relative to issuer weightings in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Index. Companies in the same sector may be similarly affected by economic, regulatory, political or market events or </span><span style="color:#003c78;font-family:arial;font-size:10pt">conditions, which may make the Fund vulnerable to unfavorable developments in that group of industries or </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic sector.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Information Technology Sector.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is vulnerable to the particular risks that may affect companies in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">information technology sector. Companies in the information technology sector are subject to certain risks, </span><span style="color:#003c78;font-family:arial;font-size:10pt">including the risk that new services, equipment or technologies will not be accepted by consumers and </span><span style="color:#003c78;font-family:arial;font-size:10pt">businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including </span><span style="color:#003c78;font-family:arial;font-size:10pt">obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including </span><span style="color:#003c78;font-family:arial;font-size:10pt">aggressive pricing of their products or services, new market entrants, competition for market share and short </span><span style="color:#003c78;font-family:arial;font-size:10pt">product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to </span><span style="color:#003c78;font-family:arial;font-size:10pt">limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In </span><span style="color:#003c78;font-family:arial;font-size:10pt">addition, many information technology sector companies have limited operating histories and prices of these </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies’ securities historically have been more volatile than other securities, especially over the short term. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Some companies in the information technology sector are facing increased government and regulatory scrutiny </span><span style="color:#003c78;font-family:arial;font-size:10pt">and may be subject to adverse government or regulatory action, which could negatively impact the value of their </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> Performance Information <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following bar chart and table show you how the Fund has performed in the past, and can help you understand </span><span style="color:#003c78;font-family:arial;font-size:10pt">the risks of investing in the Fund. The bar chart shows how the Fund’s Class A share performance has varied for </span><span style="color:#003c78;font-family:arial;font-size:10pt">each full calendar year shown. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The table below the bar chart compares the Fund’s returns for the periods shown with </span><span style="color:#003c78;font-family:arial;font-size:10pt">a broad measure of market performance.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The performance of one or more share classes shown in the table below begins before the indicated inception date </span><span style="color:#003c78;font-family:arial;font-size:10pt">for such share class. The returns shown for each such share class include the returns of the Fund’s Class A shares </span><span style="color:#003c78;font-family:arial;font-size:10pt">for periods prior to its inception date.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Except for differences in annual returns resulting from differences in expenses (where applicable), the share classes </span><span style="color:#003c78;font-family:arial;font-size:10pt">of the Fund would have substantially similar annual returns because all share classes of the Fund invest in the same </span><span style="color:#003c78;font-family:arial;font-size:10pt">portfolio of securities.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The after-tax returns shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Average Annual Total Returns</span><span style="color:#003c78;font-family:arial;font-size:10pt"> table below are calculated using the highest </span><span style="color:#003c78;font-family:arial;font-size:10pt">historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do </span><span style="color:#003c78;font-family:arial;font-size:10pt">not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax </span><span style="color:#003c78;font-family:arial;font-size:10pt">situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not </span><span style="color:#003c78;font-family:arial;font-size:10pt">apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs).</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The </span><span style="color:#003c78;font-family:arial;font-size:10pt">after-tax returns are shown only for Class A shares and will vary for other share classes.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting </span><span style="color:#003c78;font-family:arial;font-size:10pt">columbiathreadneedleus.com.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> 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 has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with a broad measure of market performance. 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 in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged 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. The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. 800.345.6611 columbiathreadneedleus.com Year by Year Total Return (%)as of December 31 Each Year* Best 2020-06-30 0.2151 Worst 2020-03-31 -0.2041 Year to Date return 2026-03-31 -0.0529  Average Annual Total Returns (for periods ended December 31, 2025)   1996-07-31 1996-07-31 1996-07-31 0.1663 0.1483 0.1405 0.1293 0.1107 0.1119 0.1165 0.1076 0.1071 1996-07-31 0.1695 0.1511 0.1434 2009-07-15 0.1710 0.1531 0.1452 2006-01-23 0.1637 0.1454 0.1377 2024-10-02 0.1695 0.1490 0.1409 0.1788 0.1442 0.1482 Summary of the Fund Investment Objective <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Columbia Large Cap Growth Opportunity Fund (the Fund) </span><span style="color:#003c78;font-family:arial;font-size:10pt">seeks long-term growth of capital.</span></div> Fees and Expenses of the Fund <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">You may </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">in the tables and examples below.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">You may qualify for sales charge discounts if you and members of your </span><span style="color:#003c78;font-family:arial;font-size:10pt">immediate family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible funds </span><span style="color:#003c78;font-family:arial;font-size:10pt">distributed by Columbia Management Investment Distributors, Inc. (the Distributor). More information is available </span><span style="color:#003c78;font-family:arial;font-size:10pt">about these and other sales charge discounts and waivers from your financial intermediary, and can be found in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Choosing a Share Class</span><span style="color:#003c78;font-family:arial;font-size:10pt"> section beginning on page </span><span style="color:#003c78;font-family:arial;font-size:10pt">22</span><span style="color:#003c78;font-family:arial;font-size:10pt"> of the Fund’s prospectus, in </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Appendix A </span><span style="color:#003c78;font-family:arial;font-size:10pt">to the prospectus </span><span style="color:#003c78;font-family:arial;font-size:10pt">beginning on page A-1 and in Appendix S to the Statement of Additional Information (SAI) under </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Sales Charge </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Waivers</span><span style="color:#003c78;font-family:arial;font-size:10pt"> beginning on page</span><span style="color:#003c78;font-family:arial;font-size:10pt"> S-1.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> 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 is available about these and other sales charge discounts and waivers from your financial intermediary, and can be found in the Choosing a Share Class section beginning on page 22 of the Fund’s prospectus, in Appendix A to the prospectus beginning on page A-1 and in Appendix S to the Statement of Additional Information (SAI) under Sales Charge Waivers beginning on page S-1. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0 0 0 0 0 0.0100 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0073 0.0073 0.0073 0.0073 0.0073 0.0073 0.0025 0.0000 0.0000 0.0000 0.0050 0.0000 0.0014 0.0014 0.0008 0.0004 0.0014 0.0014 0.0112 0.0087 0.0081 0.0077 0.0137 0.0087 -0.0011 -0.0011 -0.0011 -0.0011 -0.0011 -0.0011 0.0101 0.0076 0.0070 0.0066 0.0126 0.0076 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. “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 the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. June 30, 2027  Example <div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing </span><span style="color:#003c78;font-family:arial;font-size:10pt">in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods </span><span style="color:#003c78;font-family:arial;font-size:10pt">indicated, and assumes that:</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">your investment has a 5% return each year, and</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Annual Fund Operating Expenses</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">table above.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Since the waivers and/or reimbursements shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Annual Fund Operating Expenses</span><span style="color:#003c78;font-family:arial;font-size:10pt"> table above expire as </span><span style="color:#003c78;font-family:arial;font-size:10pt">indicated in the preceding table, they are only reflected in the 1 year example and the first year of the other </span><span style="color:#003c78;font-family:arial;font-size:10pt">examples. Although your actual costs may be higher or lower, based on the assumptions listed above, your costs </span><span style="color:#003c78;font-family:arial;font-size:10pt">would be:</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> 672 672 900 900 1146 1146 1851 1851 78 78 267 267 471 471 1062 1062 72 72 248 248 439 439 991 991 67 67 235 235 417 417 944 944 128 128 423 423 739 739 1637 1637 78 78 267 267 471 471 1062 1062 Portfolio Turnover <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color:#003c78;font-family:arial;font-size:10pt">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or </span><span style="color:#003c78;font-family:arial;font-size:10pt">in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="color:#003c78;font-family:arial;font-size:10pt">was </span><span style="color:#003c78;font-family:arial;font-size:10pt">53</span><span style="color:#003c78;font-family:arial;font-size:10pt">% of the average value of its portfolio.</span></div> 0.53 Principal Investment Strategies <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal </span><span style="color:#003c78;font-family:arial;font-size:10pt">circumstances</span><span style="color:#003c78;font-family:arial;font-size:10pt">, the Fund invests at least 80% of its net assets (</span><span style="color:#003c78;font-family:arial;font-size:10pt">plus</span><span style="color:#003c78;font-family:arial;font-size:10pt"> the amount of any borrowings for </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment purposes) in equity securities of large-capitalization companies, primarily common stocks and securities </span><span style="color:#003c78;font-family:arial;font-size:10pt">that can be converted into common stocks.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">These companies have market capitalizations in the range of companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">in the Russell</span><span style="color:#003c78;font-family:arial;font-size:5pt;position:relative;top:-4.25pt">®</span><span style="color:#003c78;font-family:arial;font-size:10pt"> 1000 Growth Index (the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Capitalization</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Index)</span><span style="color:#003c78;font-family:arial;font-size:10pt">,</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">which ranged</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">between $</span><span style="color:#003c78;font-family:arial;font-size:10pt">81.5</span><span style="color:#003c78;font-family:arial;font-size:10pt"> million and $</span><span style="color:#003c78;font-family:arial;font-size:10pt">5.1</span><span style="color:#003c78;font-family:arial;font-size:10pt"> trillion as </span><span style="color:#003c78;font-family:arial;font-size:10pt">of May 31, </span><span style="color:#003c78;font-family:arial;font-size:10pt">2026</span><span style="color:#003c78;font-family:arial;font-size:10pt">.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The market capitalization range and composition of companies in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Capitalization</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Index are </span><span style="color:#003c78;font-family:arial;font-size:10pt">subject to change.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">As such, the size of the companies in which the Fund invests may change. The Fund may </span><span style="color:#003c78;font-family:arial;font-size:10pt">continue to hold a security even if the company’s market capitalization is no longer within the range of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Capitalization Index.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund invests primarily in common stocks of companies that the investment manager </span><span style="color:#003c78;font-family:arial;font-size:10pt">believes have the potential for long-term, above-average earnings growth.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal circumstances, the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">also invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities of “growth” companies. The Fund considers “growth” companies to be those companies that are either </span><span style="color:#003c78;font-family:arial;font-size:10pt">constituents of an index constructed by a third party to identify companies with various characteristics of growth </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies, have a higher Institutional Brokers' Estimate System (I/B/E/S) medium-term growth forecast (two year) </span><span style="color:#003c78;font-family:arial;font-size:10pt">than the median ranked stock within the company’s GICS sector, or have a higher sales per share historical growth </span><span style="color:#003c78;font-family:arial;font-size:10pt">rate (five year) than the median ranked stock within the company’s GICS sector. The third-party broad-based index </span><span style="color:#003c78;font-family:arial;font-size:10pt">currently used to identify growth companies is the Russell 3000</span><span style="color:#003c78;font-family:arial;font-size:5pt;position:relative;top:-4.25pt">®</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Growth Index, although the Fund may change this </span><span style="color:#003c78;font-family:arial;font-size:10pt">index without prior notice. The I/B/E/S is a database used by brokers and investors to access the estimates made by </span><span style="color:#003c78;font-family:arial;font-size:10pt">stock analysts regarding the future earnings of publicly traded American companies. The I/B/E/S medium term </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">growth forecast is a measure of the average annualized EPS (earnings per share) growth forecast of contributing </span><span style="color:#003c78;font-family:arial;font-size:10pt">analysts/estimators for the forthcoming two years.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may at times emphasize one or more sectors in </span><span style="color:#003c78;font-family:arial;font-size:10pt">selecting its investments, including the information technology sector.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest up to 20% of its total assets in foreign securities.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest directly in foreign </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities or indirectly through depositary receipts.</span></div> Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large-capitalization companies, primarily common stocks and securities that can be converted into common stocks.Under normal circumstances, the Fund also invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of “growth” companies. There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Active Management Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Due to its active management, the Fund could underperform its benchmark index and/or </span><span style="color:#003c78;font-family:arial;font-size:10pt">other funds with similar investment objectives and/or strategies. The Fund’s consideration of issuer environmental, </span><span style="color:#003c78;font-family:arial;font-size:10pt">social and corporate governance factors may cause the Fund to invest in, forego investing in, or sell securities of </span><span style="color:#003c78;font-family:arial;font-size:10pt">issuers, including issuers within certain sectors, regions and countries that could negatively impact Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance.</span> <br/> </div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Convertible Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Convertible securities are subject to the usual risks associated with debt instruments, </span><span style="color:#003c78;font-family:arial;font-size:10pt">such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common </span><span style="color:#003c78;font-family:arial;font-size:10pt">stock into which they convert</span><span style="color:#003c78;font-family:arial;font-size:10pt"> and are thus subject to market risk. The Fund may also be forced to convert a </span><span style="color:#003c78;font-family:arial;font-size:10pt">convertible security at an inopportune time, which may decrease the Fund’s return.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Depositary Receipts Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Depositary receipts are receipts issued by a bank or trust company reflecting ownership </span><span style="color:#003c78;font-family:arial;font-size:10pt">of underlying securities issued by foreign companies. Some foreign securities are traded in the form of American </span><span style="color:#003c78;font-family:arial;font-size:10pt">Depositary Receipts and/or Global Depositary Receipts. Depositary receipts involve risks similar to the risks </span><span style="color:#003c78;font-family:arial;font-size:10pt">associated with investments in foreign securities, including those associated with an issuer’s (and any of its related </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies’) country of organization and places of business operations, which may be related to the particular </span><span style="color:#003c78;font-family:arial;font-size:10pt">political, regulatory, economic, social and other conditions or events (including, for example, military confrontations </span><span style="color:#003c78;font-family:arial;font-size:10pt">and actions, war, other conflicts, terrorism and disease/virus outbreaks and epidemics) occurring in the country and </span><span style="color:#003c78;font-family:arial;font-size:10pt">fluctuations in such country’s currency, as well as market risk tied to the underlying foreign company. In addition, </span><span style="color:#003c78;font-family:arial;font-size:10pt">holders of depositary receipts may have limited voting rights, may not have the same rights afforded to stockholders </span><span style="color:#003c78;font-family:arial;font-size:10pt">of a typical domestic company in the event of a corporate action, such as an acquisition, merger or rights offering, </span><span style="color:#003c78;font-family:arial;font-size:10pt">and may experience difficulty in receiving company stockholder communications. There is no guarantee that a </span><span style="color:#003c78;font-family:arial;font-size:10pt">financial institution will continue to sponsor a depositary receipt, or that a depositary receipt will continue to trade on </span><span style="color:#003c78;font-family:arial;font-size:10pt">an exchange, either of which could adversely affect the liquidity, availability and pricing of the depositary receipt. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Changes in foreign currency exchange rates will affect the value of depositary receipts and, therefore, may affect the </span><span style="color:#003c78;font-family:arial;font-size:10pt">value of your investment in the Fund.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Equity Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Equity securities may experience significant volatility. Such securities may fall sharply in </span><span style="color:#003c78;font-family:arial;font-size:10pt">response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">financial condition.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Foreign Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in or exposure to securities of foreign companies may involve heightened risks </span><span style="color:#003c78;font-family:arial;font-size:10pt">relative to investments in or exposure to securities of U.S. companies. Investing in securities of foreign companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">subjects the Fund to the risks associated with an issuer’s (and any of its related companies’) country of organization </span><span style="color:#003c78;font-family:arial;font-size:10pt">and places of business operations, including risks related to political, regulatory, economic, social, diplomatic and </span><span style="color:#003c78;font-family:arial;font-size:10pt">other conditions or events (including, for example, military confrontations and actions, war, other conflicts, terrorism </span><span style="color:#003c78;font-family:arial;font-size:10pt">and disease/virus outbreaks and epidemics) occurring in the country or region, as well as risks associated with less </span><span style="color:#003c78;font-family:arial;font-size:10pt">developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">of U.S. companies</span><span style="color:#003c78;font-family:arial;font-size:10pt"> and are subject to the risks associated with potential imposition of economic and other sanctions </span><span style="color:#003c78;font-family:arial;font-size:10pt">against a particular foreign country, its nationals or industries or businesses within the country. In addition, foreign </span><span style="color:#003c78;font-family:arial;font-size:10pt">governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the </span><span style="color:#003c78;font-family:arial;font-size:10pt">disposition of foreign securities, which could reduce the Fund’s return on such securities. The performance of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund may also be negatively affected by fluctuations in a foreign currency's strength or weakness relative to the U.S. </span><span style="color:#003c78;font-family:arial;font-size:10pt">dollar, particularly to the extent the Fund invests a significant percentage of its assets in foreign securities or other </span><span style="color:#003c78;font-family:arial;font-size:10pt">assets denominated in currencies other than the U.S. dollar.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Growth Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Growth securities typically trade at a higher multiple of earnings than other types of equity </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities. Accordingly, the market values of growth securities may never reach their expected market value and may </span><span style="color:#003c78;font-family:arial;font-size:10pt">decline in price. In addition, growth securities, at times, may not perform as well as value securities or the stock </span><span style="color:#003c78;font-family:arial;font-size:10pt">market in general, and may be out of favor with investors for varying periods of time. Growth securities may also be </span><span style="color:#003c78;font-family:arial;font-size:10pt">sensitive to movements in interest rates.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Issuer Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below </span><span style="color:#003c78;font-family:arial;font-size:10pt">expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color:#003c78;font-family:arial;font-size:10pt">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color:#003c78;font-family:arial;font-size:10pt">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color:#003c78;font-family:arial;font-size:10pt">outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Large-Cap Stock Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in  larger, more established companies (larger companies) may involve certain </span><span style="color:#003c78;font-family:arial;font-size:10pt">risks associated with their larger size. For instance, larger companies may be less able to respond quickly to new </span><span style="color:#003c78;font-family:arial;font-size:10pt">competitive challenges, such as changes in consumer tastes or innovation from smaller competitors. Also, larger </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies are sometimes less able to achieve as high growth rates as successful smaller companies, especially </span><span style="color:#003c78;font-family:arial;font-size:10pt">during extended periods of economic expansion.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Market Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. </span><span style="color:#003c78;font-family:arial;font-size:10pt">These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, </span><span style="color:#003c78;font-family:arial;font-size:10pt">regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, </span><span style="color:#003c78;font-family:arial;font-size:10pt">turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively </span><span style="color:#003c78;font-family:arial;font-size:10pt">affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly </span><span style="color:#003c78;font-family:arial;font-size:10pt">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color:#003c78;font-family:arial;font-size:10pt">and financial markets are increasingly interconnected, and conditions and events in one country, region or financial </span><span style="color:#003c78;font-family:arial;font-size:10pt">market may adversely impact issuers in a different country, region or financial market. These risks may be magnified </span><span style="color:#003c78;font-family:arial;font-size:10pt">if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such </span><span style="color:#003c78;font-family:arial;font-size:10pt">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span><span style="color:#003c78;font-family:arial;font-size:10pt">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color:#003c78;font-family:arial;font-size:10pt">depressions or other events – or the potential for such events – could have a significant negative impact on global </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic and market conditions.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Sector Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> At times, the Fund may have a significant portion of its assets invested in securities of companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">conducting business in a related group of industries within one or more economic sectors, including the information </span><span style="color:#003c78;font-family:arial;font-size:10pt">technology sector. Companies in the same sector may be similarly affected by economic, regulatory, political or </span><span style="color:#003c78;font-family:arial;font-size:10pt">market events or conditions, which may make the Fund vulnerable to unfavorable developments in that group of </span><span style="color:#003c78;font-family:arial;font-size:10pt">industries or economic sector.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Information Technology Sector.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is vulnerable to the particular risks that may affect companies in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">information technology sector. Companies in the information technology sector are subject to certain risks, </span><span style="color:#003c78;font-family:arial;font-size:10pt">including the risk that new services, equipment or technologies will not be accepted by consumers and </span><span style="color:#003c78;font-family:arial;font-size:10pt">businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including </span><span style="color:#003c78;font-family:arial;font-size:10pt">obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including </span><span style="color:#003c78;font-family:arial;font-size:10pt">aggressive pricing of their products or services, new market entrants, competition for market share and short </span><span style="color:#003c78;font-family:arial;font-size:10pt">product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="line-height:12.0pt;margin-left:11pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In </span><span style="color:#003c78;font-family:arial;font-size:10pt">addition, many information technology sector companies have limited operating histories and prices of these </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies’ securities historically have been more volatile than other securities, especially over the short term. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Some companies in the information technology sector are facing increased government and regulatory scrutiny </span><span style="color:#003c78;font-family:arial;font-size:10pt">and may be subject to adverse government or regulatory action, which could negatively impact the value of their </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities.</span></div> Performance Information <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following bar chart and table show you how the Fund has performed in the past, and can help you understand </span><span style="color:#003c78;font-family:arial;font-size:10pt">the risks of investing in the Fund. The bar chart shows how the Fund’s Class A share performance (without sales </span><span style="color:#003c78;font-family:arial;font-size:10pt">charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be </span><span style="color:#003c78;font-family:arial;font-size:10pt">lower. