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the Bar Chart Best 2nd Quarter 2020 15.64% Worst 1st Quarter 2020 -21.23% 0.1114 0.0623 -0.0440 0.1668 0.0549 0.0459 -0.1115 0.1207 0.0681 0.0852 1983-12-08 1983-12-08 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 2nd Quarter 2020 9.45% Worst 1st Quarter 2020 -12.58% 1983-12-08 0.1545 0.1963 0.1463 0.1665 -0.1118 0.2982 -0.0528 0.0534 0.2371 0.0955 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 4th Quarter 2020 16.39% Worst 1st Quarter 2020 -26.40% 1990-10-15 1990-10-15 0.2038 0.2761 0.2005 -0.1230 0.2657 0.0611 0.2637 -0.0108 0.0553 0.1255 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 2nd Quarter 2020 19.79% Worst 1st Quarter 2020 -29.16% 0.1275 0.0551 0.1260 -0.1356 0.1876 0.0957 0.3117 -0.1537 0.1240 0.1244 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 2nd Quarter 2020 27.24% Worst 1st Quarter 2020 -36.02% 0.0629 0.1158 0.0519 0.0758 0.0611 0.0893 0.0513 -0.1803 0.0725 0.0510 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 4th Quarter 2023 8.81% Worst 1st Quarter 2020 -9.20% 0.0152 0.0927 0.0218 0.0297 0.0149 0.0653 0.0581 -0.0014 -0.1710 0.0401 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 4th Quarter 2023 8.56% Worst 3rd Quarter 2022 -7.46% 0.2680 0.3739 0.1537 0.3406 -0.0777 0.5393 0.4429 0.3893 -0.3124 0.4422 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 2nd Quarter 2020 31.47% Worst 2nd Quarter 2022 -21.08% 0.1723 0.1965 -0.0897 0.2857 0.0584 0.2556 -0.0797 0.1182 0.1294 0.1292 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 2nd Quarter 2020 16.11% Worst 1st Quarter 2020 -25.96% N-1A COLUMBIA FUNDS SERIES TRUST II 2026-10-01 Summary of the Fund Investment Objective <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Columbia Commodity Strategy Fund (the Fund) </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">seeks to provide shareholders with total return.</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 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 35 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.</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 35 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 0.0100 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0063 0.0063 0.0063 0.0063 0.0025 0.0000 0.0000 0.0000 0.0026 0.0026 0.0011 0.0006 0.0114 0.0089 0.0074 0.0069 -0.0002 -0.0002 0.0000 0.0000 0.0112 0.0087 0.0074 0.0069 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. September 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> <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 redeem all your shares at the end of the period,</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> <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; 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.</span><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 </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> 683 683 915 915 1165 1165 1880 1880 89 89 282 282 491 491 1094 1094 76 76 237 237 411 411 918 918 70 70 221 221 384 384 859 859 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 portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 124% of the average value of its portfolio.</span></div> 1.24 Principal Investment Strategies <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Under normal circumstances, the Fund seeks to maintain substantial economic exposure to the performance of the commodities markets. The Fund invests, directly or indirectly, in a portfolio of commodity-linked investments, such as commodity-linked futures, structured notes and/or swaps, that are designed to provide long and short exposures to the investment return of assets that trade in the commodities markets, without investing directly in physical commodities. A substantial portion of the Fund’s net assets will also be invested in a portfolio of fixed income securities rated investment-grade or, if unrated, deemed of comparable quality, which will consist primarily of: (i) U.S. Government securities (including U.S. Government agency securities), corporate debt securities, mortgage-backed securities and/or asset-backed securities; and/or (ii) shares of an affiliated money market fund. In addition to investing in these holdings for their income-producing potential, these holdings will be designated by the Fund, as necessary, to serve as collateral with respect to the Fund’s commodity-linked investments.</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 primarily expects to gain exposure to the commodities markets by investing up to 25% of its total assets in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands (the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Subsidiary). The Subsidiary’s commodity-linked investments are expected to produce leveraged exposure to the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance of the commodities markets. It is expected that the gross notional value of the Fund’s (including the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Subsidiary’s) commodity-linked investments will be equivalent to at least 90% of the Fund’s net assets. Like the Fund, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Subsidiary will not invest directly in physical commodities. The Subsidiary also invests in investment-grade fixed </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">income securities and shares of an affiliated money market fund for investment purposes or to serve as collateral </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">for its commodity-linked investments. The Fund’s investment in the Subsidiary permits it to gain exposure to the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">commodities markets in a potentially tax-efficient manner. The Subsidiary has the same investment objective as the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund and, like the Fund, is managed by Columbia Management Investment Advisers, LLC (Columbia Management or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Investment Manager).</span></div><div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may invest in derivatives, including futures contracts (including commodity-linked futures and interest rate </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">futures), options contracts (including options on futures contracts), structured investments (including commodity-linked</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> structured notes) and swaps (including commodity-linked swaps) to increase, modify, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">reduce </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">short</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;">commodity market </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">positions or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">exposures. Actual exposures will vary over time based on factors such as market </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">movements and assessments of market conditions by the Fund's portfolio managers. The Fund may engage in </span></div><div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">derivative transactions on both U.S. and foreign exchanges or in the "over-the-counter" (OTC) market.</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 </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">at times emphasize one or more sectors in selecting its investments</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">. As of its most recent fiscal year end</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">had an investment emphasis in the</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> agricultural, energy and precious metals sectors.</span></div><div style="margin-top: 4pt;"><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><div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">In constructing the Fund’s fixed-income portfolio, the Investment Manager seeks to identify a portfolio of investment-grade</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> fixed income securities, generally with a dollar-weighted average portfolio duration of 1 year or less.</span></div><div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund’s investment strategy may involve the frequent trading of portfolio 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;">Additionally, the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">strategy of investing in derivative instruments and instruments with a maturity of one year or less at the time of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">acquisition, will also contribute to frequent portfolio trading and high portfolio turnover (typically greater than 300% </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">per year).</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;">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;">Commodity Futures Trading Commission (CFTC) Regulatory Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund does not qualify for an exemption from </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">registration as a “commodity pool” under rules of the Commodity Exchange Act (the CEA). Accordingly, the Fund is a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">commodity pool under the CEA and the Investment Manager is registered as a “commodity pool operator” under the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">CEA. The Fund is subject to dual regulation by the SEC and the CFTC. Compliance with the CFTC’s regulatory </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">requirements could increase Fund expenses, adversely affecting the Fund’s total return.