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The table below the bar chart compares the Fund’s returns (after applicable sales charges shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Shareholder Fees</span><span style="color:#003c78;font-family:arial;font-size:10pt"> table in this prospectus) for the periods shown with a broad measure of market performance, as </span><span style="color:#003c78;font-family:arial;font-size:10pt">well as another measure of performance for markets in which the Fund may invest.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The performance of one or more share classes shown in the table below begins before the indicated inception date </span><span style="color:#003c78;font-family:arial;font-size:10pt">for such share class. The returns shown for each such share class include the returns of the Fund’s Class A shares </span><span style="color:#003c78;font-family:arial;font-size:10pt">(without applicable sales charges and adjusted to reflect the higher class-related operating expenses of such share </span><span style="color:#003c78;font-family:arial;font-size:10pt">classes, where applicable) for periods prior to its inception date. Share classes with expenses that are higher than </span><span style="color:#003c78;font-family:arial;font-size:10pt">Class A shares will have performance that is lower than Class A shares (without applicable sales charges).</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), </span><span style="color:#003c78;font-family:arial;font-size:10pt">the share classes of the Fund would have substantially similar annual returns because all share classes of the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">invest in the same portfolio of securities.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The after-tax returns shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Average Annual Total Returns</span><span style="color:#003c78;font-family:arial;font-size:10pt"> table below are calculated using the highest </span><span style="color:#003c78;font-family:arial;font-size:10pt">historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do </span><span style="color:#003c78;font-family:arial;font-size:10pt">not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax </span><span style="color:#003c78;font-family:arial;font-size:10pt">situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not </span><span style="color:#003c78;font-family:arial;font-size:10pt">apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs).</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The </span><span style="color:#003c78;font-family:arial;font-size:10pt">after-tax returns are shown only for Class A shares and will vary for other share classes.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting </span><span style="color:#003c78;font-family:arial;font-size:10pt">columbiathreadneedleus.com.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> 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, as well as another measure of performance for markets in which the Fund may invest. 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, as well as another measure of performance for markets in which the Fund may invest. 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 in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged 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. The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. 800.345.6611 columbiathreadneedleus.com Year by Year Total Return (%)as of December 31 Each Year* Best 2020-06-30 0.2840 Worst 2022-06-30 -0.1958 Year to Date return 2026-03-31 -0.0998  Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2025)   1997-12-31 1997-12-31 1997-12-31 0.0865 0.0824 0.1337 0.0699 0.0486 0.1023 0.0615 0.0558 0.1003 1997-12-31 0.1557 0.0981 0.1433 2013-12-11 0.1561 0.0987 0.1440 2017-03-01 0.1565 0.0993 0.1441 2016-10-26 0.1499 0.0926 0.1376 2024-10-02 0.1557 0.0960 0.1408 0.1856 0.1532 0.1813 0.1737 0.1359 0.1459 Summary of the Fund Investment Objective <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Columbia Large Cap Index Fund (the Fund) </span><span style="color:#003c78;font-family:arial;font-size:10pt">seeks total return before fees and expenses that corresponds to the total </span><span style="color:#003c78;font-family:arial;font-size:10pt">return of the Standard &amp; Poor’s (S&amp;P) 500</span><span style="color:#003c78;font-family:arial;font-size:5pt;position:relative;top:-4.25pt">®</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Index.</span></div> Fees and Expenses of the Fund <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">You may </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">in the tables and examples below.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> Shareholder Fees (fees paid directly from your investment) 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0020 0.0020 0.0020 0.0020 0.0025 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0045 0.0020 0.0020 0.0020  Example <div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing </span><span style="color:#003c78;font-family:arial;font-size:10pt">in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods </span><span style="color:#003c78;font-family:arial;font-size:10pt">indicated, and assumes that:</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">your investment has a 5% return each year, and</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Annual Fund Operating Expenses</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">table above.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be:</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> 46 46 144 144 252 252 567 567 20 20 64 64 113 113 255 255 20 20 64 64 113 113 255 255 20 20 64 64 113 113 255 255 Portfolio Turnover <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color:#003c78;font-family:arial;font-size:10pt">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or </span><span style="color:#003c78;font-family:arial;font-size:10pt">in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="color:#003c78;font-family:arial;font-size:10pt">was </span><span style="color:#003c78;font-family:arial;font-size:10pt">5</span><span style="color:#003c78;font-family:arial;font-size:10pt">% of the average value of its portfolio.</span></div> 0.05 Principal Investment Strategies <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal circumstances, the Fund invests at least 80% of its net assets (</span><span style="color:#003c78;font-family:arial;font-size:10pt">plus</span><span style="color:#003c78;font-family:arial;font-size:10pt"> the amount of any borrowings for </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment purposes) in common stocks that comprise the S&amp;P 500</span><span style="color:#003c78;font-family:arial;font-size:5pt;position:relative;top:-4.25pt">®</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Index (the Index).</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest in derivatives, such as futures (including equity index futures), for cash equitization purposes.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Different common stocks have different weightings in the Index, depending on the amount of stock outstanding and </span><span style="color:#003c78;font-family:arial;font-size:10pt">the stock’s current price. In seeking to match the performance of the Index, Columbia Management Investment </span><span style="color:#003c78;font-family:arial;font-size:10pt">Advisers, LLC (the Investment Manager) attempts to allocate the Fund’s assets among common stocks in </span><span style="color:#003c78;font-family:arial;font-size:10pt">approximately the same weightings as the Index. This is referred to as a passive or indexing approach to investing.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">As a result of the Fund’s indexing approach to investing, the Fund will typically emphasize within the portfolio those </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic sectors emphasized by the Index, such as the information technology sector.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may buy shares of </span><span style="color:#003c78;font-family:arial;font-size:10pt">Ameriprise Financial, Inc., an affiliate of the Investment Manager, which is currently included in the Index, subject to </span><span style="color:#003c78;font-family:arial;font-size:10pt">certain restrictions.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund attempts to achieve at least a 95% correlation between the performance of the Index and the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment results, before fees and expenses.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may operate as non-diversified when the Index is non-diversified. A non-diversified fund can invest a </span><span style="color:#003c78;font-family:arial;font-size:10pt">greater percentage of its assets in the securities of fewer issuers than can a diversified fund.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal circumstances, the Fund invests at least 80% of its net assets (</span><span style="color:#003c78;font-family:arial;font-size:10pt">plus</span><span style="color:#003c78;font-family:arial;font-size:10pt"> the amount of any borrowings for </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment purposes) in common stocks that comprise the S&amp;P 500</span><span style="color:#003c78;font-family:arial;font-size:5pt;position:relative;top:-4.25pt">®</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Index (the Index).</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest in derivatives, such as futures (including equity index futures), for cash equitization purposes.</span></div> There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Correlation/Tracking Error Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund’s value will generally decline when the performance of the securities </span><span style="color:#003c78;font-family:arial;font-size:10pt">within the Index declines. A number of factors may affect the Fund’s ability to achieve a high degree of correlation </span><span style="color:#003c78;font-family:arial;font-size:10pt">with the Index, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a </span><span style="color:#003c78;font-family:arial;font-size:10pt">high degree of correlation may prevent the Fund from achieving its investment objective. In addition, the Fund bears </span><span style="color:#003c78;font-family:arial;font-size:10pt">management and other expenses and transaction costs in trading securities or other instruments, which the Index </span><span style="color:#003c78;font-family:arial;font-size:10pt">does not bear. The Fund, unlike the Index, is subject to regulatory requirements that can limit the Fund’s investments </span><span style="color:#003c78;font-family:arial;font-size:10pt">relative to what the Index can hold. Accordingly, the Fund</span><span style="color:#003c78;font-family:arial;font-size:10pt">'</span><span style="color:#003c78;font-family:arial;font-size:10pt">s performance will likely fail to match the performance of </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Index, after taking expenses into account, as well as regulatory limitations. It is not possible to invest directly in </span><span style="color:#003c78;font-family:arial;font-size:10pt">an index.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Derivatives Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Derivatives may involve significant risks. Derivatives are financial instruments with a value in </span><span style="color:#003c78;font-family:arial;font-size:10pt">relation to, or derived from, the value of an underlying asset(s) or other reference, such as an index, rate or other </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic indicator (each an underlying reference). Derivatives may include those that are privately placed or </span><span style="color:#003c78;font-family:arial;font-size:10pt">otherwise exempt from SEC registration, including certain Rule 144A eligible securities. Derivatives could result in </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund losses if the underlying reference does not perform as anticipated. Use of derivatives is a highly specialized </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">activity that can involve investment techniques, risks, and tax planning different from those associated with more </span><span style="color:#003c78;font-family:arial;font-size:10pt">traditional investment instruments. The Fund’s derivatives strategy may not be successful</span><span style="color:#003c78;font-family:arial;font-size:10pt">,</span><span style="color:#003c78;font-family:arial;font-size:10pt"> and use of certain </span><span style="color:#003c78;font-family:arial;font-size:10pt">derivatives could result in substantial, potentially unlimited, losses to the Fund regardless of the Fund’s actual </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment. A relatively small movement in the price, rate or other economic indicator associated with the underlying </span><span style="color:#003c78;font-family:arial;font-size:10pt">reference may result in substantial losses for the Fund. Derivatives may be more volatile than other types of </span><span style="color:#003c78;font-family:arial;font-size:10pt">investments. The value of derivatives may be influenced by a variety of factors, including national and international </span><span style="color:#003c78;font-family:arial;font-size:10pt">political and economic developments. Potential changes to the regulation of the derivatives markets may make </span><span style="color:#003c78;font-family:arial;font-size:10pt">derivatives more costly, may limit the market for derivatives, or may otherwise adversely affect the value or </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance of derivatives. Derivatives can increase the Fund’s risk exposure to underlying references and their </span><span style="color:#003c78;font-family:arial;font-size:10pt">attendant risks, such as credit risk, market risk, foreign currency risk and interest rate risk, while potentially exposing </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity risk, pricing risk and </span><span style="color:#003c78;font-family:arial;font-size:10pt">volatility risk.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Derivatives Risk – Futures Contracts Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> A futures contract is an exchange-traded derivative transaction between </span><span style="color:#003c78;font-family:arial;font-size:10pt">two parties in which a buyer (holding the “long” position) agrees to pay a fixed price (or rate) at a specified future </span><span style="color:#003c78;font-family:arial;font-size:10pt">date for delivery of an underlying reference from a seller (holding the “short” position). The seller hopes that the </span><span style="color:#003c78;font-family:arial;font-size:10pt">market price on the delivery date is less than the agreed upon price, while the buyer hopes for the contrary. Certain </span><span style="color:#003c78;font-family:arial;font-size:10pt">futures contract markets are highly volatile, and futures contracts may be illiquid. Futures exchanges may limit </span><span style="color:#003c78;font-family:arial;font-size:10pt">fluctuations in futures contract prices by imposing a maximum permissible daily price movement. The Fund may be </span><span style="color:#003c78;font-family:arial;font-size:10pt">disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement. At or prior to </span><span style="color:#003c78;font-family:arial;font-size:10pt">maturity of a futures contract, the Fund may enter into an offsetting contract and may incur a loss to the extent there </span><span style="color:#003c78;font-family:arial;font-size:10pt">has been adverse movement in futures contract prices. The liquidity of the futures markets depends on participants </span><span style="color:#003c78;font-family:arial;font-size:10pt">entering into offsetting transactions rather than making or taking delivery. To the extent participants make or take </span><span style="color:#003c78;font-family:arial;font-size:10pt">delivery, liquidity in the futures market could be reduced. Because of the low margin deposits normally required in </span><span style="color:#003c78;font-family:arial;font-size:10pt">futures trading, it is possible that the Fund may employ a high degree of leverage in the portfolio. As a result, a </span><span style="color:#003c78;font-family:arial;font-size:10pt">relatively small price movement in a futures contract may result in substantial losses to the Fund, exceeding the </span><span style="color:#003c78;font-family:arial;font-size:10pt">amount of the margin paid. For certain types of futures contracts, losses are potentially unlimited. Futures markets </span><span style="color:#003c78;font-family:arial;font-size:10pt">are highly volatile</span><span style="color:#003c78;font-family:arial;font-size:10pt">,</span><span style="color:#003c78;font-family:arial;font-size:10pt"> and the use of futures may increase the volatility of the Fund’s NAV. Futures contracts executed (if </span><span style="color:#003c78;font-family:arial;font-size:10pt">any) on foreign exchanges may not provide the same protection as U.S. exchanges. Futures contracts can increase </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund’s risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign </span><span style="color:#003c78;font-family:arial;font-size:10pt">currency risk and interest rate risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging </span><span style="color:#003c78;font-family:arial;font-size:10pt">risk, inflation risk, leverage risk, liquidity risk, pricing risk and volatility risk.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Equity Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Equity securities may experience significant volatility. Such securities may fall sharply in </span><span style="color:#003c78;font-family:arial;font-size:10pt">response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">financial condition.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Issuer Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below </span><span style="color:#003c78;font-family:arial;font-size:10pt">expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color:#003c78;font-family:arial;font-size:10pt">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color:#003c78;font-family:arial;font-size:10pt">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color:#003c78;font-family:arial;font-size:10pt">outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Large-Cap Stock Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in larger, more established companies (larger companies) may involve certain </span><span style="color:#003c78;font-family:arial;font-size:10pt">risks associated with their larger size. For instance, larger companies may be less able to respond quickly to new </span><span style="color:#003c78;font-family:arial;font-size:10pt">competitive challenges, such as changes in consumer tastes or innovation from smaller competitors. Also, larger </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies are sometimes less able to achieve as high growth rates as successful smaller companies, especially </span><span style="color:#003c78;font-family:arial;font-size:10pt">during extended periods of economic expansion.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Market Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. </span><span style="color:#003c78;font-family:arial;font-size:10pt">These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, </span><span style="color:#003c78;font-family:arial;font-size:10pt">regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, </span><span style="color:#003c78;font-family:arial;font-size:10pt">turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly </span><span style="color:#003c78;font-family:arial;font-size:10pt">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color:#003c78;font-family:arial;font-size:10pt">and financial markets are increasingly interconnected, and conditions and events in one country, region or financial </span><span style="color:#003c78;font-family:arial;font-size:10pt">market may adversely impact issuers in a different country, region or financial market. These risks may be magnified </span><span style="color:#003c78;font-family:arial;font-size:10pt">if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such </span><span style="color:#003c78;font-family:arial;font-size:10pt">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span><span style="color:#003c78;font-family:arial;font-size:10pt">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color:#003c78;font-family:arial;font-size:10pt">depressions or other events – or the potential for such events – could have a significant negative impact on global </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic and market conditions.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Non-Diversified Fund Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is passively managed to track an unaffiliated index, and the Fund may hold a </span><span style="color:#003c78;font-family:arial;font-size:10pt">non-diversified portfolio to the extent that its index’s holdings represent a non-diversified portfolio. When holding a </span><span style="color:#003c78;font-family:arial;font-size:10pt">non-diversified portfolio, it may invest a greater percentage of its total assets in the securities of fewer issuers than a </span><span style="color:#003c78;font-family:arial;font-size:10pt">“diversified” fund. This increases the risk that a change in the value of any one investment held by the Fund could </span><span style="color:#003c78;font-family:arial;font-size:10pt">affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of </span><span style="color:#003c78;font-family:arial;font-size:10pt">investments. Accordingly, the Fund's value will likely be more volatile than the value of a more diversified fund.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Passive Investment Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund is not actively managed and may be affected by a general decline in market </span><span style="color:#003c78;font-family:arial;font-size:10pt">segments related to its Index’s investment exposures. The Fund invests in securities or instruments included in, or </span><span style="color:#003c78;font-family:arial;font-size:10pt">believed by the portfolio </span><span style="color:#003c78;font-family:arial;font-size:10pt">managers</span><span style="color:#003c78;font-family:arial;font-size:10pt"> to be representative of, the Index regardless of their investment merits. The Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">does not seek temporary defensive positions when markets decline or appear overvalued.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Sector Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> At times, the Fund may have a significant portion of its assets invested in securities of companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">conducting business in a related group of industries within one or more economic sectors, including the information </span><span style="color:#003c78;font-family:arial;font-size:10pt">technology sector. The Fund generally invests in issuers, including to concentrate its investments in issuers </span><span style="color:#003c78;font-family:arial;font-size:10pt">conducting business in a related group of industries, to approximately the same extent as the Index. Companies in </span><span style="color:#003c78;font-family:arial;font-size:10pt">the same sector may be similarly affected by economic, regulatory, political or market events or conditions, which </span><span style="color:#003c78;font-family:arial;font-size:10pt">may make the Fund vulnerable to unfavorable developments in that group of industries or economic sector.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Information Technology Sector.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is vulnerable to the particular risks that may affect companies in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">information technology sector. Companies in the information technology sector are subject to certain risks, </span><span style="color:#003c78;font-family:arial;font-size:10pt">including the risk that new services, equipment or technologies will not be accepted by consumers and </span><span style="color:#003c78;font-family:arial;font-size:10pt">businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including </span><span style="color:#003c78;font-family:arial;font-size:10pt">obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including </span><span style="color:#003c78;font-family:arial;font-size:10pt">aggressive pricing of their products or services, new market entrants, competition for market share and short </span><span style="color:#003c78;font-family:arial;font-size:10pt">product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to </span><span style="color:#003c78;font-family:arial;font-size:10pt">limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In </span><span style="color:#003c78;font-family:arial;font-size:10pt">addition, many information technology sector companies have limited operating histories and prices of these </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies’ securities historically have been more volatile than other securities, especially over the short term. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Some companies in the information technology sector are facing increased government and regulatory scrutiny </span><span style="color:#003c78;font-family:arial;font-size:10pt">and may be subject to adverse government or regulatory action, which could negatively impact the value of their </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> 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 has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with a broad measure of market performance. <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following bar chart and table show you how the Fund has performed in the past, and can help you understand </span><span style="color:#003c78;font-family:arial;font-size:10pt">the risks of investing in the Fund. The bar chart shows how the Fund’s Class A share performance has varied for </span><span style="color:#003c78;font-family:arial;font-size:10pt">each full calendar year shown. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The table below the bar chart compares the Fund’s returns for the periods shown with </span><span style="color:#003c78;font-family:arial;font-size:10pt">a broad measure of market performance.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The performance of one or more share classes shown in the table below begins before the indicated inception date </span><span style="color:#003c78;font-family:arial;font-size:10pt">for such share class. The returns shown for each such share class include the returns of the Fund’s Class Inst shares </span><span style="color:#003c78;font-family:arial;font-size:10pt">for periods prior to its inception date.</span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), </span><span style="color:#003c78;font-family:arial;font-size:10pt">the share classes of the Fund would have substantially similar annual returns because all share classes of the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">invest in the same portfolio of securities.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The after-tax returns shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Average Annual Total Returns</span><span style="color:#003c78;font-family:arial;font-size:10pt"> table below are calculated using the highest </span><span style="color:#003c78;font-family:arial;font-size:10pt">historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do </span><span style="color:#003c78;font-family:arial;font-size:10pt">not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax </span><span style="color:#003c78;font-family:arial;font-size:10pt">situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not </span><span style="color:#003c78;font-family:arial;font-size:10pt">apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs).</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The </span><span style="color:#003c78;font-family:arial;font-size:10pt">after-tax returns are shown only for Class A shares and will vary for other share classes.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting </span><span style="color:#003c78;font-family:arial;font-size:10pt">columbiathreadneedleus.com.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> 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 in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged 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. The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. 800.345.6611 columbiathreadneedleus.com Year by Year Total Return (%)as of December 31 Each Year* Best 2020-06-30 0.2041 Worst 2020-03-31 -0.1970 Year to Date return 2026-03-31 -0.0443  Average Annual Total Returns (for periods ended December 31, 2025) 1995-10-10 1995-10-10 1995-10-10 0.1730 0.1392 0.1431 0.1067 0.1026 0.1160 0.1441 0.1046 0.1127 1993-12-15 0.1760 0.1421 0.1459 2012-11-08 0.1760 0.1421 0.1459 2017-03-01 0.1759 0.1420 0.1459 0.1788 0.1442 0.1482 Summary of the Fund Investment Objective <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Columbia Mid Cap Index Fund (the Fund) </span><span style="color:#003c78;font-family:arial;font-size:10pt">seeks total return before fees and expenses that corresponds to the total </span><span style="color:#003c78;font-family:arial;font-size:10pt">return of the Standard &amp; Poor’s (S&amp;P) MidCap 400</span><span style="color:#003c78;font-family:arial;font-size:5pt;position:relative;top:-4.25pt">®</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Index.</span></div> Fees and Expenses of the Fund <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">You may </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">in the tables and examples below.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> Shareholder Fees (fees paid directly from your investment) 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0020 0.0020 0.0020 0.0020 0.0025 0.0000 0.0000 0.0000 0.0014 0.0014 0.0008 0.0002 0.0059 0.0034 0.0028 0.0022 -0.0014 -0.0014 -0.0008 -0.0002 0.0045 0.0020 0.0020 0.0020 June 30, 2027  Example <div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing </span><span style="color:#003c78;font-family:arial;font-size:10pt">in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods </span><span style="color:#003c78;font-family:arial;font-size:10pt">indicated, and assumes that:</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">your investment has a 5% return each year, and</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Annual Fund Operating Expenses</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">table above.