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Commodity-related Investment Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The value of commodities investments will generally be affected by overall </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market movements and factors specific to a particular industry or commodity, which may include demand for the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">commodity, weather, embargoes, tariffs, and economic health, political, international, regulatory and other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">developments. Exposure to commodities and commodities markets may subject the value of the Fund’s investments </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">to greater volatility than other types of investments. Commodities investments may also subject the Fund to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">counterparty risk and liquidity risk. The Fund may make commodity-related investments through one or more wholly-owned</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> subsidiaries organized outside the U.S. that are generally not subject to U.S. laws (including securities laws) </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and their protections.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Commodity-related Tax Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund intends to qualify for treatment as a regulated investment company under </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Internal Revenue Code of 1986, as amended. The Fund’s investments in commodities or commodity-related </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investments can be limited by the Fund’s intention to qualify as a regulated investment company and can limit the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund’s ability to so qualify.</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="line-height: 12.0pt; text-align: left;"><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;">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><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></div><div style="line-height: 12.0pt; text-align: left;"><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><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;">Derivatives Risk – Structured Investments Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Structured investments are over-the-counter derivatives that </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">provide principal and/or interest payments based on the value of an underlying reference(s). Structured investments </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may lack a liquid secondary market</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">,</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> and their prices or value can be volatile</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">,</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> which could result in significant losses </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">for the Fund. Structured investments may create economic leverage which may increase the volatility of the value of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the investment. Structured investments 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 – Swaps Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">In a typical swap transaction, two parties agree to exchange the return earned on a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">specified underlying reference for a fixed return or the return from another underlying reference during a specified </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">period of time. Swaps may be difficult to value and may be illiquid. Swaps could result in Fund losses if the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">underlying asset or reference does not perform as anticipated. Swaps create significant investment leverage such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">that a relatively small price movement in a swap may result in immediate and substantial losses to the Fund. The </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund may only close out a swap with its particular counterparty</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> and may only transfer a position with the consent of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">that counterparty. Certain swaps, such as short swap transactions and total return swaps, have the potential for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">unlimited losses, regardless of the size of the initial position. Swaps can increase the Fund’s risk exposure to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk and interest rate </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">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;">Fixed Income Instruments Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund is subject to the general risks and considerations associated with </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in price in response to negative issuer developments or general economic news than higher rated securities. In </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">addition, as interest rates rise, the Fund’s investments typically will lose value.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Frequent Trading Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The portfolio managers may actively and frequently trade investments in the Fund's portfolio </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">to carry out its investment strategies. Frequent trading of investments increases the possibility that the Fund, as </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">relevant, will realize taxable capital gains (including short-term capital gains, which are generally taxable to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">shareholders at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund's after-tax return. Frequent trading can also mean higher brokerage and other transaction costs, which </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">could reduce the Fund's return. The trading costs and tax effects associated with portfolio turnover may adversely </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">affect the Fund’s performance.</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></div><div style="line-height: 12.0pt; text-align: left;"><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;">Investing in Wholly-Owned Subsidiary Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> By investing in a Subsidiary, the Fund is indirectly exposed to the risks </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">associated with the Subsidiary’s investments. The Fund’s Principal Risks may also apply to a Subsidiary in which the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund invests (which are described in this prospectus). There can be no assurance that the investment objective of a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Subsidiary will be achieved. Changes in the laws of the United States and/or the Cayman Islands, under which the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund and any Subsidiary in which it invests, respectively, are organized, could result in the inability of the Fund and/or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Subsidiary to operate as described in this prospectus and the Fund’s SAI and could adversely affect the Fund and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">its shareholders.</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;">Large Purchases and Redemptions of Fund Shares Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The timing and magnitude of Fund share purchases and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">redemptions, including by large Fund shareholders transacting in large amounts of Fund shares, could prevent the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund from being fully invested, or require the Fund to sell portfolio securities at unfavorable prices or hold ready </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">reserves of uninvested cash in amounts larger than might otherwise be the case to meet shareholder redemptions. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Thus, large Fund share purchases and redemptions could adversely impact the Fund’s performance. Such Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">share activity may also increase the Fund’s transaction costs, which would also detract from Fund performance, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">while also having potentially negative tax consequences for investors. The Fund, because of a large redemption, may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">be forced to sell its liquid or more liquid positions, resulting in the Fund holding a higher percentage of less liquid or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">illiquid securities (i.e., investments that a Fund reasonably expects cannot be sold or disposed of in current market </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">conditions in seven calendar days or less without the sale or disposition significantly changing the market value of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the instrument). Because the expenses and costs of the Fund are shared by its investors, large redemptions in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund could result in decreased economies of scale and increased operating expenses for non-redeeming Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">shareholders. In addition, in the event of a Fund proxy proposal, one or more large investor(s) could dictate with </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">its/their vote the results of the proposal, which may have a less favorable impact on minority-stake shareholders.