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Since the waivers and/or reimbursements shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Annual Fund Operating Expenses</span><span style="color:#003c78;font-family:arial;font-size:10pt"> table above expire as </span><span style="color:#003c78;font-family:arial;font-size:10pt">indicated in the preceding table, they are only reflected in the 1 year example and the first year of the other </span><span style="color:#003c78;font-family:arial;font-size:10pt">examples. Although your actual costs may be higher or lower, based on the assumptions listed above, your costs </span><span style="color:#003c78;font-family:arial;font-size:10pt">would be:</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> 46 46 175 175 315 315 725 725 20 20 95 95 177 177 417 417 20 20 82 82 149 149 348 348 20 20 69 69 122 122 278 278 Portfolio Turnover <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color:#003c78;font-family:arial;font-size:10pt">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or </span><span style="color:#003c78;font-family:arial;font-size:10pt">in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="color:#003c78;font-family:arial;font-size:10pt">was 16% of the average value of its portfolio.</span></div> 0.16 Principal Investment Strategies <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal circumstances, the Fund invests at least 80% of its net assets (</span><span style="color:#003c78;font-family:arial;font-size:10pt">plus</span><span style="color:#003c78;font-family:arial;font-size:10pt"> the amount of any borrowings for </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment purposes) in common stocks that comprise the S&amp;P MidCap 400 Index (the Index).</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund also may </span><span style="color:#003c78;font-family:arial;font-size:10pt">invest in real estate investment trusts.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest in derivatives, such as futures (including equity index futures), for cash equitization purposes.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Different common stocks have different weightings in the Index, depending on the amount of stock outstanding and </span><span style="color:#003c78;font-family:arial;font-size:10pt">the stock’s current price. In seeking to match the performance of the Index, Columbia Management Investment </span><span style="color:#003c78;font-family:arial;font-size:10pt">Advisers, LLC (the Investment Manager) attempts to allocate the Fund’s assets among common stocks in </span><span style="color:#003c78;font-family:arial;font-size:10pt">approximately the same weightings as the Index. This is referred to as a passive or indexing approach to investing.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">As a result of the Fund’s indexing approach to investing, the Fund will typically emphasize within the portfolio those </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic sectors emphasized by the Index, such as the industrials sector.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund attempts to achieve at least a 95% correlation between the performance of the Index and the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment results, before fees and expenses.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may operate as non-diversified when the Index is non-diversified. A non-diversified fund can invest a </span><span style="color:#003c78;font-family:arial;font-size:10pt">greater percentage of its assets in the securities of fewer issuers than can a diversified fund.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal circumstances, the Fund invests at least 80% of its net assets (</span><span style="color:#003c78;font-family:arial;font-size:10pt">plus</span><span style="color:#003c78;font-family:arial;font-size:10pt"> the amount of any borrowings for </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment purposes) in common stocks that comprise the S&amp;P MidCap 400 Index (the Index).</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund also may </span><span style="color:#003c78;font-family:arial;font-size:10pt">invest in real estate investment trusts.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest in derivatives, such as futures (including equity index futures), for cash equitization purposes.</span></div> There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Correlation/Tracking Error Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund’s value will generally decline when the performance of the securities </span><span style="color:#003c78;font-family:arial;font-size:10pt">within the Index declines. A number of factors may affect the Fund’s ability to achieve a high degree of correlation </span><span style="color:#003c78;font-family:arial;font-size:10pt">with the Index, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a </span><span style="color:#003c78;font-family:arial;font-size:10pt">high degree of correlation may prevent the Fund from achieving its investment objective. In addition, the Fund bears </span><span style="color:#003c78;font-family:arial;font-size:10pt">management and other expenses and transaction costs in trading securities or other instruments, which the Index </span><span style="color:#003c78;font-family:arial;font-size:10pt">does not bear. The Fund, unlike the Index, is subject to regulatory requirements that can limit the Fund’s investments </span><span style="color:#003c78;font-family:arial;font-size:10pt">relative to what the Index can hold. Accordingly, the Fund</span><span style="color:#003c78;font-family:arial;font-size:10pt">'</span><span style="color:#003c78;font-family:arial;font-size:10pt">s performance will likely fail to match the performance of </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Index, after taking expenses into account, as well as regulatory limitations. It is not possible to invest directly in </span><span style="color:#003c78;font-family:arial;font-size:10pt">an index.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Derivatives Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Derivatives may involve significant risks. Derivatives are financial instruments with a value in </span><span style="color:#003c78;font-family:arial;font-size:10pt">relation to, or derived from, the value of an underlying asset(s) or other reference, such as an index, rate or other </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic indicator (each an underlying reference). Derivatives may include those that are privately placed or </span><span style="color:#003c78;font-family:arial;font-size:10pt">otherwise exempt from SEC registration, including certain Rule 144A eligible securities. Derivatives could result in </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund losses if the underlying reference does not perform as anticipated. Use of derivatives is a highly specialized </span><span style="color:#003c78;font-family:arial;font-size:10pt">activity that can involve investment techniques, risks, and tax planning different from those associated with more </span><span style="color:#003c78;font-family:arial;font-size:10pt">traditional investment instruments. The Fund’s derivatives strategy may not be successful</span><span style="color:#003c78;font-family:arial;font-size:10pt">,</span><span style="color:#003c78;font-family:arial;font-size:10pt"> and use of certain </span><span style="color:#003c78;font-family:arial;font-size:10pt">derivatives could result in substantial, potentially unlimited, losses to the Fund regardless of the Fund’s actual </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment. A relatively small movement in the price, rate or other economic indicator associated with the underlying </span><span style="color:#003c78;font-family:arial;font-size:10pt">reference may result in substantial losses for the Fund. Derivatives may be more volatile than other types of </span><span style="color:#003c78;font-family:arial;font-size:10pt">investments. The value of derivatives may be influenced by a variety of factors, including national and international </span><span style="color:#003c78;font-family:arial;font-size:10pt">political and economic developments. Potential changes to the regulation of the derivatives markets may make </span><span style="color:#003c78;font-family:arial;font-size:10pt">derivatives more costly, may limit the market for derivatives, or may otherwise adversely affect the value or </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance of derivatives. Derivatives can increase the Fund’s risk exposure to underlying references and their </span><span style="color:#003c78;font-family:arial;font-size:10pt">attendant risks, such as credit risk, market risk, foreign currency risk and interest rate risk, while potentially exposing </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity risk, pricing risk and </span><span style="color:#003c78;font-family:arial;font-size:10pt">volatility risk.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Derivatives Risk – Futures Contracts Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> A futures contract is an exchange-traded derivative transaction between </span><span style="color:#003c78;font-family:arial;font-size:10pt">two parties in which a buyer (holding the “long” position) agrees to pay a fixed price (or rate) at a specified future </span><span style="color:#003c78;font-family:arial;font-size:10pt">date for delivery of an underlying reference from a seller (holding the “short” position). The seller hopes that the </span><span style="color:#003c78;font-family:arial;font-size:10pt">market price on the delivery date is less than the agreed upon price, while the buyer hopes for the contrary. Certain </span><span style="color:#003c78;font-family:arial;font-size:10pt">futures contract markets are highly volatile, and futures contracts may be illiquid. Futures exchanges may limit </span><span style="color:#003c78;font-family:arial;font-size:10pt">fluctuations in futures contract prices by imposing a maximum permissible daily price movement. The Fund may be </span><span style="color:#003c78;font-family:arial;font-size:10pt">disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement. At or prior to </span><span style="color:#003c78;font-family:arial;font-size:10pt">maturity of a futures contract, the Fund may enter into an offsetting contract and may incur a loss to the extent there </span><span style="color:#003c78;font-family:arial;font-size:10pt">has been adverse movement in futures contract prices. The liquidity of the futures markets depends on participants </span><span style="color:#003c78;font-family:arial;font-size:10pt">entering into offsetting transactions rather than making or taking delivery. To the extent participants make or take </span><span style="color:#003c78;font-family:arial;font-size:10pt">delivery, liquidity in the futures market could be reduced. Because of the low margin deposits normally required in </span><span style="color:#003c78;font-family:arial;font-size:10pt">futures trading, it is possible that the Fund may employ a high degree of leverage in the portfolio. As a result, a </span><span style="color:#003c78;font-family:arial;font-size:10pt">relatively small price movement in a futures contract may result in substantial losses to the Fund, exceeding the </span><span style="color:#003c78;font-family:arial;font-size:10pt">amount of the margin paid. For certain types of futures contracts, losses are potentially unlimited. Futures markets </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">are highly volatile</span><span style="color:#003c78;font-family:arial;font-size:10pt">,</span><span style="color:#003c78;font-family:arial;font-size:10pt"> and the use of futures may increase the volatility of the Fund’s NAV. Futures contracts executed (if </span><span style="color:#003c78;font-family:arial;font-size:10pt">any) on foreign exchanges may not provide the same protection as U.S. exchanges. Futures contracts can increase </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund’s risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign </span><span style="color:#003c78;font-family:arial;font-size:10pt">currency risk and interest rate risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging </span><span style="color:#003c78;font-family:arial;font-size:10pt">risk, inflation risk, leverage risk, liquidity risk, pricing risk and volatility risk.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Equity Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Equity securities may experience significant volatility. Such securities may fall sharply in </span><span style="color:#003c78;font-family:arial;font-size:10pt">response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">financial condition.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Issuer Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below </span><span style="color:#003c78;font-family:arial;font-size:10pt">expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color:#003c78;font-family:arial;font-size:10pt">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color:#003c78;font-family:arial;font-size:10pt">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color:#003c78;font-family:arial;font-size:10pt">outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Mid-Cap Stock Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in mid-capitalization companies (mid-cap companies) often involve greater risks </span><span style="color:#003c78;font-family:arial;font-size:10pt">than investments in larger, more established companies (larger companies) because mid-cap companies tend to </span><span style="color:#003c78;font-family:arial;font-size:10pt">have less predictable earnings and may lack the management experience, financial resources, product </span><span style="color:#003c78;font-family:arial;font-size:10pt">diversification and competitive strengths of larger companies, and may be less liquid than the securities of larger </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Market Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. </span><span style="color:#003c78;font-family:arial;font-size:10pt">These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, </span><span style="color:#003c78;font-family:arial;font-size:10pt">regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, </span><span style="color:#003c78;font-family:arial;font-size:10pt">turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively </span><span style="color:#003c78;font-family:arial;font-size:10pt">affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly </span><span style="color:#003c78;font-family:arial;font-size:10pt">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color:#003c78;font-family:arial;font-size:10pt">and financial markets are increasingly interconnected, and conditions and events in one country, region or financial </span><span style="color:#003c78;font-family:arial;font-size:10pt">market may adversely impact issuers in a different country, region or financial market. These risks may be magnified </span><span style="color:#003c78;font-family:arial;font-size:10pt">if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such </span><span style="color:#003c78;font-family:arial;font-size:10pt">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span><span style="color:#003c78;font-family:arial;font-size:10pt">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color:#003c78;font-family:arial;font-size:10pt">depressions or other events – or the potential for such events – could have a significant negative impact on global </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic and market conditions.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Non-Diversified Fund Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is passively managed to track an unaffiliated index, and the Fund may hold a </span><span style="color:#003c78;font-family:arial;font-size:10pt">non-diversified portfolio to the extent that its index’s holdings represent a non-diversified portfolio. When holding a </span><span style="color:#003c78;font-family:arial;font-size:10pt">non-diversified portfolio, it may invest a greater percentage of its total assets in the securities of fewer issuers than a </span><span style="color:#003c78;font-family:arial;font-size:10pt">“diversified” fund. This increases the risk that a change in the value of any one investment held by the Fund could </span><span style="color:#003c78;font-family:arial;font-size:10pt">affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of </span><span style="color:#003c78;font-family:arial;font-size:10pt">investments. Accordingly, the Fund's value will likely be more volatile than the value of a more diversified fund.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Passive Investment Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund is not actively managed and may be affected by a general decline in market </span><span style="color:#003c78;font-family:arial;font-size:10pt">segments related to its Index’s investment exposures. The Fund invests in securities or instruments included in, or </span><span style="color:#003c78;font-family:arial;font-size:10pt">believed by the portfolio </span><span style="color:#003c78;font-family:arial;font-size:10pt">managers</span><span style="color:#003c78;font-family:arial;font-size:10pt"> to be representative of, the Index regardless of their investment merits. The Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">does not seek temporary defensive positions when markets decline or appear overvalued.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Real Estate-Related Investment Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in real estate investment trusts (REITs) and in securities of other </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies (wherever organized) principally engaged in the real estate industry subject the Fund to, among other </span><span style="color:#003c78;font-family:arial;font-size:10pt">things, risks similar to those of direct investments in real estate and the real estate industry in general. These include </span><span style="color:#003c78;font-family:arial;font-size:10pt">risks related to general and local economic conditions, possible lack of availability of financing and changes in </span><span style="color:#003c78;font-family:arial;font-size:10pt">interest rates or property values. The value of interests in a REIT may be affected by, among other factors, changes in </span><span style="color:#003c78;font-family:arial;font-size:10pt">the value of the underlying properties owned by the REIT, changes in the prospect for earnings and/or cash flow </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">growth of the REIT itself, defaults by borrowers or tenants, market saturation, decreases in market rates for rents, </span><span style="color:#003c78;font-family:arial;font-size:10pt">and other economic, political, or regulatory matters affecting the real estate industry, including REITs. REITs may be </span><span style="color:#003c78;font-family:arial;font-size:10pt">subject to more abrupt or erratic price movements than the overall securities markets. In a rising interest rate </span><span style="color:#003c78;font-family:arial;font-size:10pt">environment, the stock prices of real estate-related investments may decline and the borrowing costs of these </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies may increase. REITs are also subject to the risk of failing to qualify for favorable tax treatment under the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Internal Revenue Code of 1986, as amended. The failure of a REIT to continue to qualify as a REIT for tax purposes </span><span style="color:#003c78;font-family:arial;font-size:10pt">can materially and adversely affect its value. Some REITs (especially mortgage REITs) are affected by risks similar to </span><span style="color:#003c78;font-family:arial;font-size:10pt">those associated with investments in debt securities including changes in interest rates and the quality of credit </span><span style="color:#003c78;font-family:arial;font-size:10pt">extended.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Sector Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> At times, the Fund may have a significant portion of its assets invested in securities of companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">conducting business in a related group of industries within one or more economic sectors, including the industrials </span><span style="color:#003c78;font-family:arial;font-size:10pt">sector. The Fund generally invests in issuers, including to concentrate its investments in issuers conducting business </span><span style="color:#003c78;font-family:arial;font-size:10pt">in a related group of industries, to approximately the same extent as the Index. Companies in the same sector may </span><span style="color:#003c78;font-family:arial;font-size:10pt">be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">vulnerable to unfavorable developments in that group of industries or economic sector.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Industrials Sector.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is vulnerable to the particular risks that may affect companies in the industrials </span><span style="color:#003c78;font-family:arial;font-size:10pt">sector. Companies in the industrials sector are subject to certain risks, including changes in supply and demand </span><span style="color:#003c78;font-family:arial;font-size:10pt">for their specific product or service and for industrial sector products in general, including decline in demand for </span><span style="color:#003c78;font-family:arial;font-size:10pt">such products due to rapid technological developments and frequent new product introduction. Performance of </span><span style="color:#003c78;font-family:arial;font-size:10pt">such companies may be affected by factors including government regulation, world events, economic conditions </span><span style="color:#003c78;font-family:arial;font-size:10pt">and risks for environmental damage and product liability claims.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> Performance Information <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following bar chart and table show you how the Fund has performed in the past, and can help you understand </span><span style="color:#003c78;font-family:arial;font-size:10pt">the risks of investing in the Fund. The bar chart shows how the Fund’s Class A share performance has varied for </span><span style="color:#003c78;font-family:arial;font-size:10pt">each full calendar year shown. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The table below the bar chart compares the Fund’s returns for the periods shown with </span><span style="color:#003c78;font-family:arial;font-size:10pt">a broad measure of market performance, as well as another measure of performance for markets in which the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">may invest.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The performance of one or more share classes shown in the table below begins before the indicated inception date </span><span style="color:#003c78;font-family:arial;font-size:10pt">for such share class. The returns shown for each such share class include the returns of the Fund’s Class Inst shares </span><span style="color:#003c78;font-family:arial;font-size:10pt">for periods prior to its inception date.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), </span><span style="color:#003c78;font-family:arial;font-size:10pt">the share classes of the Fund would have substantially similar annual returns because all share classes of the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">invest in the same portfolio of securities.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The after-tax returns shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Average Annual Total Returns</span><span style="color:#003c78;font-family:arial;font-size:10pt"> table below are calculated using the highest </span><span style="color:#003c78;font-family:arial;font-size:10pt">historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do </span><span style="color:#003c78;font-family:arial;font-size:10pt">not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax </span><span style="color:#003c78;font-family:arial;font-size:10pt">situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not </span><span style="color:#003c78;font-family:arial;font-size:10pt">apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs).</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The </span><span style="color:#003c78;font-family:arial;font-size:10pt">after-tax returns are shown only for Class A shares and will vary for other share classes.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting </span><span style="color:#003c78;font-family:arial;font-size:10pt">columbiathreadneedleus.com.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> 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 has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with a broad measure of market performance, as well as another measure of performance for markets in which the Fund may invest. 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 in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged 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. The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. 800.345.6611 columbiathreadneedleus.com Year by Year Total Return (%)as of December 31 Each Year* Best 2020-12-31 0.2421 Worst 2020-03-31 -0.2985 Year to Date return 2026-03-31 0.0237  Average Annual Total Returns (for periods ended December 31, 2025) 2000-05-31 2000-05-31 2000-05-31 0.0710 0.0864 0.1021 0.0477 0.0578 0.0775 0.0556 0.0632 0.0778 2000-03-31 0.0727 0.0890 0.1048 2012-11-08 0.0732 0.0891 0.1049 2017-03-01 0.0732 0.0891 0.1048 0.0750 0.0912 0.1072 0.1715 0.1315 0.1429 Summary of the Fund Investment Objective <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Columbia Overseas Value Fund (the Fund) </span><span style="color:#003c78;font-family:arial;font-size:10pt">seeks long-term capital appreciation.</span></div> Fees and Expenses of the Fund <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">You may </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">in the tables and examples below.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">You may qualify for sales charge discounts if you and members of your </span><span style="color:#003c78;font-family:arial;font-size:10pt">immediate family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible funds </span><span style="color:#003c78;font-family:arial;font-size:10pt">distributed by Columbia Management Investment Distributors, Inc. (the Distributor). More information is available </span><span style="color:#003c78;font-family:arial;font-size:10pt">about these and other sales charge discounts and waivers from your financial intermediary, and can be found in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Choosing a Share Class</span><span style="color:#003c78;font-family:arial;font-size:10pt"> section beginning on page </span><span style="color:#003c78;font-family:arial;font-size:10pt">30</span><span style="color:#003c78;font-family:arial;font-size:10pt"> of the Fund’s prospectus, in </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Appendix A </span><span style="color:#003c78;font-family:arial;font-size:10pt">to the prospectus </span><span style="color:#003c78;font-family:arial;font-size:10pt">beginning on page A-1 and in Appendix S to the Statement of Additional Information (SAI) under </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Sales Charge </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Waivers</span><span style="color:#003c78;font-family:arial;font-size:10pt"> beginning on page</span><span style="color:#003c78;font-family:arial;font-size:10pt"> S-1.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> 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 is available about these and other sales charge discounts and waivers from your financial intermediary, and can be found in the Choosing a Share Class section beginning on page 30 of the Fund’s prospectus, in Appendix A to the prospectus beginning on page A-1 and in Appendix S to the Statement of Additional Information (SAI) under Sales Charge Waivers beginning on page S-1. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0 0 0 0 0 0 0.0100 0.0100 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0074 0.0074 0.0074 0.0074 0.0074 0.0074 0.0074 0.0025 0.0100 0.0000 0.0000 0.0000 0.0050 0.0000 0.0017 0.0017 0.0017 0.0009 0.0004 0.0017 0.0017 0.0116 0.0191 0.0091 0.0083 0.0078 0.0141 0.0091 0.0000 0.0000 0.0000 -0.0001 0.0000 0.0000 0.0000 0.0116 0.0191 0.0091 0.0082 0.0078 0.0141 0.0091 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.This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. “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 the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. June 30, 2027  Example <div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing </span><span style="color:#003c78;font-family:arial;font-size:10pt">in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods </span><span style="color:#003c78;font-family:arial;font-size:10pt">indicated, and assumes that:</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">your investment has a 5% return each year, and</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Annual Fund Operating Expenses</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">table above.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="line-height:12.0pt;margin-left:6pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Class C shares’ 10-year cost examples below reflect the Class C shares' 8-year conversion policy.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span> <br/> <span style="color:#003c78;font-family:arial;font-size:10pt">Since the waivers and/or reimbursements shown in the</span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic"> Annual Fund Operating Expenses</span><span style="color:#003c78;font-family:arial;font-size:10pt"> table above expire as </span><span style="color:#003c78;font-family:arial;font-size:10pt">indicated in the preceding table, they are only reflected in the 1 year example and the first year of the other </span><span style="color:#003c78;font-family:arial;font-size:10pt">examples. Although your actual costs may be higher or lower, based on the assumptions listed above, your costs </span><span style="color:#003c78;font-family:arial;font-size:10pt">would be:</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> 686 686 922 922 1177 1177 1903 1903 294 600 1032 2038 194 600 1032 2038 93 93 290 290 504 504 1120 1120 84 84 264 264 460 460 1024 1024 80 80 249 249 433 433 966 966 144 144 446 446 771 771 1691 1691 93 93 290 290 504 504 1120 1120 Portfolio Turnover <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color:#003c78;font-family:arial;font-size:10pt">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or </span><span style="color:#003c78;font-family:arial;font-size:10pt">in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="color:#003c78;font-family:arial;font-size:10pt">was </span><span style="color:#003c78;font-family:arial;font-size:10pt">57</span><span style="color:#003c78;font-family:arial;font-size:10pt">% of the average value of its portfolio.