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Leverage Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Leverage occurs when the Fund increases its assets available for investment using borrowings, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">derivatives, or similar instruments or techniques. Use of leverage can produce volatility and may exaggerate changes </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in the NAV of Fund shares and in the return on the Fund’s portfolio, which may increase the risk that the Fund will </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">lose more than it has invested. If the Fund uses leverage, through the purchase of particular instruments such as </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">derivatives, the Fund may experience capital losses that exceed the net assets of the Fund. Leverage can create an </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">interest expense that may lower the Fund's overall returns. Leverage presents the opportunity for increased net </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">income and capital gains, but may also exaggerate the Fund’s volatility and risk of loss. There can be no guarantee </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">that a leveraging strategy will be successful.</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></div><div style="line-height: 12.0pt; text-align: left;"><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 </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">forgo</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> another more appealing investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">opportunity. The liquidity of Fund investments may change significantly over time and certain investments that were </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">liquid when purchased by the Fund may later become illiquid, particularly in times of overall economic distress. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Changing regulatory, market or other conditions or environments (for example, the interest rate or credit </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">environments) may also adversely affect the liquidity and the price of the Fund's investments. Judgment plays a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">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. In general, commodity investments tend to have greater price volatility than debt </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities. In addition, commodity prices may be sensitive to rising interest rates, as the cost of capital rises and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">borrowing costs increase.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Money Market Fund Investment Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">An investment in a money market fund is not a bank deposit and is not insured </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">or guaranteed by any bank, the Federal Deposit Insurance Corporation (FDIC) or any other government agency. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Certain money market funds float their NAV while others seek to preserve the value of investments at a stable NAV </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">(typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">a stable NAV per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other types of money market funds. Certain money market funds (including the Fund’s cash sweep vehicle) are </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">subject to mandatory liquidity fees if daily net redemptions exceed 5% of their net assets and may also impose a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">discretionary liquidity fee of up to 2% on redemptions if that fee is determined to be in the best interests of the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">money market fund. Such fees, if imposed, will reduce the amount the Fund receives on redemptions. In addition to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the fees and expenses that the Fund directly bears, the Fund indirectly bears the fees and expenses of any money </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market funds in which it invests, including affiliated money market funds. By investing in a money market fund, the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund will be exposed to the investment risks of the money market fund in direct proportion to such investment. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">To </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the extent the Fund invests in instruments such as derivatives, the Fund may hold investments, which may be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">significant, in money market fund shares to cover its obligations resulting from the Fund's investments in such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instruments.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Money market funds and the securities they invest in are subject to comprehensive regulations. The </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may affect the manner of operation, performance and/or yield of money market funds.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Mortgage- and Other Asset-Backed Securities Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The value of any mortgage-backed and other asset-backed </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities including collateralized debt obligations and collateralized loan obligations, if any, held by the Fund may be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">affected by, among other things, changes or perceived changes in: interest rates; factors concerning the interests in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and structure of the issuer or the originator of the mortgages or other assets; the creditworthiness of the entities </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">that provide any supporting letters of credit, surety bonds or other credit enhancements; or the market's assessment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the market value of the securities themselves) may be guaranteed by the full faith and credit of a particular U.S. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Government agency, authority, enterprise or instrumentality, and some, but not all, are also insured or guaranteed by </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the U.S. Government. Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market issuers) may entail greater risk than obligations guaranteed by the U.S. Government. Mortgage- and other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">asset-backed securities are subject to liquidity risk and prepayment risk. A decline or flattening of housing values </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may cause delinquencies in mortgages underlying mortgage-backed securities and thereby adversely affect the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">ability of the mortgage-backed securities issuer to make principal and/or interest payments to mortgage-backed </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities holders, including the Fund. Rising or high interest rates tend to extend the duration of mortgage- and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other asset-backed securities, making their prices more volatile and more sensitive 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;">Reinvestment Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Reinvestment risk arises when the Fund is unable to reinvest income or principal at the same or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">at least the same return it is currently earning.</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><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 exposed to one or more economic </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sectors, including the agricultural, energy and precious metals sectors. The Fund’s exposures to these sectors may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">be affected by economic, regulatory, political or market events or conditions, which may make the Fund vulnerable to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">unfavorable developments in these economic sectors.</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;">Agricultural Sector.