</span></div> 0.57 Principal Investment Strategies <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal circumstances, the Fund invests at least 80% of total assets (</span><span style="color:#003c78;font-family:arial;font-size:10pt">plus</span><span style="color:#003c78;font-family:arial;font-size:10pt"> the amount of any borrowings for </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment purposes) in equity securities of foreign companies that have market capitalizations of more than $1 </span><span style="color:#003c78;font-family:arial;font-size:10pt">billion at the time of purchase. The Fund typically invests in foreign companies in at least three countries, other than </span><span style="color:#003c78;font-family:arial;font-size:10pt">the United States, at any one time and may invest in emerging markets.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal circumstances, the Fund also </span><span style="color:#003c78;font-family:arial;font-size:10pt">invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities of “value” companies. The Fund considers “value” companies to be those companies that are either </span><span style="color:#003c78;font-family:arial;font-size:10pt">constituents of an index constructed by a third party to identify companies with various characteristics of value </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies, or that have a higher book-to-price (B/P) ratio than the median ranked stock within the company’s GICS </span><span style="color:#003c78;font-family:arial;font-size:10pt">sector, have a higher EBITDA/EV (earnings before interest, taxes, depreciation and amortization-to-enterprise value) </span><span style="color:#003c78;font-family:arial;font-size:10pt">or have a lower price-to-earnings ratio than the median ranked stock within the company’s GICS sector. The third-party</span><span style="color:#003c78;font-family:arial;font-size:10pt"> broad-based index currently used to identify value companies is the MSCI ACWI ex USA Value Index, although </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund may change the referenced index without prior notice.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest directly in foreign securities or </span><span style="color:#003c78;font-family:arial;font-size:10pt">indirectly through closed-end investment companies and depositary receipts.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may at times emphasize one </span><span style="color:#003c78;font-family:arial;font-size:10pt">or more sectors in selecting its investments, including the financials sector.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest in derivatives, such as forward contracts (including forward foreign currency contracts), futures </span><span style="color:#003c78;font-family:arial;font-size:10pt">(including equity futures and index futures) and options (including options on stocks and indices), for both hedging </span><span style="color:#003c78;font-family:arial;font-size:10pt">and non-hedging purposes including, for example, for investment purposes to seek to enhance returns or, in </span><span style="color:#003c78;font-family:arial;font-size:10pt">certain circumstances, when holding a derivative is deemed preferable to holding the underlying asset. In particular, </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund may invest in forward currency contracts to hedge the currency exposure associated with some or all of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund’s securities, to shift investment exposure from one currency to another, to shift U.S. dollar exposure to achieve </span><span style="color:#003c78;font-family:arial;font-size:10pt">a representative weighted mix of major currencies in its benchmark, or to adjust an underweight country exposure in </span><span style="color:#003c78;font-family:arial;font-size:10pt">its portfolio. The Fund may also invest in equity index futures to manage exposure to the securities market and to </span><span style="color:#003c78;font-family:arial;font-size:10pt">maintain equity market exposure while managing cash flows.</span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund has the following limits on its investments, which are applied at the time an investment is made. The Fund:</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">normally invests no more than 5% of its total assets in a single security;</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">typically invests up to the greater of (i) 20% of its total assets in a single country or industry or (ii) 150% of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">weighting of a single country or industry in the MSCI Europe, Australasia, Far East (MSCI EAFE) Value Index </span><span style="color:#003c78;font-family:arial;font-size:10pt">(limited to less than 25% of its total assets in a single industry, other than U.S. Government obligations); and</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">generally may not invest more than 20% of its total assets in emerging markets.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> Under normal circumstances, the Fund invests at least 80% of total assets (plus the amount of any borrowings for investment purposes) in equity securities of foreign companies that have market capitalizations of more than $1 billion at the time of purchase. The Fund typically invests in foreign companies in at least three countries, other than the United States, at any one time and may invest in emerging markets.Under normal circumstances, the Fund also invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of “value” companies. There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Active Management Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Due to its active management, the Fund could underperform its benchmark index and/or </span><span style="color:#003c78;font-family:arial;font-size:10pt">other funds with similar investment objectives and/or strategies.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Closed-End Investment Company Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Closed-end investment companies frequently trade at a discount to their </span><span style="color:#003c78;font-family:arial;font-size:10pt">NAV, which may affect whether the Fund will realize gain or loss upon its sale of the closed-end investment </span><span style="color:#003c78;font-family:arial;font-size:10pt">company’s shares. Closed-end investment companies may employ leverage, which also subjects the closed-end </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment company to increased risks such as increased volatility.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Counterparty Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Counterparty risk is the risk that a counterparty to a transaction in a financial instrument held by </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise </span><span style="color:#003c78;font-family:arial;font-size:10pt">fail to perform its obligations. As a result, the Fund may obtain no or limited recovery of its investment, and any </span><span style="color:#003c78;font-family:arial;font-size:10pt">recovery may be significantly delayed.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Depositary Receipts Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Depositary receipts are receipts issued by a bank or trust company reflecting ownership </span><span style="color:#003c78;font-family:arial;font-size:10pt">of underlying securities issued by foreign companies. Some foreign securities are traded in the form of American </span><span style="color:#003c78;font-family:arial;font-size:10pt">Depositary Receipts and/or Global Depositary Receipts. Depositary receipts involve risks similar to the risks </span><span style="color:#003c78;font-family:arial;font-size:10pt">associated with investments in foreign securities, including those associated with an issuer’s (and any of its related </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies’) country of organization and places of business operations, which may be related to the particular </span><span style="color:#003c78;font-family:arial;font-size:10pt">political, regulatory, economic, social and other conditions or events (including, for example, military confrontations </span><span style="color:#003c78;font-family:arial;font-size:10pt">and actions, war, other conflicts, terrorism and disease/virus outbreaks and epidemics) occurring in the country and </span><span style="color:#003c78;font-family:arial;font-size:10pt">fluctuations in such country’s currency, as well as market risk tied to the underlying foreign company. In addition, </span><span style="color:#003c78;font-family:arial;font-size:10pt">holders of depositary receipts may have limited voting rights, may not have the same rights afforded to stockholders </span><span style="color:#003c78;font-family:arial;font-size:10pt">of a typical domestic company in the event of a corporate action, such as an acquisition, merger or rights offering, </span><span style="color:#003c78;font-family:arial;font-size:10pt">and may experience difficulty in receiving company stockholder communications. There is no guarantee that a </span><span style="color:#003c78;font-family:arial;font-size:10pt">financial institution will continue to sponsor a depositary receipt, or that a depositary receipt will continue to trade on </span><span style="color:#003c78;font-family:arial;font-size:10pt">an exchange, either of which could adversely affect the liquidity, availability and pricing of the depositary receipt. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Changes in foreign currency exchange rates will affect the value of depositary receipts and, therefore, may affect the </span><span style="color:#003c78;font-family:arial;font-size:10pt">value of your investment in the Fund.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Derivatives Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Derivatives may involve significant risks. Derivatives are financial instruments with a value in </span><span style="color:#003c78;font-family:arial;font-size:10pt">relation to, or derived from, the value of an underlying asset(s) or other reference, such as an index, rate or other </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic indicator (each an underlying reference). Derivatives may include those that are privately placed or </span><span style="color:#003c78;font-family:arial;font-size:10pt">otherwise exempt from SEC registration, including certain Rule 144A eligible securities. Derivatives could result in </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund losses if the underlying reference does not perform as anticipated. Use of derivatives is a highly specialized </span><span style="color:#003c78;font-family:arial;font-size:10pt">activity that can involve investment techniques, risks, and tax planning different from those associated with more </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">traditional investment instruments. The Fund’s derivatives strategy may not be successful</span><span style="color:#003c78;font-family:arial;font-size:10pt">,</span><span style="color:#003c78;font-family:arial;font-size:10pt"> and use of certain </span><span style="color:#003c78;font-family:arial;font-size:10pt">derivatives could result in substantial, potentially unlimited, losses to the Fund regardless of the Fund’s actual </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment. A relatively small movement in the price, rate or other economic indicator associated with the underlying </span><span style="color:#003c78;font-family:arial;font-size:10pt">reference may result in substantial losses for the Fund. Derivatives may be more volatile than other types of </span><span style="color:#003c78;font-family:arial;font-size:10pt">investments. The value of derivatives may be influenced by a variety of factors, including national and international </span><span style="color:#003c78;font-family:arial;font-size:10pt">political and economic developments. Potential changes to the regulation of the derivatives markets may make </span><span style="color:#003c78;font-family:arial;font-size:10pt">derivatives more costly, may limit the market for derivatives, or may otherwise adversely affect the value or </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance of derivatives. Derivatives can increase the Fund’s risk exposure to underlying references and their </span><span style="color:#003c78;font-family:arial;font-size:10pt">attendant risks, such as credit risk, market risk, foreign currency risk and interest rate risk, while potentially exposing </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity risk, pricing risk and </span><span style="color:#003c78;font-family:arial;font-size:10pt">volatility risk.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Derivatives Risk – Forward Contracts Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">A forward contract is an over-the-counter derivative transaction between </span><span style="color:#003c78;font-family:arial;font-size:10pt">two parties to buy or sell a specified amount of an underlying reference at a specified price (or rate) on a specified </span><span style="color:#003c78;font-family:arial;font-size:10pt">date in the future. Forward contracts are negotiated on an individual basis and are not standardized or traded on </span><span style="color:#003c78;font-family:arial;font-size:10pt">exchanges. The market for forward contracts is substantially unregulated and can experience lengthy periods of </span><span style="color:#003c78;font-family:arial;font-size:10pt">illiquidity, unusually high trading volume and other negative impacts, such as political intervention, which may result </span><span style="color:#003c78;font-family:arial;font-size:10pt">in volatility or disruptions in such markets. A relatively small price movement in a forward contract may result in </span><span style="color:#003c78;font-family:arial;font-size:10pt">substantial losses to the Fund, exceeding the amount of the margin paid. Forward contracts can increase the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk </span><span style="color:#003c78;font-family:arial;font-size:10pt">and interest rate risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation </span><span style="color:#003c78;font-family:arial;font-size:10pt">risk, leverage risk, liquidity risk, pricing risk and volatility risk.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Derivatives Risk – Futures Contracts Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> A futures contract is an exchange-traded derivative transaction between </span><span style="color:#003c78;font-family:arial;font-size:10pt">two parties in which a buyer (holding the “long” position) agrees to pay a fixed price (or rate) at a specified future </span><span style="color:#003c78;font-family:arial;font-size:10pt">date for delivery of an underlying reference from a seller (holding the “short” position). The seller hopes that the </span><span style="color:#003c78;font-family:arial;font-size:10pt">market price on the delivery date is less than the agreed upon price, while the buyer hopes for the contrary. Certain </span><span style="color:#003c78;font-family:arial;font-size:10pt">futures contract markets are highly volatile, and futures contracts may be illiquid. Futures exchanges may limit </span><span style="color:#003c78;font-family:arial;font-size:10pt">fluctuations in futures contract prices by imposing a maximum permissible daily price movement. The Fund may be </span><span style="color:#003c78;font-family:arial;font-size:10pt">disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement. At or prior to </span><span style="color:#003c78;font-family:arial;font-size:10pt">maturity of a futures contract, the Fund may enter into an offsetting contract and may incur a loss to the extent there </span><span style="color:#003c78;font-family:arial;font-size:10pt">has been adverse movement in futures contract prices. The liquidity of the futures markets depends on participants </span><span style="color:#003c78;font-family:arial;font-size:10pt">entering into offsetting transactions rather than making or taking delivery. To the extent participants make or take </span><span style="color:#003c78;font-family:arial;font-size:10pt">delivery, liquidity in the futures market could be reduced. Because of the low margin deposits normally required in </span><span style="color:#003c78;font-family:arial;font-size:10pt">futures trading, it is possible that the Fund may employ a high degree of leverage in the portfolio. As a result, a </span><span style="color:#003c78;font-family:arial;font-size:10pt">relatively small price movement in a futures contract may result in substantial losses to the Fund, exceeding the </span><span style="color:#003c78;font-family:arial;font-size:10pt">amount of the margin paid. For certain types of futures contracts, losses are potentially unlimited. Futures markets </span><span style="color:#003c78;font-family:arial;font-size:10pt">are highly volatile</span><span style="color:#003c78;font-family:arial;font-size:10pt">,</span><span style="color:#003c78;font-family:arial;font-size:10pt"> and the use of futures may increase the volatility of the Fund’s NAV. Futures contracts executed (if </span><span style="color:#003c78;font-family:arial;font-size:10pt">any) on foreign exchanges may not provide the same protection as U.S. exchanges. Futures contracts can increase </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund’s risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign </span><span style="color:#003c78;font-family:arial;font-size:10pt">currency risk and interest rate risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging </span><span style="color:#003c78;font-family:arial;font-size:10pt">risk, inflation risk, leverage risk, liquidity risk, pricing risk and volatility risk.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Derivatives Risk – Options Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Options are derivatives that give the purchaser the option to buy (call) or sell (put) </span><span style="color:#003c78;font-family:arial;font-size:10pt">an underlying reference from or to a counterparty at a specified price (the strike price) on or before an expiration </span><span style="color:#003c78;font-family:arial;font-size:10pt">date. When writing options, the Fund is exposed to the risk that it may be required to buy or sell the underlying </span><span style="color:#003c78;font-family:arial;font-size:10pt">reference at a disadvantageous price on or before the expiration date. Options may involve economic leverage, which </span><span style="color:#003c78;font-family:arial;font-size:10pt">could result in greater volatility in price movement. The Fund's losses could be significant</span><span style="color:#003c78;font-family:arial;font-size:10pt"> and are potentially </span><span style="color:#003c78;font-family:arial;font-size:10pt">unlimited for certain types of options. Options may be traded on a securities exchange or in the over-the-counter </span><span style="color:#003c78;font-family:arial;font-size:10pt">market. At or prior to maturity of an options contract, the Fund may enter into an offsetting contract and may incur a </span><span style="color:#003c78;font-family:arial;font-size:10pt">loss to the extent there has been adverse movement in options prices. Options can increase the Fund’s risk exposure </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">to underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk and interest </span><span style="color:#003c78;font-family:arial;font-size:10pt">rate risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage </span><span style="color:#003c78;font-family:arial;font-size:10pt">risk, liquidity risk, pricing risk and volatility risk.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Emerging Market Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Securities issued by foreign governments or companies in emerging market </span><span style="color:#003c78;font-family:arial;font-size:10pt">countries, such as China, Russia and certain countries in Eastern Europe, the Middle East, Asia, Latin America or </span><span style="color:#003c78;font-family:arial;font-size:10pt">Africa, are more likely to have greater exposure to the risks of investing in foreign securities that are described in </span><span style="color:#003c78;font-family:arial;font-size:10pt">Foreign Securities Risk. In addition, emerging market countries are more likely to experience instability resulting, for </span><span style="color:#003c78;font-family:arial;font-size:10pt">example, from rapid changes or developments in social, political, economic or other conditions. Their economies are </span><span style="color:#003c78;font-family:arial;font-size:10pt">usually less mature and their securities markets are typically less developed with more limited trading activity </span><span style="color:#003c78;font-family:arial;font-size:10pt">(i.e., lower trading volumes and less liquidity) than more developed countries. Emerging market securities tend to be </span><span style="color:#003c78;font-family:arial;font-size:10pt">more volatile, and may be more susceptible to market manipulation, than securities in more developed markets. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Many emerging market countries are heavily dependent on international trade and have fewer trading partners, which </span><span style="color:#003c78;font-family:arial;font-size:10pt">makes them more sensitive to world commodity prices and economic downturns in other countries, and some have </span><span style="color:#003c78;font-family:arial;font-size:10pt">a higher risk of currency devaluations. Due to the differences in the nature and quality of financial information of </span><span style="color:#003c78;font-family:arial;font-size:10pt">issuers of emerging market securities, including auditing and financial reporting standards, financial information and </span><span style="color:#003c78;font-family:arial;font-size:10pt">disclosures about such issuers may be unavailable or, if made available, may be considerably less reliable than </span><span style="color:#003c78;font-family:arial;font-size:10pt">publicly available information about other foreign securities.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Equity Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Equity securities may experience significant volatility. Such securities may fall sharply in </span><span style="color:#003c78;font-family:arial;font-size:10pt">response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">financial condition.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Foreign Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in or exposure to securities of foreign companies may involve heightened risks </span><span style="color:#003c78;font-family:arial;font-size:10pt">relative to investments in or exposure to securities of U.S. companies. Investing in securities of foreign companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">subjects the Fund to the risks associated with an issuer’s (and any of its related companies’) country of organization </span><span style="color:#003c78;font-family:arial;font-size:10pt">and places of business operations, including risks related to political, regulatory, economic, social, diplomatic and </span><span style="color:#003c78;font-family:arial;font-size:10pt">other conditions or events (including, for example, military confrontations and actions, war, other conflicts, terrorism </span><span style="color:#003c78;font-family:arial;font-size:10pt">and disease/virus outbreaks and epidemics) occurring in the country or region, as well as risks associated with less </span><span style="color:#003c78;font-family:arial;font-size:10pt">developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities </span><span style="color:#003c78;font-family:arial;font-size:10pt">of U.S. companies</span><span style="color:#003c78;font-family:arial;font-size:10pt"> and are subject to the risks associated with potential imposition of economic and other sanctions </span><span style="color:#003c78;font-family:arial;font-size:10pt">against a particular foreign country, its nationals or industries or businesses within the country. In addition, foreign </span><span style="color:#003c78;font-family:arial;font-size:10pt">governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the </span><span style="color:#003c78;font-family:arial;font-size:10pt">disposition of foreign securities, which could reduce the Fund’s return on such securities. The performance of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund may also be negatively affected by fluctuations in a foreign currency's strength or weakness relative to the U.S. </span><span style="color:#003c78;font-family:arial;font-size:10pt">dollar, particularly to the extent the Fund invests a significant percentage of its assets in foreign securities or other </span><span style="color:#003c78;font-family:arial;font-size:10pt">assets denominated in currencies other than the U.S. dollar.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Geographic Focus Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may be particularly susceptible to risks related to economic, political, regulatory or </span><span style="color:#003c78;font-family:arial;font-size:10pt">other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">invests. The Fund’s NAV may be more volatile than the NAV of a more geographically diversified fund.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Europe. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund is particularly susceptible to risks related to economic, political, regulatory or other events or </span><span style="color:#003c78;font-family:arial;font-size:10pt">conditions, including acts of war or other conflicts in the region, affecting issuers and countries in Europe. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Countries in Europe are often closely connected and interdependent, and events in one European country can have </span><span style="color:#003c78;font-family:arial;font-size:10pt">an adverse impact on, and potentially spread to, other European countries. In addition, significant private or public </span><span style="color:#003c78;font-family:arial;font-size:10pt">debt problems in a single European Union (EU) country can pose economic risks to the EU as a whole. As a result, </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund’s NAV may be more volatile than the NAV of a more geographically diversified fund. If securities of </span><span style="color:#003c78;font-family:arial;font-size:10pt">issuers in Europe fall out of favor, it may cause the Fund to underperform other funds that do not focus their </span><span style="color:#003c78;font-family:arial;font-size:10pt">investments in this region of the world. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The</span><span style="color:#003c78;font-family:arial;font-size:10pt"> departure of the United Kingdom (UK) from the EU, which occurred in </span><span style="color:#003c78;font-family:arial;font-size:10pt">January 2020, </span><span style="color:#003c78;font-family:arial;font-size:10pt">continues to have ongoing</span><span style="color:#003c78;font-family:arial;font-size:10pt"> impacts on the UK and the EU, as well as other European economies and </span><span style="color:#003c78;font-family:arial;font-size:10pt">the broader global economy. These could include negative impacts on currencies and financial markets as well as </span><span style="color:#003c78;font-family:arial;font-size:10pt">increased volatility and illiquidity, and potentially lower economic growth in markets in Europe, which could </span><span style="color:#003c78;font-family:arial;font-size:10pt">adversely affect the value of your investment in the Fund.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Japan.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is particularly susceptible to the social, political, economic, regulatory and other conditions or </span><span style="color:#003c78;font-family:arial;font-size:10pt">events that may affect Japan’s economy. The Japanese economy is heavily dependent upon international trade, </span><span style="color:#003c78;font-family:arial;font-size:10pt">including, among other things, the export of finished goods and the import of oil and other commodities and raw </span><span style="color:#003c78;font-family:arial;font-size:10pt">materials. Because of its trade dependence, the Japanese economy is particularly exposed to the risks of currency </span><span style="color:#003c78;font-family:arial;font-size:10pt">fluctuation, foreign trade policy and regional and global economic disruption, including the risk of increased tariffs, </span><span style="color:#003c78;font-family:arial;font-size:10pt">embargoes, and other trade limitations or factors. Strained relationships between Japan and its neighboring </span><span style="color:#003c78;font-family:arial;font-size:10pt">countries, including China, South Korea and North Korea, based on historical grievances, territorial disputes, and </span><span style="color:#003c78;font-family:arial;font-size:10pt">defense concerns, may also cause uncertainty in Japanese markets. As a result, additional tariffs, other trade </span><span style="color:#003c78;font-family:arial;font-size:10pt">barriers, or boycotts may have an adverse impact on the Japanese economy. Japanese government policy has </span><span style="color:#003c78;font-family:arial;font-size:10pt">been characterized by economic regulation, intervention, protectionism and large government deficits. The </span><span style="color:#003c78;font-family:arial;font-size:10pt">Japanese economy is also challenged by an unstable financials sector, highly leveraged corporate balance sheets </span><span style="color:#003c78;font-family:arial;font-size:10pt">and extensive cross-ownership among major corporations. Structural social and labor market changes, including </span><span style="color:#003c78;font-family:arial;font-size:10pt">an aging workforce, population decline and traditional aversion to labor mobility may adversely affect Japan’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic competitiveness and growth potential. The potential for natural disasters, such as earthquakes, </span><span style="color:#003c78;font-family:arial;font-size:10pt">volcanic eruptions, typhoons and tsunamis, could also have significant negative effects on Japan’s economy. As a </span><span style="color:#003c78;font-family:arial;font-size:10pt">result of the Fund’s investment in Japanese securities, the Fund’s NAV may be more volatile than the NAV of a </span><span style="color:#003c78;font-family:arial;font-size:10pt">more geographically diversified fund. If securities of issuers in Japan fall out of favor, it may cause the Fund to </span><span style="color:#003c78;font-family:arial;font-size:10pt">underperform other funds that do not focus their investments in Japan.