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund is vulnerable to the particular risks that may affect the agricultural sector. The </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">agricultural (e.g., grain) sector may be adversely affected by changes or trends in commodity prices and labor </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">costs, which may be influenced by unpredictable factors. The agricultural sector is subject to government subsidy </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">policies and environmental, health and safety laws and regulations and changes to these policies, laws and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">regulations may have a material adverse effect on this sector. Adverse weather conditions and various </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">geopolitical events also may adversely affect this sector.</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;">Energy Sector.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund is vulnerable to the particular risks that may affect the energy sector. The energy sector is </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">subject to certain risks, including legislative or regulatory changes, adverse market conditions and increased </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">competition. Performance of commodities in the energy sector may be affected by factors including, among </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">others, fluctuations in energy prices, energy fuel supply and demand factors, energy conservation, the success of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">exploration projects, local and international policies, and events occurring in nature. For instance, natural events </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">(such as earthquakes, hurricanes or fires in prime natural resources areas) and political events (such as </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">government instability or military confrontations and actions) can affect the value of commodities in the energy </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sector. Other risks may include liabilities for environmental damage and general civil liabilities, depletion of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">resources, and mandated expenditures for safety and pollution control. The energy sector may also be affected by </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic cycles, rising interest rates, high inflation, technical progress, labor relations, legislative or regulatory </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">changes, local and international policies, and adverse market conditions.</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;">Precious Metals Sector.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund is vulnerable to the particular risks that may affect the precious metals sector. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The precious metals sector is subject to certain risks, including that prices of precious metals are significantly </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">affected by exchange rates, import controls, increased competition, environmental policies, consumer demand, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and events occurring in nature. For instance, natural events (such as earthquakes, hurricanes or fires in prime </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">natural resource areas) and political events (such as government instability or military confrontations and actions) </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">can affect the value of precious metals. The value of precious metals may be affected by factors including, among </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">others, economic downturns, leading to poor investment returns or losses. Other risks may include liabilities for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">environmental damage and general civil liabilities, depletion of resources, and mandated expenditures for safety </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and pollution control. The precious metals sector may also be affected by economic cycles, rising interest rates, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">high inflation, technical progress, labor relations, legislative or regulatory changes, local and international policies, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and adverse market conditions. In addition, prices of, and thus the Fund’s exposure to, precious metals are </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">considered speculative and are affected by a variety of worldwide and economic, financial and political factors. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Prices of precious metals may fluctuate sharply.</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> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Tax Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> To qualify for treatment as a regulated investment company, the Fund must meet certain requirements </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">regarding the source of its income. The Fund's investments can be limited by the Fund's intention to qualify as a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">regulated investment company and can limit the Fund's ability to so qualify. The tax treatment of certain investments </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and of the income and gain therefrom under the qualifying income test applicable to regulated investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies is uncertain, and an adverse determination or future guidance by the Internal Revenue Service (the IRS) </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may affect the Fund's ability to qualify for treatment as a regulated investment company, including on a retroactive </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">basis. If the Fund were to fail to qualify as a regulated investment company, or if it were ineligible to or otherwise </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">could not cure such failure, the Fund would be ineligible (including retroactively) for the favorable tax treatment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">afforded to regulated investment companies for one or more years, which would adversely affect the value of your </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment in the Fund. The Fund intends to invest a portion of its assets in the Subsidiary. The Fund and the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Subsidiary currently take steps to, and will continue to take steps to, ensure that the Fund's income in respect of the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Subsidiary will constitute qualifying income. Failure to do so could affect the ability of the Fund to qualify for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">treatment as a regulated investment company. If a net loss is realized by the Subsidiary, such loss is not generally </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">available to offset the income of the Fund. Also, net losses realized by the Subsidiary cannot be carried forward to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">offset income of the Subsidiary in future years.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Unrated Securities </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Risk</span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund may purchase unrated securities which are not rated by a rating agency. Unrated </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities may be less liquid than comparable rated securities and involve the risk that the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund’</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">s investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">manager</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> may not accurately evaluate the security’s comparative credit rating. Analysis of creditworthiness of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">issuers of high yield securities may be more complex than for issuers of higher-quality debt securities. To the extent </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">that the Fund purchases unrated securities, the Fund’s success in achieving its investment objective may depend </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">more heavily on the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment manager’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">creditworthiness analysis than if the Fund invested exclusively in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rated securities.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">U.S. Government Obligations Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">enterprises may or may not be backed by the full faith and credit of the U.S. Government.</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 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 <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 well as another measure of performance for markets in which the Fund may invest.</span></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), the share classes of the Fund would have substantially similar annual returns because all share classes of the Fund invest in the same portfolio of securities.</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 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 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. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-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.</span></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 2022-03-31 0.2568 Worst 2020-03-31 -0.2189 Year to Date return 2026-06-30 0.1927  Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2025)   2012-06-18 2012-06-18 2012-06-18 0.0851 0.1093 0.0564 0.0725 0.0213 0.0068 0.0503 0.0447 0.0208 2012-06-18 0.1541 0.1254 0.0654 2014-01-08 0.1558 0.1266 0.0664 2014-10-01 0.1550 0.1271 0.0673 0.1577 0.1064 0.0573 0.2234 0.1119 0.1172 Summary of the Fund Investment Objective Columbia Dividend Opportunity Fund (the Fund) seeks to provide shareholders with a high level of current income.  The Fund’s secondary objective is growth of income and capital. 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 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 21 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.</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 21 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) 0.0064 0.0064 0.0064 0.0064 0.0064 0.0064 0.0064 0.0025 0.0100 0.0000 0.0000 0.0000 0.0050 0.0000 0.0011 0.0011 0.0011 0.0008 0.0003 0.0011 0.0011 0.0100 0.0175 0.0075 0.0072 0.0067 0.0125 0.0075 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.  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;">you redeem all your shares at the end of the period,</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;"> 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> 671 671 875 875 1096 1096 1729 1729 278 551 949 1864 178 551 949 1864 77 77 240 240 417 417 930 930 74 74 230 230 401 401 894 894 68 68 214 214 373 373 835 835 127 127 397 397 686 686 1511 1511 77 77 240 240 417 417 930 930 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;">28</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">% of the average value of its portfolio.</span></div> 0.28 Principal Investment Strategies <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund’s assets primarily are invested in equity securities. 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</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> invests</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> at least</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> 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 investment purposes) in dividend-paying common and</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> preferred 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;">The selection of dividend-paying stocks is the primary decision in building the investment portfolio.</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 principally in securities of companies believed to be attractively valued and to have the potential for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">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 Fund may invest in companies that have market capitalizations of any size.</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</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">. As of its most recent fiscal year end</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">had an investment emphasis in the</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> financials sector.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may invest up to 25% of its net assets in foreign investments.</span></div> The Fund’s assets primarily are invested in equity securities. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in dividend-paying common and preferred stocks.The selection of dividend-paying stocks is the primary decision in building the investment portfolio.The Fund invests principally in securities of companies believed to be attractively valued and to have the potential for long-term growth.The Fund may invest in companies that have market capitalizations of any size. The Fund’s assets primarily are invested in equity securities. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in dividend-paying common and preferred stocks. <i>There is no assurance that the Fund will achieve its investment objective and you may lose money.</i> 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="line-height: 12.0pt; text-align: left;"><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;">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><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; 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;">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;">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="line-height: 12.0pt; text-align: left;"><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 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><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 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 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 <i>Shareholder Fees</i> 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.</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 for such share class. The returns shown for each such share class include the returns of the Fund’s Class A shares (without applicable sales charges) 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), the share classes of the Fund would have substantially similar annual returns because all share classes of the Fund invest in the same portfolio of securities. </span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The after-tax returns shown in the <i>Average Annual Total Returns</i> 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. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-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. </span></div> <div style="line-height: 11.0pt; text-align: left;"><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. Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting 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 2022-12-31 0.1317 Worst 2020-03-31 -0.2271 Year to Date return 2026-06-30 0.1411  Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2025)   1988-08-01 1988-08-01 1988-08-01 0.0894 0.1028 0.0955 0.0696 0.0827 0.0745 0.0667 0.0783 0.0724 2000-06-26 0.1372 0.1075 0.0937 2010-09-27 0.1590 0.1187 0.1047 2008-08-01 0.1589 0.1191 0.1052 2012-11-08 0.1599 0.1196 0.1058 2008-08-01 0.1529 0.1131 0.0992 2024-10-02 0.1589 0.1166 0.1023 0.1591 0.1133 0.1053 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 Flexible Capital Income Fund (the Fund) </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">seeks to provide shareholders current income, with long-term </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">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 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 27 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.</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 27 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) 0.0063 0.0063 0.0063 0.0063 0.0063 0.0063 0.0025 0.0100 0.0000 0.0000 0.0000 0.0000 0.0011 0.0011 0.0011 0.0008 0.0004 0.0011 0.0014 0.0014 0.0014 0.0014 0.0014 0.0014 0.0113 0.0188 0.0088 0.0085 0.0081 0.0088 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.  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> <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 redeem all your shares at the end of the period,</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> <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</span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">'</span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;"> 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 87 87 271 271 471 471 1049 1049 83 83 259 259 450 450 1002 1002 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 portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 43% of the average value of its portfolio. </span></div> 0.43 Principal Investment Strategies <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">In pursuing its investment objective, the Fund invests broadly in debt, equity and/or “hybrid” (convertible) securities. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund allocates its investments from one asset class to another based on analysis by the portfolio managers of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the opportunities for the Fund to achieve its objective in a given market. The Fund’s investments in debt securities </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may include investment grade and non-investment grade bonds, bank loans and U.S. Government 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 </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund may invest up to 100% of its assets in debt instruments that, at the time of purchase, are rated below </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment grade or are unrated but determined to be of comparable quality (commonly referred to as “high-yield” </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investments or “junk” bonds).</span></div> <div style="margin-top: 4pt;"><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> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund seeks to invest in undervalued or out-of-favor securities it believes offer opportunities for current income, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">with long-term capital appreciation.