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Investing in Other Funds Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund’s investment in other funds (affiliated and/or unaffiliated funds) subjects </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund to the investment performance (positive or negative) and risks of the underlying funds in direct proportion </span><span style="color:#003c78;font-family:arial;font-size:10pt">to the Fund’s investment therein. The performance of the underlying funds could be adversely affected if other </span><span style="color:#003c78;font-family:arial;font-size:10pt">investors in the same underlying funds make relatively large investments or redemptions in such underlying funds. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund, and its shareholders, indirectly bear a portion of the expenses of any funds in which the Fund invests. Due </span><span style="color:#003c78;font-family:arial;font-size:10pt">to the expenses and costs of an underlying fund being shared by its investors, redemptions by other investors in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">underlying funds could result in decreased economies of scale and increased operating expenses for such </span><span style="color:#003c78;font-family:arial;font-size:10pt">underlying funds. The Investment Manager typically selects underlying funds from among the funds for which it, or </span><span style="color:#003c78;font-family:arial;font-size:10pt">an affiliate, acts as the investment manager (affiliated underlying funds) and will select an unaffiliated underlying </span><span style="color:#003c78;font-family:arial;font-size:10pt">fund only if the desired investment exposure is not available through an affiliated fund.  The Investment Manager has </span><span style="color:#003c78;font-family:arial;font-size:10pt">a conflict of interest in selecting affiliated underlying funds over unaffiliated underlying funds because it receives </span><span style="color:#003c78;font-family:arial;font-size:10pt">management fees from affiliated underlying funds, and it has a conflict in selecting among affiliated underlying </span><span style="color:#003c78;font-family:arial;font-size:10pt">funds, because the fees paid to it by certain affiliated underlying funds are higher than the fees paid by other </span><span style="color:#003c78;font-family:arial;font-size:10pt">affiliated underlying funds. Also, to the extent that the Fund is constrained/restricted from investing (or investing </span><span style="color:#003c78;font-family:arial;font-size:10pt">further) in a particular underlying fund for one or more reasons (e.g., underlying fund capacity constraints or </span><span style="color:#003c78;font-family:arial;font-size:10pt">regulatory restrictions) or if the Fund chooses to sell its investment in an underlying fund because of poor </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment performance or for other reasons, the Fund may have to invest in other underlying funds, including less </span><span style="color:#003c78;font-family:arial;font-size:10pt">desirable funds – from a strategy or investment performance standpoint – which could have a negative impact on </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund performance. In addition, Fund performance could be negatively impacted if an appropriate alternate </span><span style="color:#003c78;font-family:arial;font-size:10pt">underlying fund is not identified in a timely manner or at all. The underlying funds may not achieve their investment </span><span style="color:#003c78;font-family:arial;font-size:10pt">objective. The Fund, through its investment in underlying funds, may not achieve its investment objective.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Issuer Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below </span><span style="color:#003c78;font-family:arial;font-size:10pt">expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color:#003c78;font-family:arial;font-size:10pt">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color:#003c78;font-family:arial;font-size:10pt">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color:#003c78;font-family:arial;font-size:10pt">outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Small- and Mid-Cap Stock Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in small- and mid-capitalization companies (small- and mid-cap </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies) often involve greater risks than investments in larger, more established companies (larger companies) </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="line-height:12.0pt;margin-left:11pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">because small- and mid-cap companies tend to have less predictable earnings and may lack the management </span><span style="color:#003c78;font-family:arial;font-size:10pt">experience, financial resources, product diversification and competitive strengths of larger companies. Securities </span><span style="color:#003c78;font-family:arial;font-size:10pt">of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Large-Cap Stock Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in larger companies may involve certain risks associated with their larger size. </span><span style="color:#003c78;font-family:arial;font-size:10pt">For instance, larger companies may be less able to respond quickly to new competitive challenges, such as </span><span style="color:#003c78;font-family:arial;font-size:10pt">changes in consumer tastes or innovation from smaller competitors. Also, larger companies are sometimes less </span><span style="color:#003c78;font-family:arial;font-size:10pt">able to achieve as high growth rates as successful smaller companies, especially during extended periods of </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic expansion.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Liquidity Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Liquidity risk is the risk associated with any event, circumstance, or characteristic of an investment or </span><span style="color:#003c78;font-family:arial;font-size:10pt">market that negatively impacts the Fund’s ability to sell, or realize the proceeds from the sale of, an investment at a </span><span style="color:#003c78;font-family:arial;font-size:10pt">desirable time or price. Liquidity risk may arise because of, for example, a lack of marketability of the investment, </span><span style="color:#003c78;font-family:arial;font-size:10pt">which means that when seeking to sell its portfolio investments, the Fund could find that selling is more difficult than </span><span style="color:#003c78;font-family:arial;font-size:10pt">anticipated, especially during times of high market volatility. Market participants attempting to sell the same or a </span><span style="color:#003c78;font-family:arial;font-size:10pt">similar instrument at the same time as the Fund could exacerbate the Fund’s exposure to liquidity risk. The Fund may </span><span style="color:#003c78;font-family:arial;font-size:10pt">have to accept a lower selling price for the holding, sell other liquid or more liquid investments that it might </span><span style="color:#003c78;font-family:arial;font-size:10pt">otherwise prefer to hold (thereby increasing the proportion of the Fund’s investments in less liquid or illiquid </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities), or forego another more appealing investment opportunity. The liquidity of Fund investments may change </span><span style="color:#003c78;font-family:arial;font-size:10pt">significantly over time and certain investments that were liquid when purchased by the Fund may later become </span><span style="color:#003c78;font-family:arial;font-size:10pt">illiquid, particularly in times of overall economic distress. Changing regulatory, market or other conditions or </span><span style="color:#003c78;font-family:arial;font-size:10pt">environments (for example, the interest rate or credit environments) may also adversely affect the liquidity and the </span><span style="color:#003c78;font-family:arial;font-size:10pt">price of the Fund's investments. Judgment plays a larger role in valuing illiquid or less liquid investments as </span><span style="color:#003c78;font-family:arial;font-size:10pt">compared to valuing liquid or more liquid investments. Price volatility may be higher for illiquid or less liquid </span><span style="color:#003c78;font-family:arial;font-size:10pt">investments as a result of, for example, the relatively less frequent pricing of such securities (as compared to liquid </span><span style="color:#003c78;font-family:arial;font-size:10pt">or more liquid investments). Generally, the less liquid the market at the time the Fund sells a portfolio investment, the </span><span style="color:#003c78;font-family:arial;font-size:10pt">greater the risk of loss or decline of value to the Fund. Overall market liquidity and other factors can lead to an </span><span style="color:#003c78;font-family:arial;font-size:10pt">increase in redemptions, which may negatively impact Fund performance and NAV, including, for example, if the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund is forced to sell investments in a down market. Foreign securities can present enhanced liquidity risks, </span><span style="color:#003c78;font-family:arial;font-size:10pt">including as a result of less developed custody, settlement or other practices of foreign markets.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Market Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. </span><span style="color:#003c78;font-family:arial;font-size:10pt">These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, </span><span style="color:#003c78;font-family:arial;font-size:10pt">regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, </span><span style="color:#003c78;font-family:arial;font-size:10pt">turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively </span><span style="color:#003c78;font-family:arial;font-size:10pt">affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly </span><span style="color:#003c78;font-family:arial;font-size:10pt">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color:#003c78;font-family:arial;font-size:10pt">and financial markets are increasingly interconnected, and conditions and events in one country, region or financial </span><span style="color:#003c78;font-family:arial;font-size:10pt">market may adversely impact issuers in a different country, region or financial market. These risks may be magnified </span><span style="color:#003c78;font-family:arial;font-size:10pt">if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such </span><span style="color:#003c78;font-family:arial;font-size:10pt">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span><span style="color:#003c78;font-family:arial;font-size:10pt">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color:#003c78;font-family:arial;font-size:10pt">depressions or other events – or the potential for such events – could have a significant negative impact on global </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic and market conditions.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Sector Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> At times, the Fund may have a significant portion of its assets invested in securities of companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">conducting business in a related group of industries within one or more economic sectors, including the financials </span><span style="color:#003c78;font-family:arial;font-size:10pt">sector. Companies in the same sector may be similarly affected by economic, regulatory, political or market events </span><span style="color:#003c78;font-family:arial;font-size:10pt">or conditions, which may make the Fund vulnerable to unfavorable developments in that group of industries or </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic sector.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Financials Sector.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is vulnerable to the particular risks that may affect companies in the financials sector. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Companies in the financials sector are subject to certain risks, including the risk of regulatory change, decreased </span><span style="color:#003c78;font-family:arial;font-size:10pt">liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as </span><span style="color:#003c78;font-family:arial;font-size:10pt">a high level of loans to one or more industries or sectors, which makes them vulnerable to economic conditions </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="line-height:12.0pt;margin-left:11pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">that affect such industries or sectors. Performance of such companies may be affected by competitive pressures </span><span style="color:#003c78;font-family:arial;font-size:10pt">and exposure to investments, agreements and counterparties, including credit products that, under certain </span><span style="color:#003c78;font-family:arial;font-size:10pt">circumstances, may lead to losses (e.g., subprime loans). Companies in the financials sector are subject to </span><span style="color:#003c78;font-family:arial;font-size:10pt">extensive governmental regulation that may limit the amount and types of loans and other financial commitments </span><span style="color:#003c78;font-family:arial;font-size:10pt">they can make, and the interest rates and fees they may charge. In addition, profitability of such companies is </span><span style="color:#003c78;font-family:arial;font-size:10pt">largely dependent upon the availability and the cost of capital.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Value Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Value securities are securities of companies that may have experienced, for example, adverse </span><span style="color:#003c78;font-family:arial;font-size:10pt">business, industry or other developments or may be subject to special risks that have caused the securities to be out </span><span style="color:#003c78;font-family:arial;font-size:10pt">of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the perceived </span><span style="color:#003c78;font-family:arial;font-size:10pt">value assessment of that security as determined by the portfolio managers, or may decline in price, even though the </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities are already believed to be undervalued by the portfolio managers. There is also a risk that it may take </span><span style="color:#003c78;font-family:arial;font-size:10pt">longer than expected for the value of these investments to rise to the perceived value as determined by the portfolio </span><span style="color:#003c78;font-family:arial;font-size:10pt">managers. In addition, value securities, at times, may not perform as well as growth securities or the stock market in </span><span style="color:#003c78;font-family:arial;font-size:10pt">general, and may be out of favor with investors for varying periods of time.</span></div> Performance Information <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following bar chart and table show you how the Fund has performed in the past, and can help you understand </span><span style="color:#003c78;font-family:arial;font-size:10pt">the risks of investing in the Fund. The bar chart shows how the Fund’s Class A share performance (without sales </span><span style="color:#003c78;font-family:arial;font-size:10pt">charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be </span><span style="color:#003c78;font-family:arial;font-size:10pt">lower. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The table below the bar chart compares the Fund’s returns (after applicable sales charges shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Shareholder Fees</span><span style="color:#003c78;font-family:arial;font-size:10pt"> table in this prospectus) for the periods shown with a broad measure of market performance as </span><span style="color:#003c78;font-family:arial;font-size:10pt">well as another measure of performance for markets in which the Fund may invest.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The performance of one or more share classes shown in the table below begins before the indicated inception date </span><span style="color:#003c78;font-family:arial;font-size:10pt">for such share class. The returns shown for each such share class include the returns of the Fund’s Class Inst shares </span><span style="color:#003c78;font-family:arial;font-size:10pt">(adjusted to reflect the higher class-related operating expenses of such share classes, where applicable) for periods </span><span style="color:#003c78;font-family:arial;font-size:10pt">prior to its inception date. Share classes with expenses that are higher than Class Inst shares will have performance </span><span style="color:#003c78;font-family:arial;font-size:10pt">that is lower than Class Inst shares.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), </span><span style="color:#003c78;font-family:arial;font-size:10pt">the share classes of the Fund would have substantially similar annual returns because all share classes of the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">invest in the same portfolio of securities.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The after-tax returns shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Average Annual Total Returns</span><span style="color:#003c78;font-family:arial;font-size:10pt"> table below are calculated using the highest </span><span style="color:#003c78;font-family:arial;font-size:10pt">historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do </span><span style="color:#003c78;font-family:arial;font-size:10pt">not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax </span><span style="color:#003c78;font-family:arial;font-size:10pt">situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not </span><span style="color:#003c78;font-family:arial;font-size:10pt">apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs).</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The </span><span style="color:#003c78;font-family:arial;font-size:10pt">after-tax returns are shown only for Class A shares and will vary for other share classes.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting </span><span style="color:#003c78;font-family:arial;font-size:10pt">columbiathreadneedleus.com.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> 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 as well as another measure of performance for markets in which the Fund may invest. 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 as well as another measure of performance for markets in which the Fund may invest. 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 in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged 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. The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. 800.345.6611 columbiathreadneedleus.com Year by Year Total Return (%)as of December 31 Each Year* Best 2020-12-31 0.1940 Worst 2020-03-31 -0.3020 Year to Date return 2026-03-31 0.0339  Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2025) 2013-02-28 2013-02-28 2013-02-28 0.3691 0.1143 0.0856 0.3426 0.1039 0.0782 0.2322 0.0896 0.0690 2013-02-28 0.4316 0.1193 0.0838 2008-03-31 0.4572 0.1304 0.0948 2015-07-01 0.4583 0.1314 0.0959 2015-07-01 0.4590 0.1321 0.0966 2016-03-01 0.4484 0.1249 0.0894 2024-10-02 0.4572 0.1304 0.0948 0.4225 0.1336 0.0869 0.3122 0.0892 0.0818 Summary of the Fund Investment Objective <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Columbia Select Mid Cap Value Fund (the Fund) </span><span style="color:#003c78;font-family:arial;font-size:10pt">seeks long-term capital appreciation.</span></div> Fees and Expenses of the Fund <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">You may </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">in the tables and examples below.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">You may qualify for sales charge discounts if you and members of your </span><span style="color:#003c78;font-family:arial;font-size:10pt">immediate family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible funds </span><span style="color:#003c78;font-family:arial;font-size:10pt">distributed by Columbia Management Investment Distributors, Inc. (the Distributor). More information is available </span><span style="color:#003c78;font-family:arial;font-size:10pt">about these and other sales charge discounts and waivers from your financial intermediary, and can be found in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Choosing a Share Class</span><span style="color:#003c78;font-family:arial;font-size:10pt"> section beginning on page </span><span style="color:#003c78;font-family:arial;font-size:10pt">22</span><span style="color:#003c78;font-family:arial;font-size:10pt"> of the Fund’s prospectus, in </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Appendix A </span><span style="color:#003c78;font-family:arial;font-size:10pt">to the prospectus </span><span style="color:#003c78;font-family:arial;font-size:10pt">beginning on page A-1 and in Appendix S to the Statement of Additional Information (SAI) under </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Sales Charge </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Waivers</span><span style="color:#003c78;font-family:arial;font-size:10pt"> beginning on page</span><span style="color:#003c78;font-family:arial;font-size:10pt"> S-1.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> 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 is available about these and other sales charge discounts and waivers from your financial intermediary, and can be found in the Choosing a Share Class section beginning on page 22 of the Fund’s prospectus, in Appendix A to the prospectus beginning on page A-1 and in Appendix S to the Statement of Additional Information (SAI) under Sales Charge Waivers beginning on page S-1. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0 0 0 0 0 0 0.0100 0.0100 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0073 0.0073 0.0073 0.0073 0.0073 0.0073 0.0073 0.0025 0.0100 0.0000 0.0000 0.0000 0.0050 0.0000 0.0015 0.0015 0.0015 0.0007 0.0002 0.0015 0.0015 0.0113 0.0188 0.0088 0.0080 0.0075 0.0138 0.0088 <span style="color:#003c78;font-family:arial;font-size:8pt">This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: </span><span style="color:#003c78;font-family:arial;font-size:8pt">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 </span><span style="color:#003c78;font-family:arial;font-size:8pt">certain limited exceptions.</span><span style="color:#003c78;font-family:arial;font-size:8pt;line-height:9pt"> </span><span style="color:#003c78;font-family:arial;font-size:8pt">This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.</span> “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 the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses.  Example <div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing </span><span style="color:#003c78;font-family:arial;font-size:10pt">in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods </span><span style="color:#003c78;font-family:arial;font-size:10pt">indicated, and assumes that:</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">your investment has a 5% return each year, and</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Annual Fund Operating Expenses</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">table above.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Class C shares’ 10-year cost examples below reflect the Class C shares' 8-year conversion policy.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Although your </span><span style="color:#003c78;font-family:arial;font-size:10pt">actual costs may be higher or lower, based on the assumptions listed above, your costs would be:</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> 684 684 913 913 1161 1161 1871 1871 291 591 1016 2005 191 591 1016 2005 90 90 281 281 488 488 1084 1084 82 82 255 255 444 444 990 990 77 77 240 240 417 417 930 930 141 141 437 437 755 755 1657 1657 90 90 281 281 488 488 1084 1084 Portfolio Turnover <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color:#003c78;font-family:arial;font-size:10pt">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or </span><span style="color:#003c78;font-family:arial;font-size:10pt">in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="color:#003c78;font-family:arial;font-size:10pt">was </span><span style="color:#003c78;font-family:arial;font-size:10pt">15</span><span style="color:#003c78;font-family:arial;font-size:10pt">% of the average value of its portfolio.</span></div> 0.15 Principal Investment Strategies <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal circumstances, the Fund invests at least 80% of its net assets (</span><span style="color:#003c78;font-family:arial;font-size:10pt">plus</span><span style="color:#003c78;font-family:arial;font-size:10pt"> the amount of any borrowings for </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment purposes) in equity securities of companies that have market capitalizations in the range of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies in the Russell Midcap</span><span style="color:#003c78;font-family:arial;font-size:5pt;position:relative;top:-4.25pt">®</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Value Index (the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Capitalization </span><span style="color:#003c78;font-family:arial;font-size:10pt">Index)</span><span style="color:#003c78;font-family:arial;font-size:10pt">,</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">which ranged</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">between $</span><span style="color:#003c78;font-family:arial;font-size:10pt">81.5</span><span style="color:#003c78;font-family:arial;font-size:10pt"> million and </span><span style="color:#003c78;font-family:arial;font-size:10pt">$</span><span style="color:#003c78;font-family:arial;font-size:10pt">251</span><span style="color:#003c78;font-family:arial;font-size:10pt"> billion as of May 31, </span><span style="color:#003c78;font-family:arial;font-size:10pt">2026</span><span style="color:#003c78;font-family:arial;font-size:10pt">,</span><span style="color:#003c78;font-family:arial;font-size:10pt"> that the Fund’s investment manager believes are undervalued and have the potential </span><span style="color:#003c78;font-family:arial;font-size:10pt">for long-term growth.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The market capitalization range and composition of companies in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Capitalization</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Index are </span><span style="color:#003c78;font-family:arial;font-size:10pt">subject to change.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">As such, the size of the companies in which the Fund invests may change. The Fund may </span><span style="color:#003c78;font-family:arial;font-size:10pt">continue to hold a security even if the company’s market capitalization is no longer within the range of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Capitalization Index.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal circumstances, the Fund also invests at least 80% of its net assets (plus the </span><span style="color:#003c78;font-family:arial;font-size:10pt">amount of any borrowings for investment purposes) in equity securities of “value” companies. The Fund considers </span><span style="color:#003c78;font-family:arial;font-size:10pt">“value” companies to be those companies that are either constituents of an index constructed by a third party to </span><span style="color:#003c78;font-family:arial;font-size:10pt">identify companies with various characteristics of value companies, or that have a higher book-to-price (B/P) ratio </span><span style="color:#003c78;font-family:arial;font-size:10pt">than the median ranked stock within the company’s GICS sector, have a higher EBITDA/EV (earnings before interest, </span><span style="color:#003c78;font-family:arial;font-size:10pt">taxes, depreciation and amortization-to-enterprise value) or have a lower price-to-earnings ratio than the median </span><span style="color:#003c78;font-family:arial;font-size:10pt">ranked stock within the company’s GICS sector. The third-party broad-based index currently used to identify value </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies is the Russell 3000</span><span style="color:#003c78;font-family:arial;font-size:5pt;position:relative;top:-4.25pt">® </span><span style="color:#003c78;font-family:arial;font-size:10pt">Value Index, although the Fund may change the referenced index without prior </span><span style="color:#003c78;font-family:arial;font-size:10pt">notice.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest up to 20% of its total assets in foreign securities.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund normally invests in common stocks </span><span style="color:#003c78;font-family:arial;font-size:10pt">and also may invest in real estate investment trusts.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may at times emphasize one or more sectors in </span><span style="color:#003c78;font-family:arial;font-size:10pt">selecting its investments, including the financials and industrials sectors.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may hold a small number of </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities, consistent with its value investment approach.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">Generally, the Fund anticipates holding between 30 and 50 </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities in its portfolio; however, the Fund may hold, at any time, more or fewer securities than noted in this range.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal circumstances, the Fund invests at least 80% of its net assets (</span><span style="color:#003c78;font-family:arial;font-size:10pt">plus</span><span style="color:#003c78;font-family:arial;font-size:10pt"> the amount of any borrowings for </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment purposes) in equity securities of companies that have market capitalizations in the range of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies in the Russell Midcap</span><span style="color:#003c78;font-family:arial;font-size:5pt;position:relative;top:-4.25pt">®</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Value Index (the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Capitalization </span><span style="color:#003c78;font-family:arial;font-size:10pt">Index)</span><span style="color:#003c78;font-family:arial;font-size:10pt">,</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">which ranged</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">between $</span><span style="color:#003c78;font-family:arial;font-size:10pt">81.5</span><span style="color:#003c78;font-family:arial;font-size:10pt"> million and </span><span style="color:#003c78;font-family:arial;font-size:10pt">$</span><span style="color:#003c78;font-family:arial;font-size:10pt">251</span><span style="color:#003c78;font-family:arial;font-size:10pt"> billion as of May 31, </span><span style="color:#003c78;font-family:arial;font-size:10pt">2026</span><span style="color:#003c78;font-family:arial;font-size:10pt">,</span><span style="color:#003c78;font-family:arial;font-size:10pt"> that the Fund’s investment manager believes are undervalued and have the potential </span><span style="color:#003c78;font-family:arial;font-size:10pt">for long-term growth.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The market capitalization range and composition of companies in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Capitalization</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Index are </span><span style="color:#003c78;font-family:arial;font-size:10pt">subject to change.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">As such, the size of the companies in which the Fund invests may change. The Fund may </span><span style="color:#003c78;font-family:arial;font-size:10pt">continue to hold a security even if the company’s market capitalization is no longer within the range of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Capitalization Index.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal circumstances, the Fund also invests at least 80% of its net assets (plus the </span><span style="color:#003c78;font-family:arial;font-size:10pt">amount of any borrowings for investment purposes) in equity securities of “value” companies. The Fund considers </span><span style="color:#003c78;font-family:arial;font-size:10pt">“value” companies to be those companies that are either constituents of an index constructed by a third party to </span><span style="color:#003c78;font-family:arial;font-size:10pt">identify companies with various characteristics of value companies, or that have a higher book-to-price (B/P) ratio </span><span style="color:#003c78;font-family:arial;font-size:10pt">than the median ranked stock within the company’s GICS sector, have a higher EBITDA/EV (earnings before interest, </span><span style="color:#003c78;font-family:arial;font-size:10pt">taxes, depreciation and amortization-to-enterprise value) or have a lower price-to-earnings ratio than the median </span><span style="color:#003c78;font-family:arial;font-size:10pt">ranked stock within the company’s GICS sector. The third-party broad-based index currently used to identify value </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies is the Russell 3000</span><span style="color:#003c78;font-family:arial;font-size:5pt;position:relative;top:-4.25pt">® </span><span style="color:#003c78;font-family:arial;font-size:10pt">Value Index, although the Fund may change the referenced index without prior </span><span style="color:#003c78;font-family:arial;font-size:10pt">notice.</span></div> Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of companies that have market capitalizations in the range of the companies in the Russell Midcap® Value Index (the Capitalization Index),which rangedbetween $81.5 million and $251 billion as of May 31, 2026, that the Fund’s investment manager believes are undervalued and have the potential for long-term growth.Under normal circumstances, the Fund also invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of “value” companies. There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Active Management Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Due to its active management, the Fund could underperform its benchmark index and/or </span><span style="color:#003c78;font-family:arial;font-size:10pt">other funds with similar investment objectives and/or strategies.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Equity Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Equity securities may experience significant volatility. Such securities may fall sharply in </span><span style="color:#003c78;font-family:arial;font-size:10pt">response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">financial condition.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Focused Portfolio Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Because the Fund may invest in a limited number of companies, the Fund as a whole is </span><span style="color:#003c78;font-family:arial;font-size:10pt">subject to greater risk of loss if any of those securities decline in price.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Foreign Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in or exposure to securities of foreign companies may involve heightened risks </span><span style="color:#003c78;font-family:arial;font-size:10pt">relative to investments in or exposure to securities of U.S. companies. Investing in securities of foreign companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">subjects the Fund to the risks associated with an issuer’s (and any of its related companies’) country of organization </span><span style="color:#003c78;font-family:arial;font-size:10pt">and places of business operations, including risks related to political, regulatory, economic, social, diplomatic and </span><span style="color:#003c78;font-family:arial;font-size:10pt">other conditions or events (including, for example, military confrontations and actions, war, other conflicts, terrorism </span><span style="color:#003c78;font-family:arial;font-size:10pt">and disease/virus outbreaks and epidemics) occurring in the country or region, as well as risks associated with less </span><span style="color:#003c78;font-family:arial;font-size:10pt">developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities </span><span style="color:#003c78;font-family:arial;font-size:10pt">of U.S. companies</span><span style="color:#003c78;font-family:arial;font-size:10pt"> and are subject to the risks associated with potential imposition of economic and other sanctions </span><span style="color:#003c78;font-family:arial;font-size:10pt">against a particular foreign country, its nationals or industries or businesses within the country. In addition, foreign </span><span style="color:#003c78;font-family:arial;font-size:10pt">governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the </span><span style="color:#003c78;font-family:arial;font-size:10pt">disposition of foreign securities, which could reduce the Fund’s return on such securities. The performance of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund may also be negatively affected by fluctuations in a foreign currency's strength or weakness relative to the U.S. </span><span style="color:#003c78;font-family:arial;font-size:10pt">dollar, particularly to the extent the Fund invests a significant percentage of its assets in foreign securities or other </span><span style="color:#003c78;font-family:arial;font-size:10pt">assets denominated in currencies other than the U.S. dollar.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Issuer Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below </span><span style="color:#003c78;font-family:arial;font-size:10pt">expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color:#003c78;font-family:arial;font-size:10pt">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color:#003c78;font-family:arial;font-size:10pt">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color:#003c78;font-family:arial;font-size:10pt">outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Mid-Cap Stock Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in mid-capitalization companies (mid-cap companies) often involve greater risks </span><span style="color:#003c78;font-family:arial;font-size:10pt">than investments in larger, more established companies (larger companies) because mid-cap companies tend to </span><span style="color:#003c78;font-family:arial;font-size:10pt">have less predictable earnings and may lack the management experience, financial resources, product </span><span style="color:#003c78;font-family:arial;font-size:10pt">diversification and competitive strengths of larger companies, and may be less liquid than the securities of larger </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Market Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. </span><span style="color:#003c78;font-family:arial;font-size:10pt">These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, </span><span style="color:#003c78;font-family:arial;font-size:10pt">regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, </span><span style="color:#003c78;font-family:arial;font-size:10pt">turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively </span><span style="color:#003c78;font-family:arial;font-size:10pt">affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly </span><span style="color:#003c78;font-family:arial;font-size:10pt">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color:#003c78;font-family:arial;font-size:10pt">and financial markets are increasingly interconnected, and conditions and events in one country, region or financial </span><span style="color:#003c78;font-family:arial;font-size:10pt">market may adversely impact issuers in a different country, region or financial market. These risks may be magnified </span><span style="color:#003c78;font-family:arial;font-size:10pt">if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such </span><span style="color:#003c78;font-family:arial;font-size:10pt">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span><span style="color:#003c78;font-family:arial;font-size:10pt">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color:#003c78;font-family:arial;font-size:10pt">depressions or other events – or the potential for such events – could have a significant negative impact on global </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic and market conditions.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Real Estate-Related Investment Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in real estate investment trusts (REITs) and in securities of other </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies (wherever organized) principally engaged in the real estate industry subject the Fund to, among other </span><span style="color:#003c78;font-family:arial;font-size:10pt">things, risks similar to those of direct investments in real estate and the real estate industry in general. These include </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">risks related to general and local economic conditions, possible lack of availability of financing and changes in </span><span style="color:#003c78;font-family:arial;font-size:10pt">interest rates or property values. The value of interests in a REIT may be affected by, among other factors, changes in </span><span style="color:#003c78;font-family:arial;font-size:10pt">the value of the underlying properties owned by the REIT, changes in the prospect for earnings and/or cash flow </span><span style="color:#003c78;font-family:arial;font-size:10pt">growth of the REIT itself, defaults by borrowers or tenants, market saturation, decreases in market rates for rents, </span><span style="color:#003c78;font-family:arial;font-size:10pt">and other economic, political, or regulatory matters affecting the real estate industry, including REITs. REITs may be </span><span style="color:#003c78;font-family:arial;font-size:10pt">subject to more abrupt or erratic price movements than the overall securities markets. In a rising interest rate </span><span style="color:#003c78;font-family:arial;font-size:10pt">environment, the stock prices of real estate-related investments may decline and the borrowing costs of these </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies may increase. REITs are also subject to the risk of failing to qualify for favorable tax treatment under the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Internal Revenue Code of 1986, as amended. The failure of a REIT to continue to qualify as a REIT for tax purposes </span><span style="color:#003c78;font-family:arial;font-size:10pt">can materially and adversely affect its value. Some REITs (especially mortgage REITs) are affected by risks similar to </span><span style="color:#003c78;font-family:arial;font-size:10pt">those associated with investments in debt securities including changes in interest rates and the quality of credit </span><span style="color:#003c78;font-family:arial;font-size:10pt">extended.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Sector Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> At times, the Fund may have a significant portion of its assets invested in securities of companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">conducting business in a related group of industries within one or more economic sectors, including the financials </span><span style="color:#003c78;font-family:arial;font-size:10pt">and industrials sectors. Companies in the same sector may be similarly affected by economic, regulatory, political or </span><span style="color:#003c78;font-family:arial;font-size:10pt">market events or conditions, which may make the Fund vulnerable to unfavorable developments in that group of </span><span style="color:#003c78;font-family:arial;font-size:10pt">industries or economic sector.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Financials Sector.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is vulnerable to the particular risks that may affect companies in the financials sector. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Companies in the financials sector are subject to certain risks, including the risk of regulatory change, decreased </span><span style="color:#003c78;font-family:arial;font-size:10pt">liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as </span><span style="color:#003c78;font-family:arial;font-size:10pt">a high level of loans to one or more industries or sectors, which makes them vulnerable to economic conditions </span><span style="color:#003c78;font-family:arial;font-size:10pt">that affect such industries or sectors. Performance of such companies may be affected by competitive pressures </span><span style="color:#003c78;font-family:arial;font-size:10pt">and exposure to investments, agreements and counterparties, including credit products that, under certain </span><span style="color:#003c78;font-family:arial;font-size:10pt">circumstances, may lead to losses (e.g., subprime loans). Companies in the financials sector are subject to </span><span style="color:#003c78;font-family:arial;font-size:10pt">extensive governmental regulation that may limit the amount and types of loans and other financial commitments </span><span style="color:#003c78;font-family:arial;font-size:10pt">they can make, and the interest rates and fees they may charge. In addition, profitability of such companies is </span><span style="color:#003c78;font-family:arial;font-size:10pt">largely dependent upon the availability and the cost of capital.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Industrials Sector.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is vulnerable to the particular risks that may affect companies in the industrials </span><span style="color:#003c78;font-family:arial;font-size:10pt">sector. Companies in the industrials sector are subject to certain risks, including changes in supply and demand </span><span style="color:#003c78;font-family:arial;font-size:10pt">for their specific product or service and for industrial sector products in general, including decline in demand for </span><span style="color:#003c78;font-family:arial;font-size:10pt">such products due to rapid technological developments and frequent new product introduction. Performance of </span><span style="color:#003c78;font-family:arial;font-size:10pt">such companies may be affected by factors including government regulation, world events, economic conditions </span><span style="color:#003c78;font-family:arial;font-size:10pt">and risks for environmental damage and product liability claims.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Value Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Value securities are securities of companies that may have experienced, for example, adverse </span><span style="color:#003c78;font-family:arial;font-size:10pt">business, industry or other developments or may be subject to special risks that have caused the securities to be out </span><span style="color:#003c78;font-family:arial;font-size:10pt">of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the perceived </span><span style="color:#003c78;font-family:arial;font-size:10pt">value assessment of that security as determined by the portfolio managers, or may decline in price, even though the </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities are already believed to be undervalued by the portfolio managers. There is also a risk that it may take </span><span style="color:#003c78;font-family:arial;font-size:10pt">longer than expected for the value of these investments to rise to the perceived value as determined by the portfolio </span><span style="color:#003c78;font-family:arial;font-size:10pt">managers. In addition, value securities, at times, may not perform as well as growth securities or the stock market in </span><span style="color:#003c78;font-family:arial;font-size:10pt">general, and may be out of favor with investors for varying periods of time.</span></div> Performance Information <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following bar chart and table show you how the Fund has performed in the past, and can help you understand </span><span style="color:#003c78;font-family:arial;font-size:10pt">the risks of investing in the Fund. The bar chart shows how the Fund’s Class A share performance (without sales </span><span style="color:#003c78;font-family:arial;font-size:10pt">charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be </span><span style="color:#003c78;font-family:arial;font-size:10pt">lower. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The table below the bar chart compares the Fund’s returns (after applicable sales charges shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Shareholder Fees</span><span style="color:#003c78;font-family:arial;font-size:10pt"> table in this prospectus) for the periods shown with a broad measure of market performance, as </span><span style="color:#003c78;font-family:arial;font-size:10pt">well as another measure of performance for markets in which the Fund may invest.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The performance of one or more share classes shown in the table below begins before the indicated inception date </span><span style="color:#003c78;font-family:arial;font-size:10pt">for such share class. The returns shown for each such share class include the returns of the Fund’s Class A shares </span><span style="color:#003c78;font-family:arial;font-size:10pt">(without applicable sales charges) for periods prior to its inception date.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), </span><span style="color:#003c78;font-family:arial;font-size:10pt">the share classes of the Fund would have substantially similar annual returns because all share classes of the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">invest in the same portfolio of securities.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The after-tax returns shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Average Annual Total Returns</span><span style="color:#003c78;font-family:arial;font-size:10pt"> table below are calculated using the highest </span><span style="color:#003c78;font-family:arial;font-size:10pt">historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do </span><span style="color:#003c78;font-family:arial;font-size:10pt">not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax </span><span style="color:#003c78;font-family:arial;font-size:10pt">situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not </span><span style="color:#003c78;font-family:arial;font-size:10pt">apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs).</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The </span><span style="color:#003c78;font-family:arial;font-size:10pt">after-tax returns are shown only for Class A shares and will vary for other share classes.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting </span><span style="color:#003c78;font-family:arial;font-size:10pt">columbiathreadneedleus.com.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> 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, as well as another measure of performance for markets in which the Fund may invest. 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, as well as another measure of performance for markets in which the Fund may invest. 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 in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged 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. The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. 800.345.6611 columbiathreadneedleus.com Year by Year Total Return (%)as of December 31 Each Year* Best 2020-12-31 0.2253 Worst 2020-03-31 -0.3289 Year to Date return 2026-03-31 0.0694  Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2025)   2001-11-20 2001-11-20 2001-11-20 0.0706 0.0974 0.0954 0.0541 0.0819 0.0720 0.0525 0.0744 0.0700 2001-11-20 0.1167 0.1020 0.0937 2001-11-20 0.1384 0.1132 0.1047 2012-11-08 0.1395 0.1143 0.1059 2009-07-15 0.1399 0.1147 0.1063 2006-01-23 0.1326 0.1076 0.0992 2024-10-02 0.1390 0.1113 0.1023 0.1105 0.0983 0.0978 0.1715 0.1315 0.1429 Summary of the Fund Investment Objective <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Columbia Small Cap Index Fund (the Fund) </span><span style="color:#003c78;font-family:arial;font-size:10pt">seeks total return before fees and expenses that corresponds to the total </span><span style="color:#003c78;font-family:arial;font-size:10pt">return of the Standard &amp; Poor’s (S&amp;P) SmallCap 600</span><span style="color:#003c78;font-family:arial;font-size:5pt;position:relative;top:-4.25pt">®</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Index.</span></div> Fees and Expenses of the Fund <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">You may </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">in the tables and examples below.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> Shareholder Fees (fees paid directly from your investment) 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0020 0.0020 0.0020 0.0020 0.0025 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0045 0.0020 0.0020 0.0020 “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 the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses.  Example <div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing </span><span style="color:#003c78;font-family:arial;font-size:10pt">in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods </span><span style="color:#003c78;font-family:arial;font-size:10pt">indicated, and assumes that:</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">your investment has a 5% return each year, and</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Annual Fund Operating Expenses</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">table above.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be:</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> 46 46 144 144 252 252 567 567 20 20 64 64 113 113 255 255 20 20 64 64 113 113 255 255 20 20 64 64 113 113 255 255 Portfolio Turnover <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color:#003c78;font-family:arial;font-size:10pt">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or </span><span style="color:#003c78;font-family:arial;font-size:10pt">in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="color:#003c78;font-family:arial;font-size:10pt">was </span><span style="color:#003c78;font-family:arial;font-size:10pt">22</span><span style="color:#003c78;font-family:arial;font-size:10pt">% of the average value of its portfolio.</span></div> 0.22 Principal Investment Strategies <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal circumstances, the Fund invests at least 80% of its net assets (</span><span style="color:#003c78;font-family:arial;font-size:10pt">plus</span><span style="color:#003c78;font-family:arial;font-size:10pt"> the amount of any borrowings for </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment purposes) in common stocks that comprise the S&amp;P SmallCap 600 Index (the Index).</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest in derivatives, such as futures (including equity index futures), for cash equitization purposes.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Different common stocks have different weightings in the Index, depending on the amount of stock outstanding and </span><span style="color:#003c78;font-family:arial;font-size:10pt">the stock’s current price. In seeking to match the performance of the Index, Columbia Management Investment </span><span style="color:#003c78;font-family:arial;font-size:10pt">Advisers, LLC (the Investment Manager) attempts to allocate the Fund’s assets among common stocks in </span><span style="color:#003c78;font-family:arial;font-size:10pt">approximately the same weightings as the Index. This is referred to as a passive or indexing approach to investing.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">As a result of the Fund’s indexing approach to investing, the Fund will typically emphasize within the portfolio those </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic sectors emphasized by the Index, such as the financials</span><span style="color:#003c78;font-family:arial;font-size:10pt">,</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">industrials and information technology sectors</span><span style="color:#003c78;font-family:arial;font-size:10pt">.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund attempts to achieve at least a 95% correlation between the performance of the Index and the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment results, before fees and expenses.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may operate as non-diversified when the Index is non-diversified. A non-diversified fund can invest a </span><span style="color:#003c78;font-family:arial;font-size:10pt">greater percentage of its assets in the securities of fewer issuers than can a diversified fund.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal circumstances, the Fund invests at least 80% of its net assets (</span><span style="color:#003c78;font-family:arial;font-size:10pt">plus</span><span style="color:#003c78;font-family:arial;font-size:10pt"> the amount of any borrowings for </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment purposes) in common stocks that comprise the S&amp;P SmallCap 600 Index (the Index).</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest in derivatives, such as futures (including equity index futures), for cash equitization purposes.</span></div> There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Correlation/Tracking Error Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund’s value will generally decline when the performance of the securities </span><span style="color:#003c78;font-family:arial;font-size:10pt">within the Index declines. A number of factors may affect the Fund’s ability to achieve a high degree of correlation </span><span style="color:#003c78;font-family:arial;font-size:10pt">with the Index, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a </span><span style="color:#003c78;font-family:arial;font-size:10pt">high degree of correlation may prevent the Fund from achieving its investment objective. In addition, the Fund bears </span><span style="color:#003c78;font-family:arial;font-size:10pt">management and other expenses and transaction costs in trading securities or other instruments, which the Index </span><span style="color:#003c78;font-family:arial;font-size:10pt">does not bear. The Fund, unlike the Index, is subject to regulatory requirements that can limit the Fund’s investments </span><span style="color:#003c78;font-family:arial;font-size:10pt">relative to what the Index can hold. Accordingly, the Fund</span><span style="color:#003c78;font-family:arial;font-size:10pt">'</span><span style="color:#003c78;font-family:arial;font-size:10pt">s performance will likely fail to match the performance of </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Index, after taking expenses into account, as well as regulatory limitations. It is not possible to invest directly in </span><span style="color:#003c78;font-family:arial;font-size:10pt">an index.