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may invest in debt instruments of any maturity and does not seek to maintain a particular dollar-weighted </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">average maturity.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">With respect to the Fund’s equity securities, the Fund emphasizes large capitalization, dividend-paying common </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">stocks or preferred securities, but the Fund may invest in issuers of any size. The Fund may also invest in hybrid </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities, including convertible bonds and convertible preferred securities.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may invest up to 25% of its net assets in foreign investments, including emerging markets.</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;">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;">Allocation Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Because the Fund uses an asset allocation strategy in pursuit of its investment objective, there is a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk that the Fund's allocation among asset classes and/or investments will cause the Fund's shares to lose value or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">cause the Fund to underperform other funds with similar investment objectives and/or strategies, or that the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investments themselves will not produce the returns expected.</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 loans or other debt instruments may decline if the borrower or the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">issuer thereof defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">its financial obligations, such as making payments to the Fund when due. Credit rating agencies, such as S&amp;P Global </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Ratings, Moody’s Investors Service, Inc. (Moody’s Ratings), Fitch Ratings, Inc. (Fitch), Morningstar DBRS (DBRS) and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Kroll Bond Rating Agency, LLC (KBRA), assign credit ratings to certain loans and debt instruments to indicate their </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">credit risk. A rating downgrade by such agencies can negatively impact the value of such instruments. Lower-rated </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">or unrated loans or instruments held by the Fund may present increased credit risk as compared to higher-rated </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">loans or instruments. Non-investment grade loans or debt instruments may be subject to greater price fluctuations </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and are more likely to experience a default than investment grade loans or debt instruments and therefore may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expose the Fund to increased credit risk. If the Fund purchases unrated instruments, or if the ratings of instruments </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">held by the Fund are lowered after purchase, the Fund will depend on 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;">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="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Fixed Income Instruments Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund is subject to the general risks and considerations associated with </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in price in response to negative issuer developments or general economic news than higher rated securities. In </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">addition, as interest rates rise, the Fund’s investments typically will lose value.</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;">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 loans and other debt instruments tend to fall, and if interest rates fall, the values of loans and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. For example, a three-year</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> duration means a bond is expected to decrease in value by 3% if interest rates rise 1% and increase in value by </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">3% if interest rates fall 1%. Interest rate declines also may increase prepayments of debt obligations, which, in turn, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">would increase prepayment risk. The Fund is subject to the risk that the income generated by its investments may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">not keep pace with inflation. Actions by governments and central banking authorities can result in increases or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund's performance and NAV. Any interest rate increases could cause the value of the Fund’s investments in debt </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instruments to decrease. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sell investments at a time when it is not 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 loans or 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. 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 </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">forgo</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> another more appealing investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">opportunity. The liquidity of Fund investments may change significantly over time and certain investments that were </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">liquid when purchased by the Fund may later become illiquid, particularly in times of overall economic distress. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Changing regulatory, market or other conditions or environments (for example, the interest rate or credit </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">environments) may also adversely affect the liquidity and the price of the Fund's investments. Judgment plays a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">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="line-height: 12.0pt; text-align: left;"><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;">Reinvestment Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Reinvestment risk arises when the Fund is unable to reinvest income or principal at the same or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">at least the same return it is currently earning.</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><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;">Unrated Securities </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Risk</span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund may purchase unrated securities which are not rated by a rating agency. Unrated </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities may be less liquid than comparable rated securities and involve the risk that the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund’</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">s investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">manager</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> may not accurately evaluate the security’s comparative credit rating. Analysis of creditworthiness of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">issuers of high yield securities may be more complex than for issuers of higher-quality debt securities. To the extent </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">that the Fund purchases unrated securities, the Fund’s success in achieving its investment objective may depend </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">more heavily on the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment manager’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">creditworthiness analysis than if the Fund invested exclusively in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rated securities.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">U.S. Government Obligations Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">enterprises may or may not be backed by the full faith and credit of the U.S. Government.</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></div><div style="line-height: 12.0pt; text-align: left;"><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 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 blended benchmark that is intended to provide a measure of the Fund's performance given its investment strategy, as 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 for such share class. The returns shown for each such share class include the returns of the Fund’s Class A shares (without applicable sales charges) 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), the share classes of the Fund would have substantially similar annual returns because all share classes of the Fund invest in the same portfolio of securities.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The after-tax returns shown in the <i>Average Annual Total Returns </i>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. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-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.