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Derivatives Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Derivatives may involve significant risks. Derivatives are financial instruments with a value in </span><span style="color:#003c78;font-family:arial;font-size:10pt">relation to, or derived from, the value of an underlying asset(s) or other reference, such as an index, rate or other </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic indicator (each an underlying reference). Derivatives may include those that are privately placed or </span><span style="color:#003c78;font-family:arial;font-size:10pt">otherwise exempt from SEC registration, including certain Rule 144A eligible securities. Derivatives could result in </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund losses if the underlying reference does not perform as anticipated. Use of derivatives is a highly specialized </span><span style="color:#003c78;font-family:arial;font-size:10pt">activity that can involve investment techniques, risks, and tax planning different from those associated with more </span><span style="color:#003c78;font-family:arial;font-size:10pt">traditional investment instruments. The Fund’s derivatives strategy may not be successful</span><span style="color:#003c78;font-family:arial;font-size:10pt">,</span><span style="color:#003c78;font-family:arial;font-size:10pt"> and use of certain </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">derivatives could result in substantial, potentially unlimited, losses to the Fund regardless of the Fund’s actual </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment. A relatively small movement in the price, rate or other economic indicator associated with the underlying </span><span style="color:#003c78;font-family:arial;font-size:10pt">reference may result in substantial losses for the Fund. Derivatives may be more volatile than other types of </span><span style="color:#003c78;font-family:arial;font-size:10pt">investments. The value of derivatives may be influenced by a variety of factors, including national and international </span><span style="color:#003c78;font-family:arial;font-size:10pt">political and economic developments. Potential changes to the regulation of the derivatives markets may make </span><span style="color:#003c78;font-family:arial;font-size:10pt">derivatives more costly, may limit the market for derivatives, or may otherwise adversely affect the value or </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance of derivatives. Derivatives can increase the Fund’s risk exposure to underlying references and their </span><span style="color:#003c78;font-family:arial;font-size:10pt">attendant risks, such as credit risk, market risk, foreign currency risk and interest rate risk, while potentially exposing </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity risk, pricing risk and </span><span style="color:#003c78;font-family:arial;font-size:10pt">volatility risk.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Derivatives Risk – Futures Contracts Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> A futures contract is an exchange-traded derivative transaction between </span><span style="color:#003c78;font-family:arial;font-size:10pt">two parties in which a buyer (holding the “long” position) agrees to pay a fixed price (or rate) at a specified future </span><span style="color:#003c78;font-family:arial;font-size:10pt">date for delivery of an underlying reference from a seller (holding the “short” position). The seller hopes that the </span><span style="color:#003c78;font-family:arial;font-size:10pt">market price on the delivery date is less than the agreed upon price, while the buyer hopes for the contrary. Certain </span><span style="color:#003c78;font-family:arial;font-size:10pt">futures contract markets are highly volatile, and futures contracts may be illiquid. Futures exchanges may limit </span><span style="color:#003c78;font-family:arial;font-size:10pt">fluctuations in futures contract prices by imposing a maximum permissible daily price movement. The Fund may be </span><span style="color:#003c78;font-family:arial;font-size:10pt">disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement. At or prior to </span><span style="color:#003c78;font-family:arial;font-size:10pt">maturity of a futures contract, the Fund may enter into an offsetting contract and may incur a loss to the extent there </span><span style="color:#003c78;font-family:arial;font-size:10pt">has been adverse movement in futures contract prices. The liquidity of the futures markets depends on participants </span><span style="color:#003c78;font-family:arial;font-size:10pt">entering into offsetting transactions rather than making or taking delivery. To the extent participants make or take </span><span style="color:#003c78;font-family:arial;font-size:10pt">delivery, liquidity in the futures market could be reduced. Because of the low margin deposits normally required in </span><span style="color:#003c78;font-family:arial;font-size:10pt">futures trading, it is possible that the Fund may employ a high degree of leverage in the portfolio. As a result, a </span><span style="color:#003c78;font-family:arial;font-size:10pt">relatively small price movement in a futures contract may result in substantial losses to the Fund, exceeding the </span><span style="color:#003c78;font-family:arial;font-size:10pt">amount of the margin paid. For certain types of futures contracts, losses are potentially unlimited. Futures markets </span><span style="color:#003c78;font-family:arial;font-size:10pt">are highly volatile</span><span style="color:#003c78;font-family:arial;font-size:10pt">,</span><span style="color:#003c78;font-family:arial;font-size:10pt"> and the use of futures may increase the volatility of the Fund’s NAV. Futures contracts executed (if </span><span style="color:#003c78;font-family:arial;font-size:10pt">any) on foreign exchanges may not provide the same protection as U.S. exchanges. Futures contracts can increase </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund’s risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign </span><span style="color:#003c78;font-family:arial;font-size:10pt">currency risk and interest rate risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging </span><span style="color:#003c78;font-family:arial;font-size:10pt">risk, inflation risk, leverage risk, liquidity risk, pricing risk and volatility risk.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Equity Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Equity securities may experience significant volatility. Such securities may fall sharply in </span><span style="color:#003c78;font-family:arial;font-size:10pt">response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">financial condition.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Issuer Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below </span><span style="color:#003c78;font-family:arial;font-size:10pt">expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color:#003c78;font-family:arial;font-size:10pt">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color:#003c78;font-family:arial;font-size:10pt">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color:#003c78;font-family:arial;font-size:10pt">outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Small-Cap Stock Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in small-capitalization companies (small-cap companies) often involve greater </span><span style="color:#003c78;font-family:arial;font-size:10pt">risks than investments in larger, more established companies (larger companies) because small-cap companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">tend to have less predictable earnings and may lack the management experience, financial resources, product </span><span style="color:#003c78;font-family:arial;font-size:10pt">diversification and competitive strengths of larger companies, and securities of small-cap companies may be less </span><span style="color:#003c78;font-family:arial;font-size:10pt">liquid and more volatile than the securities of larger companies.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Market Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. </span><span style="color:#003c78;font-family:arial;font-size:10pt">These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, </span><span style="color:#003c78;font-family:arial;font-size:10pt">regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, </span><span style="color:#003c78;font-family:arial;font-size:10pt">turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively </span><span style="color:#003c78;font-family:arial;font-size:10pt">affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly </span><span style="color:#003c78;font-family:arial;font-size:10pt">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">and financial markets are increasingly interconnected, and conditions and events in one country, region or financial </span><span style="color:#003c78;font-family:arial;font-size:10pt">market may adversely impact issuers in a different country, region or financial market. These risks may be magnified </span><span style="color:#003c78;font-family:arial;font-size:10pt">if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such </span><span style="color:#003c78;font-family:arial;font-size:10pt">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span><span style="color:#003c78;font-family:arial;font-size:10pt">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color:#003c78;font-family:arial;font-size:10pt">depressions or other events – or the potential for such events – could have a significant negative impact on global </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic and market conditions.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Non-Diversified Fund Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is passively managed to track an unaffiliated index, and the Fund may hold a </span><span style="color:#003c78;font-family:arial;font-size:10pt">non-diversified portfolio to the extent that its index’s holdings represent a non-diversified portfolio. When holding a </span><span style="color:#003c78;font-family:arial;font-size:10pt">non-diversified portfolio, it may invest a greater percentage of its total assets in the securities of fewer issuers than a </span><span style="color:#003c78;font-family:arial;font-size:10pt">“diversified” fund. This increases the risk that a change in the value of any one investment held by the Fund could </span><span style="color:#003c78;font-family:arial;font-size:10pt">affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of </span><span style="color:#003c78;font-family:arial;font-size:10pt">investments. Accordingly, the Fund's value will likely be more volatile than the value of a more diversified fund.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Passive Investment Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund is not actively managed and may be affected by a general decline in market </span><span style="color:#003c78;font-family:arial;font-size:10pt">segments related to its Index’s investment exposures. The Fund invests in securities or instruments included in, or </span><span style="color:#003c78;font-family:arial;font-size:10pt">believed by the portfolio </span><span style="color:#003c78;font-family:arial;font-size:10pt">managers</span><span style="color:#003c78;font-family:arial;font-size:10pt"> to be representative of, the Index regardless of their investment merits. The Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">does not seek temporary defensive positions when markets decline or appear overvalued.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Sector Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> At times, the Fund may have a significant portion of its assets invested in securities of companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">conducting business in a related group of industries within one or more economic sectors, including the financials</span><span style="color:#003c78;font-family:arial;font-size:10pt">,</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">industrials and information technology sectors</span><span style="color:#003c78;font-family:arial;font-size:10pt">. The Fund generally invests in issuers, including to concentrate its </span><span style="color:#003c78;font-family:arial;font-size:10pt">investments in issuers conducting business in a related group of industries, to approximately the same extent as the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Index. Companies in the same sector may be similarly affected by economic, regulatory, political or market events or </span><span style="color:#003c78;font-family:arial;font-size:10pt">conditions, which may make the Fund vulnerable to unfavorable developments in that group of industries or </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic sector.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Financials Sector.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is vulnerable to the particular risks that may affect companies in the financials sector. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Companies in the financials sector are subject to certain risks, including the risk of regulatory change, decreased </span><span style="color:#003c78;font-family:arial;font-size:10pt">liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as </span><span style="color:#003c78;font-family:arial;font-size:10pt">a high level of loans to one or more industries or sectors, which makes them vulnerable to economic conditions </span><span style="color:#003c78;font-family:arial;font-size:10pt">that affect such industries or sectors. Performance of such companies may be affected by competitive pressures </span><span style="color:#003c78;font-family:arial;font-size:10pt">and exposure to investments, agreements and counterparties, including credit products that, under certain </span><span style="color:#003c78;font-family:arial;font-size:10pt">circumstances, may lead to losses (e.g., subprime loans). Companies in the financials sector are subject to </span><span style="color:#003c78;font-family:arial;font-size:10pt">extensive governmental regulation that may limit the amount and types of loans and other financial commitments </span><span style="color:#003c78;font-family:arial;font-size:10pt">they can make, and the interest rates and fees they may charge. In addition, profitability of such companies is </span><span style="color:#003c78;font-family:arial;font-size:10pt">largely dependent upon the availability and the cost of capital.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Industrials Sector.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is vulnerable to the particular risks that may affect companies in the industrials </span><span style="color:#003c78;font-family:arial;font-size:10pt">sector. Companies in the industrials sector are subject to certain risks, including changes in supply and demand </span><span style="color:#003c78;font-family:arial;font-size:10pt">for their specific product or service and for industrial sector products in general, including decline in demand for </span><span style="color:#003c78;font-family:arial;font-size:10pt">such products due to rapid technological developments and frequent new product introduction.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Performance </span><span style="color:#003c78;font-family:arial;font-size:10pt">of </span><span style="color:#003c78;font-family:arial;font-size:10pt">such companies may be affected by factors including government regulation, world events, economic conditions </span><span style="color:#003c78;font-family:arial;font-size:10pt">and risks for environmental damage and product liability claims.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Information Technology Sector.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is vulnerable to the particular risks that may affect companies in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">information technology sector. Companies in the information technology sector are subject to certain risks, </span><span style="color:#003c78;font-family:arial;font-size:10pt">including the risk that new services, equipment or technologies will not be accepted by consumers and </span><span style="color:#003c78;font-family:arial;font-size:10pt">businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including </span><span style="color:#003c78;font-family:arial;font-size:10pt">obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including </span><span style="color:#003c78;font-family:arial;font-size:10pt">aggressive pricing of their products or services, new market entrants, competition for market share and short </span><span style="color:#003c78;font-family:arial;font-size:10pt">product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to </span><span style="color:#003c78;font-family:arial;font-size:10pt">limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In </span><span style="color:#003c78;font-family:arial;font-size:10pt">addition, many information technology sector companies have limited operating histories and prices of these </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="line-height:12.0pt;margin-left:11pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">companies’ securities historically have been more volatile than other securities, especially over the short term. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Some companies in the information technology sector are facing increased government and regulatory scrutiny </span><span style="color:#003c78;font-family:arial;font-size:10pt">and may be subject to adverse government or regulatory action, which could negatively impact the value of their </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities.</span></div> Performance Information <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following bar chart and table show you how the Fund has performed in the past, and can help you understand </span><span style="color:#003c78;font-family:arial;font-size:10pt">the risks of investing in the Fund. The bar chart shows how the Fund’s Class A share performance has varied for </span><span style="color:#003c78;font-family:arial;font-size:10pt">each full calendar year shown. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The table below the bar chart compares the Fund’s returns for the periods shown with </span><span style="color:#003c78;font-family:arial;font-size:10pt">a broad measure of market performance, as well as another measure of performance for markets in which the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">may invest.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The performance of one or more share classes shown in the table below begins before the indicated inception date </span><span style="color:#003c78;font-family:arial;font-size:10pt">for such share class. The returns shown for each such share class include the returns of the Fund’s Class A shares </span><span style="color:#003c78;font-family:arial;font-size:10pt">for periods prior to its inception date.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), </span><span style="color:#003c78;font-family:arial;font-size:10pt">the share classes of the Fund would have substantially similar annual returns because all share classes of the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">invest in the same portfolio of securities.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The after-tax returns shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Average Annual Total Returns</span><span style="color:#003c78;font-family:arial;font-size:10pt"> table below are calculated using the highest </span><span style="color:#003c78;font-family:arial;font-size:10pt">historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do </span><span style="color:#003c78;font-family:arial;font-size:10pt">not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax </span><span style="color:#003c78;font-family:arial;font-size:10pt">situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not </span><span style="color:#003c78;font-family:arial;font-size:10pt">apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs).</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The </span><span style="color:#003c78;font-family:arial;font-size:10pt">after-tax returns are shown only for Class A shares and will vary for other share classes.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting </span><span style="color:#003c78;font-family:arial;font-size:10pt">columbiathreadneedleus.com.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> 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 has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with a broad measure of market performance, as well as another measure of performance for markets in which the Fund may invest. 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 in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged 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. The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. 800.345.6611 columbiathreadneedleus.com Year by Year Total Return (%)as of December 31 Each Year* Best 2020-12-31 0.3113 Worst 2020-03-31 -0.3269 Year to Date return 2026-03-31 0.0338  Average Annual Total Returns (for periods ended December 31, 2025)   1996-10-15 1996-10-15 1996-10-15 0.0564 0.0681 0.0933 0.0253 0.0428 0.0715 0.0499 0.0505 0.0719 1996-10-15 0.0590 0.0708 0.0960 2012-11-08 0.0589 0.0707 0.0960 2017-03-01 0.0588 0.0708 0.0957 0.0602 0.0731 0.0981 0.1715 0.1315 0.1429 Summary of the Fund Investment Objective <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Columbia Small Cap Value </span><span style="color:#003c78;font-family:arial;font-size:10pt">and Inflection </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">(the Fund) </span><span style="color:#003c78;font-family:arial;font-size:10pt">seeks long-term capital appreciation.</span></div> Fees and Expenses of the Fund <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">You may </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">in the tables and examples below.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">You may qualify for sales charge discounts if you and members of your </span><span style="color:#003c78;font-family:arial;font-size:10pt">immediate family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible funds </span><span style="color:#003c78;font-family:arial;font-size:10pt">distributed by Columbia Management Investment Distributors, Inc. (the Distributor). More information is available </span><span style="color:#003c78;font-family:arial;font-size:10pt">about these and other sales charge discounts and waivers from your financial intermediary, and can be found in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Choosing a Share Class</span><span style="color:#003c78;font-family:arial;font-size:10pt"> section beginning on page </span><span style="color:#003c78;font-family:arial;font-size:10pt">22</span><span style="color:#003c78;font-family:arial;font-size:10pt"> of the Fund’s prospectus, in </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Appendix A </span><span style="color:#003c78;font-family:arial;font-size:10pt">to the prospectus </span><span style="color:#003c78;font-family:arial;font-size:10pt">beginning on page A-1 and in Appendix S to the Statement of Additional Information (SAI) under </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Sales Charge </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Waivers</span><span style="color:#003c78;font-family:arial;font-size:10pt"> beginning on page</span><span style="color:#003c78;font-family:arial;font-size:10pt"> S-1.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> 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 is available about these and other sales charge discounts and waivers from your financial intermediary, and can be found in the Choosing a Share Class section beginning on page 22 of the Fund’s prospectus, in Appendix A to the prospectus beginning on page A-1 and in Appendix S to the Statement of Additional Information (SAI) under Sales Charge Waivers beginning on page S-1. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0 0 0 0 0 0.0100 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0085 0.0085 0.0085 0.0085 0.0085 0.0085 0.0025 0.0000 0.0000 0.0000 0.0050 0.0000 0.0027 0.0027 0.0010 0.0006 0.0027 0.0027 0.0137 0.0112 0.0095 0.0091 0.0162 0.0112 -0.0017 -0.0017 -0.0015 -0.0016 -0.0017 -0.0017 0.0120 0.0095 0.0080 0.0075 0.0145 0.0095 <span style="color:#003c78;font-family:arial;font-size:8pt">This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: </span><span style="color:#003c78;font-family:arial;font-size:8pt">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 </span><span style="color:#003c78;font-family:arial;font-size:8pt">certain limited exceptions.</span> “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 the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. June 30, 2027  Example <div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing </span><span style="color:#003c78;font-family:arial;font-size:10pt">in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods </span><span style="color:#003c78;font-family:arial;font-size:10pt">indicated, and assumes that:</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">your investment has a 5% return each year, and</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Annual Fund Operating Expenses</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">table above.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Since the waivers and/or reimbursements shown in the</span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic"> Annual Fund Operating Expenses</span><span style="color:#003c78;font-family:arial;font-size:10pt"> table above expire as </span><span style="color:#003c78;font-family:arial;font-size:10pt">indicated in the preceding table, they are only reflected in the 1 year example and the first year of the other </span><span style="color:#003c78;font-family:arial;font-size:10pt">examples. Although your actual costs may be higher or lower, based on the assumptions listed above, your costs </span><span style="color:#003c78;font-family:arial;font-size:10pt">would be:</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> 690 690 968 968 1267 1267 2113 2113 97 97 339 339 600 600 1348 1348 82 82 288 288 511 511 1153 1153 77 77 274 274 488 488 1105 1105 148 148 495 495 865 865 1908 1908 97 97 339 339 600 600 1348 1348 Portfolio Turnover <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color:#003c78;font-family:arial;font-size:10pt">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or </span><span style="color:#003c78;font-family:arial;font-size:10pt">in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="color:#003c78;font-family:arial;font-size:10pt">was </span><span style="color:#003c78;font-family:arial;font-size:10pt">115</span><span style="color:#003c78;font-family:arial;font-size:10pt">% of the average value of its portfolio.</span></div> 1.15 Principal Investment Strategies <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal circumstances, the Fund invests at least 80% of its net assets (</span><span style="color:#003c78;font-family:arial;font-size:10pt">plus</span><span style="color:#003c78;font-family:arial;font-size:10pt"> the amount of any borrowings for </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment purposes) in equity securities of companies that have market capitalizations in the range of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies in the Russell 2000</span><span style="color:#003c78;font-family:arial;font-size:5pt;position:relative;top:-4.25pt">®</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Value Index (the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Capitalization </span><span style="color:#003c78;font-family:arial;font-size:10pt">Index)</span><span style="color:#003c78;font-family:arial;font-size:10pt">,</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">which ranged</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">between $</span><span style="color:#003c78;font-family:arial;font-size:10pt">10.7</span><span style="color:#003c78;font-family:arial;font-size:10pt"> million and </span><span style="color:#003c78;font-family:arial;font-size:10pt">$</span><span style="color:#003c78;font-family:arial;font-size:10pt">23.5</span><span style="color:#003c78;font-family:arial;font-size:10pt"> billion as of May 31, </span><span style="color:#003c78;font-family:arial;font-size:10pt">2026</span><span style="color:#003c78;font-family:arial;font-size:10pt">,</span><span style="color:#003c78;font-family:arial;font-size:10pt"> that the Fund</span><span style="color:#003c78;font-family:arial;font-size:10pt">'</span><span style="color:#003c78;font-family:arial;font-size:10pt">s investment manager believes are undervalued and have the potential </span><span style="color:#003c78;font-family:arial;font-size:10pt">for long-term growth.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The market capitalization range and composition of companies in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Capitalization</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Index are </span><span style="color:#003c78;font-family:arial;font-size:10pt">subject to change.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">As such, the size of the companies in which the Fund invests may change. The Fund may </span><span style="color:#003c78;font-family:arial;font-size:10pt">continue to hold a security even if the company’s market capitalization is no longer within the range of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Capitalization Index.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal circumstances, the Fund also invests at least 80% of its net assets (plus the </span><span style="color:#003c78;font-family:arial;font-size:10pt">amount of any borrowings for investment purposes) in equity securities of “value” companies. The Fund considers </span><span style="color:#003c78;font-family:arial;font-size:10pt">“value” companies to be those companies that are either constituents of an index constructed by a third party to </span><span style="color:#003c78;font-family:arial;font-size:10pt">identify companies with various characteristics of value companies, or that have a higher book-to-price (B/P) ratio </span><span style="color:#003c78;font-family:arial;font-size:10pt">than the median ranked stock within the company’s GICS sector, have a higher EBITDA/EV (earnings before interest, </span><span style="color:#003c78;font-family:arial;font-size:10pt">taxes, depreciation and amortization-to-enterprise value) or have a lower price-to-earnings ratio than the median </span><span style="color:#003c78;font-family:arial;font-size:10pt">ranked stock within the company’s GICS sector. The third-party broad-based index currently used to identify value </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies is the Russell 3000</span><span style="color:#003c78;font-family:arial;font-size:5pt;position:relative;top:-4.25pt">® </span><span style="color:#003c78;font-family:arial;font-size:10pt">Value Index, although the Fund may change the referenced index without prior </span><span style="color:#003c78;font-family:arial;font-size:10pt">notice.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund typically seeks to invest in companies at the higher end of the capitalization range of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Capitalization </span><span style="color:#003c78;font-family:arial;font-size:10pt">Index that the Fund's investment manager believes are more liquid.</span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest up to 20% of its total assets in foreign securities, including depositary receipts.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">normally invests in common stocks and also may invest in real estate investment trusts.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may at times </span><span style="color:#003c78;font-family:arial;font-size:10pt">emphasize one or more sectors in selecting its investments, including the financials and industrials sectors.