</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 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 blended benchmark that is intended to provide a measure of the Fund's performance given its investment strategy, 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 blended benchmark that is intended to provide a measure of the Fund's performance given its investment strategy, 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 0.1564 Worst 2020-03-31 -0.2123 Year to Date return 2026-06-30 0.0962  Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2025)   2011-07-28 2011-07-28 2011-07-28 0.0597 0.0589 0.0849 0.0431 0.0386 0.0658 0.0377 0.0387 0.0606 2011-07-28 0.1066 0.0636 0.0832 2011-07-28 0.1276 0.0742 0.0941 2012-11-08 0.1276 0.0745 0.0945 2017-03-01 0.1282 0.0751 0.0945 2024-10-02 0.1283 0.0723 0.0917 0.1391 0.0565 0.0876 0.0730 -0.0036 0.0201 Summary of the Fund Investment Objective Columbia High Yield Bond Fund (the Fund) seeks to provide shareholders with high current income as its primary objective and, as its secondary objective, capital growth. 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 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 27 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.</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 27 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) 0.0475 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) 0.0064 0.0064 0.0064 0.0064 0.0064 0.0064 0.0064 0.0025 0.0100 0.0000 0.0000 0.0000 0.0050 0.0000 0.0015 0.0015 0.0015 0.0009 0.0004 0.0015 0.0015 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0105 0.0180 0.0080 0.0074 0.0069 0.0130 0.0080 -0.0009 -0.0009 -0.0009 -0.0010 -0.0010 -0.0009 -0.0009 0.0096 0.0171 0.0071 0.0064 0.0059 0.0121 0.0071 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. September 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;">you redeem all your shares at the end of the period,</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> 568 568 785 785 1019 1019 1689 1689 274 558 966 1911 174 558 966 1911 73 73 246 246 435 435 981 981 65 65 227 227 402 402 909 909 60 60 211 211 374 374 849 849 123 123 403 403 704 704 1560 1560 73 73 246 246 435 435 981 981 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;">49</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">% of the average value of its portfolio.</span></div> 0.49 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 high-yield debt instruments (commonly referred to as “junk” bonds or securities). These </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">high yield debt instruments include corporate debt securities as well as floating rate loans rated below investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">grade by nationally recognized statistical rating organizations, or if unrated, determined to be of comparable quality.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may invest up to 25% of its net assets in debt instruments of foreign issuers.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Corporate debt instruments in which the Fund invests are typically unsecured, with a fixed-rate of interest, and are </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">usually issued by companies or similar entities to provide financing for their operations, or other activities.</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;">Floating </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rate loans, which are another form of financing, are typically secured, with interest rates that adjust or “float” </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">periodically (normally on a daily, monthly, quarterly or semiannual basis by reference to a base lending rate, plus a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">premium).</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 debt instruments of any maturity and does not seek to maintain a particular dollar-weighted </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">average maturity.</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;">Because the Fund emphasizes high-yield investments, more emphasis is put on credit risk by the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">portfolio managers in selecting investments than either maturity or duration.</span></div> <div style="margin-top: 4pt;"><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 high-yield debt instruments (commonly referred to as “junk” bonds or securities). These high yield debt instruments include corporate debt securities as well as floating rate loans rated below investment grade by nationally recognized statistical rating organizations, or if unrated, determined to be of comparable quality. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high-yield debt instruments (commonly referred to as “junk” bonds or securities). 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;">Confidential Information Access Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The portfolio managers may avoid the receipt of material, non-public </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">information (Confidential Information) about the issuers of floating rate loans (including from the issuer itself) being </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">considered for acquisition by the Fund, or held in the Fund. A decision not to receive Confidential Information may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disadvantage the Fund and could adversely affect the Fund’s performance.</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;">Credit Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Credit risk is the risk that the value of loans or other debt instruments may decline if the borrower or the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">issuer thereof defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">its financial obligations, such as making payments to the Fund when due. Credit rating agencies, such as S&amp;P Global </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Ratings, Moody’s Investors Service, Inc. (Moody’s Ratings), Fitch Ratings, Inc. (Fitch), Morningstar DBRS (DBRS) and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Kroll Bond Rating Agency, LLC (KBRA), assign credit ratings to certain loans and debt instruments to indicate their </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">credit risk. A rating downgrade by such agencies can negatively impact the value of such instruments. Lower-rated </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">or unrated loans or instruments held by the Fund may present increased credit risk as compared to higher-rated </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">loans or instruments. Non-investment grade loans or debt instruments may be subject to greater price fluctuations </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and are more likely to experience a default than investment grade loans or debt instruments and therefore may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expose the Fund to increased credit risk. If the Fund purchases unrated loans or instruments, or if the ratings of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">loans or instruments held by the Fund are lowered after purchase, the Fund will depend on analysis of credit risk </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">more heavily than usual. If the issuer of a loan or debt instrument declares bankruptcy or is declared bankrupt, there </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may be a delay before the Fund can act on the collateral (if any) securing the loan or debt instrument, which may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">adversely affect the Fund. Further, there is a risk that a court could take action with respect to a loan or debt </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instrument that is adverse to the holders of the loan or debt instrument. Such actions may include invalidating the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">loan or debt instrument, the lien on the collateral (if any), the priority status of the loan or debt instrument, or ordering </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the refund of interest previously paid by the borrower. Any such actions by a court could adversely affect the Fund’s </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance. A default or expected default of a loan or debt instrument could also make it difficult for the Fund to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sell the loan or debt instrument at a price approximating the value previously placed on it. In order to enforce its </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">counsel. This may increase the Fund’s operating expenses and adversely affect its NAV. Loans or debt instruments </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">that have a lower priority for repayment in an issuer’s capital structure typically involve a higher degree of overall risk </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">than more senior loans or debt instruments of the same borrower.