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal circumstances, the Fund invests at least 80% of its net assets (</span><span style="color:#003c78;font-family:arial;font-size:10pt">plus</span><span style="color:#003c78;font-family:arial;font-size:10pt"> the amount of any borrowings for </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment purposes) in equity securities of companies that have market capitalizations in the range of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies in the Russell 2000</span><span style="color:#003c78;font-family:arial;font-size:5pt;position:relative;top:-4.25pt">®</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Value Index (the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Capitalization </span><span style="color:#003c78;font-family:arial;font-size:10pt">Index)</span><span style="color:#003c78;font-family:arial;font-size:10pt">,</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">which ranged</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">between $</span><span style="color:#003c78;font-family:arial;font-size:10pt">10.7</span><span style="color:#003c78;font-family:arial;font-size:10pt"> million and </span><span style="color:#003c78;font-family:arial;font-size:10pt">$</span><span style="color:#003c78;font-family:arial;font-size:10pt">23.5</span><span style="color:#003c78;font-family:arial;font-size:10pt"> billion as of May 31, </span><span style="color:#003c78;font-family:arial;font-size:10pt">2026</span><span style="color:#003c78;font-family:arial;font-size:10pt">,</span><span style="color:#003c78;font-family:arial;font-size:10pt"> that the Fund</span><span style="color:#003c78;font-family:arial;font-size:10pt">'</span><span style="color:#003c78;font-family:arial;font-size:10pt">s investment manager believes are undervalued and have the potential </span><span style="color:#003c78;font-family:arial;font-size:10pt">for long-term growth.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The market capitalization range and composition of companies in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Capitalization</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Index are </span><span style="color:#003c78;font-family:arial;font-size:10pt">subject to change.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">As such, the size of the companies in which the Fund invests may change. The Fund may </span><span style="color:#003c78;font-family:arial;font-size:10pt">continue to hold a security even if the company’s market capitalization is no longer within the range of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Capitalization Index.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal circumstances, the Fund also invests at least 80% of its net assets (plus the </span><span style="color:#003c78;font-family:arial;font-size:10pt">amount of any borrowings for investment purposes) in equity securities of “value” companies. The Fund considers </span><span style="color:#003c78;font-family:arial;font-size:10pt">“value” companies to be those companies that are either constituents of an index constructed by a third party to </span><span style="color:#003c78;font-family:arial;font-size:10pt">identify companies with various characteristics of value companies, or that have a higher book-to-price (B/P) ratio </span><span style="color:#003c78;font-family:arial;font-size:10pt">than the median ranked stock within the company’s GICS sector, have a higher EBITDA/EV (earnings before interest, </span><span style="color:#003c78;font-family:arial;font-size:10pt">taxes, depreciation and amortization-to-enterprise value) or have a lower price-to-earnings ratio than the median </span><span style="color:#003c78;font-family:arial;font-size:10pt">ranked stock within the company’s GICS sector. The third-party broad-based index currently used to identify value </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies is the Russell 3000</span><span style="color:#003c78;font-family:arial;font-size:5pt;position:relative;top:-4.25pt">® </span><span style="color:#003c78;font-family:arial;font-size:10pt">Value Index, although the Fund may change the referenced index without prior </span><span style="color:#003c78;font-family:arial;font-size:10pt">notice.</span></div> Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of companies that have market capitalizations in the range of the companies in the Russell 2000® Value Index (the Capitalization Index),which rangedbetween $10.7 million and $23.5 billion as of May 31, 2026, that the Fund's investment manager believes are undervalued and have the potential for long-term growth.Under normal circumstances, the Fund also invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of “value” companies. There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Active Management Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Due to its active management, the Fund could underperform its benchmark index and/or </span><span style="color:#003c78;font-family:arial;font-size:10pt">other funds with similar investment objectives and/or strategies.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Depositary Receipts Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Depositary receipts are receipts issued by a bank or trust company reflecting ownership </span><span style="color:#003c78;font-family:arial;font-size:10pt">of underlying securities issued by foreign companies. Some foreign securities are traded in the form of American </span><span style="color:#003c78;font-family:arial;font-size:10pt">Depositary Receipts and/or Global Depositary Receipts. Depositary receipts involve risks similar to the risks </span><span style="color:#003c78;font-family:arial;font-size:10pt">associated with investments in foreign securities, including those associated with an issuer’s (and any of its related </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies’) country of organization and places of business operations, which may be related to the particular </span><span style="color:#003c78;font-family:arial;font-size:10pt">political, regulatory, economic, social and other conditions or events (including, for example, military confrontations </span><span style="color:#003c78;font-family:arial;font-size:10pt">and actions, war, other conflicts, terrorism and disease/virus outbreaks and epidemics) occurring in the country and </span><span style="color:#003c78;font-family:arial;font-size:10pt">fluctuations in such country’s currency, as well as market risk tied to the underlying foreign company. In addition, </span><span style="color:#003c78;font-family:arial;font-size:10pt">holders of depositary receipts may have limited voting rights, may not have the same rights afforded to stockholders </span><span style="color:#003c78;font-family:arial;font-size:10pt">of a typical domestic company in the event of a corporate action, such as an acquisition, merger or rights offering, </span><span style="color:#003c78;font-family:arial;font-size:10pt">and may experience difficulty in receiving company stockholder communications. There is no guarantee that a </span><span style="color:#003c78;font-family:arial;font-size:10pt">financial institution will continue to sponsor a depositary receipt, or that a depositary receipt will continue to trade on </span><span style="color:#003c78;font-family:arial;font-size:10pt">an exchange, either of which could adversely affect the liquidity, availability and pricing of the depositary receipt. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Changes in foreign currency exchange rates will affect the value of depositary receipts and, therefore, may affect the </span><span style="color:#003c78;font-family:arial;font-size:10pt">value of your investment in the Fund.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Equity Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Equity securities may experience significant volatility. Such securities may fall sharply in </span><span style="color:#003c78;font-family:arial;font-size:10pt">response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">financial condition.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Foreign Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in or exposure to securities of foreign companies may involve heightened risks </span><span style="color:#003c78;font-family:arial;font-size:10pt">relative to investments in or exposure to securities of U.S. companies. Investing in securities of foreign companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">subjects the Fund to the risks associated with an issuer’s (and any of its related companies’) country of organization </span><span style="color:#003c78;font-family:arial;font-size:10pt">and places of business operations, including risks related to political, regulatory, economic, social, diplomatic and </span><span style="color:#003c78;font-family:arial;font-size:10pt">other conditions or events (including, for example, military confrontations and actions, war, other conflicts, terrorism </span><span style="color:#003c78;font-family:arial;font-size:10pt">and disease/virus outbreaks and epidemics) occurring in the country or region, as well as risks associated with less </span><span style="color:#003c78;font-family:arial;font-size:10pt">developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities </span><span style="color:#003c78;font-family:arial;font-size:10pt">of U.S. companies</span><span style="color:#003c78;font-family:arial;font-size:10pt"> and are subject to the risks associated with potential imposition of economic and other sanctions </span><span style="color:#003c78;font-family:arial;font-size:10pt">against a particular foreign country, its nationals or industries or businesses within the country. In addition, foreign </span><span style="color:#003c78;font-family:arial;font-size:10pt">governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the </span><span style="color:#003c78;font-family:arial;font-size:10pt">disposition of foreign securities, which could reduce the Fund’s return on such securities. The performance of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund may also be negatively affected by fluctuations in a foreign currency's strength or weakness relative to the U.S. </span><span style="color:#003c78;font-family:arial;font-size:10pt">dollar, particularly to the extent the Fund invests a significant percentage of its assets in foreign securities or other </span><span style="color:#003c78;font-family:arial;font-size:10pt">assets denominated in currencies other than the U.S. dollar.</span></div> <div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Issuer Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below </span><span style="color:#003c78;font-family:arial;font-size:10pt">expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color:#003c78;font-family:arial;font-size:10pt">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color:#003c78;font-family:arial;font-size:10pt">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color:#003c78;font-family:arial;font-size:10pt">outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Small-Cap Stock Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in small-capitalization companies (small-cap companies) often involve greater </span><span style="color:#003c78;font-family:arial;font-size:10pt">risks than investments in larger, more established companies (larger companies) because small-cap companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">tend to have less predictable earnings and may lack the management experience, financial resources, product </span><span style="color:#003c78;font-family:arial;font-size:10pt">diversification and competitive strengths of larger companies, and securities of small-cap companies may be less </span><span style="color:#003c78;font-family:arial;font-size:10pt">liquid and more volatile than the securities of larger companies.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Market Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. </span><span style="color:#003c78;font-family:arial;font-size:10pt">These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, </span><span style="color:#003c78;font-family:arial;font-size:10pt">regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, </span><span style="color:#003c78;font-family:arial;font-size:10pt">turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively </span><span style="color:#003c78;font-family:arial;font-size:10pt">affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly </span><span style="color:#003c78;font-family:arial;font-size:10pt">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color:#003c78;font-family:arial;font-size:10pt">and financial markets are increasingly interconnected, and conditions and events in one country, region or financial </span><span style="color:#003c78;font-family:arial;font-size:10pt">market may adversely impact issuers in a different country, region or financial market. These risks may be magnified </span><span style="color:#003c78;font-family:arial;font-size:10pt">if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such </span><span style="color:#003c78;font-family:arial;font-size:10pt">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span><span style="color:#003c78;font-family:arial;font-size:10pt">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color:#003c78;font-family:arial;font-size:10pt">depressions or other events – or the potential for such events – could have a significant negative impact on global </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic and market conditions.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Real Estate-Related Investment Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in real estate investment trusts (REITs) and in securities of other </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies (wherever organized) principally engaged in the real estate industry subject the Fund to, among other </span><span style="color:#003c78;font-family:arial;font-size:10pt">things, risks similar to those of direct investments in real estate and the real estate industry in general. These include </span><span style="color:#003c78;font-family:arial;font-size:10pt">risks related to general and local economic conditions, possible lack of availability of financing and changes in </span><span style="color:#003c78;font-family:arial;font-size:10pt">interest rates or property values. The value of interests in a REIT may be affected by, among other factors, changes in </span><span style="color:#003c78;font-family:arial;font-size:10pt">the value of the underlying properties owned by the REIT, changes in the prospect for earnings and/or cash flow </span><span style="color:#003c78;font-family:arial;font-size:10pt">growth of the REIT itself, defaults by borrowers or tenants, market saturation, decreases in market rates for rents, </span><span style="color:#003c78;font-family:arial;font-size:10pt">and other economic, political, or regulatory matters affecting the real estate industry, including REITs. REITs may be </span><span style="color:#003c78;font-family:arial;font-size:10pt">subject to more abrupt or erratic price movements than the overall securities markets. In a rising interest rate </span><span style="color:#003c78;font-family:arial;font-size:10pt">environment, the stock prices of real estate-related investments may decline and the borrowing costs of these </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies may increase. REITs are also subject to the risk of failing to qualify for favorable tax treatment under the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Internal Revenue Code of 1986, as amended. The failure of a REIT to continue to qualify as a REIT for tax purposes </span><span style="color:#003c78;font-family:arial;font-size:10pt">can materially and adversely affect its value. Some REITs (especially mortgage REITs) are affected by risks similar to </span><span style="color:#003c78;font-family:arial;font-size:10pt">those associated with investments in debt securities including changes in interest rates and the quality of credit </span><span style="color:#003c78;font-family:arial;font-size:10pt">extended.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Sector Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> At times, the Fund may have a significant portion of its assets invested in securities of companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">conducting business in a related group of industries within one or more economic sectors, including the financials </span><span style="color:#003c78;font-family:arial;font-size:10pt">and industrials sectors. Companies in the same sector may be similarly affected by economic, regulatory, political or </span><span style="color:#003c78;font-family:arial;font-size:10pt">market events or conditions, which may make the Fund vulnerable to unfavorable developments in that group of </span><span style="color:#003c78;font-family:arial;font-size:10pt">industries or economic sector.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Financials Sector.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is vulnerable to the particular risks that may affect companies in the financials sector. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Companies in the financials sector are subject to certain risks, including the risk of regulatory change, decreased </span><span style="color:#003c78;font-family:arial;font-size:10pt">liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as </span><span style="color:#003c78;font-family:arial;font-size:10pt">a high level of loans to one or more industries or sectors, which makes them vulnerable to economic conditions </span><span style="color:#003c78;font-family:arial;font-size:10pt">that affect such industries or sectors. Performance of such companies may be affected by competitive pressures </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="line-height:12.0pt;margin-left:11pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">and exposure to investments, agreements and counterparties, including credit products that, under certain </span><span style="color:#003c78;font-family:arial;font-size:10pt">circumstances, may lead to losses (e.g., subprime loans). Companies in the financials sector are subject to </span><span style="color:#003c78;font-family:arial;font-size:10pt">extensive governmental regulation that may limit the amount and types of loans and other financial commitments </span><span style="color:#003c78;font-family:arial;font-size:10pt">they can make, and the interest rates and fees they may charge. In addition, profitability of such companies is </span><span style="color:#003c78;font-family:arial;font-size:10pt">largely dependent upon the availability and the cost of capital.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Industrials Sector.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is vulnerable to the particular risks that may affect companies in the industrials </span><span style="color:#003c78;font-family:arial;font-size:10pt">sector. Companies in the industrials sector are subject to certain risks, including changes in supply and demand </span><span style="color:#003c78;font-family:arial;font-size:10pt">for their specific product or service and for industrial sector products in general, including decline in demand for </span><span style="color:#003c78;font-family:arial;font-size:10pt">such products due to rapid technological developments and frequent new product introduction. Performance of </span><span style="color:#003c78;font-family:arial;font-size:10pt">such companies may be affected by factors including government regulation, world events, economic conditions </span><span style="color:#003c78;font-family:arial;font-size:10pt">and risks for environmental damage and product liability claims.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Value Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Value securities are securities of companies that may have experienced, for example, adverse </span><span style="color:#003c78;font-family:arial;font-size:10pt">business, industry or other developments or may be subject to special risks that have caused the securities to be out </span><span style="color:#003c78;font-family:arial;font-size:10pt">of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the perceived </span><span style="color:#003c78;font-family:arial;font-size:10pt">value assessment of that security as determined by the portfolio managers, or may decline in price, even though the </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities are already believed to be undervalued by the portfolio managers. There is also a risk that it may take </span><span style="color:#003c78;font-family:arial;font-size:10pt">longer than expected for the value of these investments to rise to the perceived value as determined by the portfolio </span><span style="color:#003c78;font-family:arial;font-size:10pt">managers. In addition, value securities, at times, may not perform as well as growth securities or the stock market in </span><span style="color:#003c78;font-family:arial;font-size:10pt">general, and may be out of favor with investors for varying periods of time.</span></div> Performance Information <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following bar chart and table show you how the Fund has performed in the past, and can help you understand </span><span style="color:#003c78;font-family:arial;font-size:10pt">the risks of investing in the Fund. The bar chart shows how the Fund’s Class A share performance (without sales </span><span style="color:#003c78;font-family:arial;font-size:10pt">charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be </span><span style="color:#003c78;font-family:arial;font-size:10pt">lower. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The table below the bar chart compares the Fund’s returns (after applicable sales charges shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Shareholder Fees</span><span style="color:#003c78;font-family:arial;font-size:10pt"> table in this prospectus) for the periods shown with a broad measure of market performance, as </span><span style="color:#003c78;font-family:arial;font-size:10pt">well as another measure of performance for markets in which the Fund may invest.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The performance of one or more share classes shown in the table below begins before the indicated inception date </span><span style="color:#003c78;font-family:arial;font-size:10pt">for such share class. The returns shown for each such share class include the returns of the Fund’s Class A shares </span><span style="color:#003c78;font-family:arial;font-size:10pt">(without applicable sales charges) for periods prior to its inception date.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), </span><span style="color:#003c78;font-family:arial;font-size:10pt">the share classes of the Fund would have substantially similar annual returns because all share classes of the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">invest in the same portfolio of securities.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The after-tax returns shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Average Annual Total Returns</span><span style="color:#003c78;font-family:arial;font-size:10pt"> table below are calculated using the highest </span><span style="color:#003c78;font-family:arial;font-size:10pt">historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do </span><span style="color:#003c78;font-family:arial;font-size:10pt">not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax </span><span style="color:#003c78;font-family:arial;font-size:10pt">situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not </span><span style="color:#003c78;font-family:arial;font-size:10pt">apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs).</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The </span><span style="color:#003c78;font-family:arial;font-size:10pt">after-tax returns are shown only for Class A shares and will vary for other share classes. Returns after taxes on </span><span style="color:#003c78;font-family:arial;font-size:10pt">distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they </span><span style="color:#003c78;font-family:arial;font-size:10pt">reflect the tax benefit of capital losses realized on the redemption of Fund shares.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting </span><span style="color:#003c78;font-family:arial;font-size:10pt">columbiathreadneedleus.com.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> 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, as well as another measure of performance for markets in which the Fund may invest. 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, as well as another measure of performance for markets in which the Fund may invest. 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 in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged 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 before-tax 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. 800.345.6611 columbiathreadneedleus.com Year by Year Total Return (%)as of December 31 Each Year* Best 2020-12-31 0.3401 Worst 2020-03-31 -0.3565 Year to Date return 2026-03-31 0.0522  Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2025)   2002-05-01 2002-05-01 2002-05-01 0.0172 0.0821 0.0822 -0.0209 0.0466 0.0566 0.0320 0.0598 0.0617 2002-05-01 0.0824 0.0978 0.0914 2012-11-08 0.0836 0.0993 0.0930 2012-11-08 0.0841 0.0998 0.0935 2006-01-23 0.0765 0.0922 0.0859 2024-10-02 0.0825 0.0957 0.0890 0.1259 0.0888 0.0927 0.1715 0.1315 0.1429 Year to Date return as of March 31, 2026: 6.94% Year to Date return as of March 31, 2026: 2.70% Year to Date return as of March 31, 2026: -4.43% Year to Date return as of March 31, 2026: -9.98% Year to Date return as of March 31, 2026: 5.22% Year to Date return as of March 31, 2026: 3.38% Year to Date return as of March 31, 2026: 3.39% Year to Date return as of March 31, 2026: -6.24% Year to Date return as of March 31, 2026: -5.29% 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. This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. Year to Date return as of March 31, 2026: 2.37% Other expenses for Class R shares are based on estimated amounts for the Fund’s current fiscal year. “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 the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. Columbia Management Investment Advisers, LLC and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) through June 30, 2027, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 0.90% for Class A, 1.65% for Class C, 0.65% for Class Inst, 0.58% for Class Inst2, 0.53% for Class Inst3, 1.15% for Class R and 0.65% for Class S. Any differences in these annual rates relative to the annual rates noted in the last row of the above table (e.g., net expense ratios) are due to applicable exclusions under the agreement. “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 the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. “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 the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. Columbia Management Investment Advisers, LLC and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) through June 30, 2027, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 0.83% for Class A, 0.58% for Class Inst, 0.41% for Class Inst3, 1.08% for Class R and 0.58% for Class S. Any differences in these annual rates relative to the annual rates noted in the last row of the above table (e.g., net expense ratios) are due to applicable exclusions under the agreement. Columbia Management Investment Advisers, LLC and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) through June 30, 2027, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 1.09% for Class A, 1.84% for Class C, 0.84% for Class Inst, 0.80% for Class Inst2, 0.75% for Class Inst3 and 0.84% for Class S. Any differences in these annual rates relative to the annual rates noted in the last row of the above table (e.g., net expense ratios) are due to applicable exclusions under the agreement. 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. “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 the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. Columbia Management Investment Advisers, LLC and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) through June 30, 2027, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 1.01% for Class A, 0.76% for Class Inst, 0.70% for Class Inst2, 0.66% for Class Inst3, 1.26% for Class R and 0.76% for Class S. Any differences in these annual rates relative to the annual rates noted in the last row of the above table (e.g., net expense ratios) are due to applicable exclusions under the agreement. "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 the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. 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. "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 the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. Columbia Management Investment Advisers, LLC and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) through June 30, 2027, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 0.45% for Class A, 0.20% for Class Inst, 0.20% for Class Inst2 and 0.20% for Class Inst3. Any differences in these annual rates relative to the annual rates noted in the last row of the above table (e.g., net expense ratios) are due to applicable exclusions under the agreement. 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. This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. “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 the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. The Fund’s transfer agent has contractually agreed to waive fees and/or to reimburse expenses through June 30, 2027, unless sooner terminated by the Fund’s Board of Trustees (the Board), so that the fees payable under the Fund’s transfer agency agreement do not exceed the annual rate of 0.04% for Class Inst2. 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. This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. “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 the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. “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 the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. 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. “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 the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. Columbia Management Investment Advisers, LLC and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) through June 30, 2027, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 1.20% for Class A, 0.95% for Class Inst, 0.80% for Class Inst2, 0.75% for Class Inst3, 1.45% for Class R and 0.95% for Class S. Any differences in these annual rates relative to the annual rates noted in the last row of the above table (e.g., net expense ratios) are due to applicable exclusions under the agreement.