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Fixed Income Instruments Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund is subject to the general risks and considerations associated with </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in price in response to negative issuer developments or general economic news than higher rated securities. In </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">addition, as interest rates rise, the Fund’s investments typically will lose value.</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;">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;">Highly Leveraged Transactions Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The loans or other debt instruments in which the Fund invests may include </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">highly leveraged transactions whereby the borrower assumes large amounts of debt in order to have the financial </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">resources to attempt to achieve its business objectives. Loans or other debt instruments that are part of highly </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">leveraged transactions involve a greater risk (including default and bankruptcy) than other investments.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Impairment of Collateral Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The value of collateral, if any, securing a loan can decline, and may be insufficient to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">meet the borrower’s obligations or difficult or costly to liquidate. In addition, the Fund’s access to collateral may be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">limited by bankruptcy or other insolvency laws. Further, certain floating rate and other loans may not be fully </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">collateralized and may decline in value.</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 loans and other debt instruments tend to fall, and if interest rates fall, the values of loans and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. For example, a three-year</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> duration means a bond is expected to decrease in value by 3% if interest rates rise 1% and increase in value by </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">3% if interest rates fall 1%. Interest rate declines also may increase prepayments of debt obligations, which, in turn, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">would increase prepayment risk. The Fund is subject to the risk that the income generated by its investments may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">not keep pace with inflation. Actions by governments and central banking authorities can result in increases or </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund's performance and NAV. Any interest rate increases could cause the value of the Fund’s investments in debt </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instruments to decrease. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sell investments at a time when it is not 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 loans or 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 </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">forgo</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> another more appealing investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">opportunity. The liquidity of Fund investments may change significantly over time and certain investments that were </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">liquid when purchased by the Fund may later become illiquid, particularly in times of overall economic distress. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Changing regulatory, market or other conditions or environments (for example, the interest rate or credit </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">environments) may also adversely affect the liquidity and the price of the Fund's investments. Judgment plays a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">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. Floating </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rate loans generally are subject to legal or contractual restrictions on resale, may trade infrequently, their value may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">be impaired when the Fund needs to liquidate such loans, and are typically subject to extended settlement periods, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">each of which gives rise to liquidity risk.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Loan Interests Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Loan interests may not be considered “securities,” and purchasers, such as the Fund, therefore </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may not be entitled to rely on the anti-fraud protections of the federal securities laws. Loan interests generally are </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">subject to restrictions on transfer, and the Fund may be unable to sell its loan interests at a time when it may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">otherwise be desirable to do so or may be able to sell them only at prices that are less than what the Fund regards as </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">their fair market value. Accordingly, loan interests may at times be illiquid. Loan interests may be difficult to value </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and typically have extended settlement periods (generally greater than 7 days). Extended settlement periods during </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">significant Fund redemption activity could potentially cause increased short-term liquidity demands on the Fund. As </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">a result, the Fund may be forced to sell investments at unfavorable prices, or borrow money or effect short </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">settlements where possible (at a cost to the Fund), in an effort to generate sufficient cash to pay redeeming </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">shareholders. The Fund’s actions in this regard may not be successful. Interests in loans created to finance highly </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">leveraged companies or transactions, such as corporate acquisitions, may be especially vulnerable to adverse </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">changes in economic or market conditions. Interests in secured loans have the benefit of collateral and, typically, of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">restrictive covenants limiting the ability of the borrower to further encumber its assets. There is a risk that the value </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of any collateral securing a loan in which the Fund has an interest may decline and that the collateral may not be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sufficient to cover the amount owed on the loan. In the event the borrower defaults, the Fund’s access to the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">collateral may be limited or delayed by bankruptcy or other insolvency laws. Further, there is a risk that a court could </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">take action with respect to a loan that is adverse to the holders of the loan, and the Fund, to enforce its rights in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">event of a default, bankruptcy or similar situation, may need to retain legal or similar counsel. This may increase the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund’s operating expenses and adversely affect its NAV. Loans that have a lower priority for repayment in an issuer’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">capital structure may involve a higher degree of overall risk than more senior loans of the same borrower. In the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">event of a default, second lien secured loans will generally be paid only if the value of the collateral exceeds the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">amount of the borrower’s obligations to the first lien secured lenders, and the remaining collateral may not be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sufficient to cover the full amount owed on the loan in which the Fund has an interest. The Fund may acquire a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">participation interest in a loan that is held by another party. When the Fund’s loan interest is a participation, the Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may have less control over the exercise of remedies than the party selling the participation interest, and it normally </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">would not have any direct rights against the borrower.</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;">Prepayment and Extension Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Prepayment and extension risk is the risk that a loan, 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;">Reinvestment Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Reinvestment risk arises when the Fund is unable to reinvest income or principal at the same or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">at least the same return it is currently earning.</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></div> <div style="line-height: 12.0pt; text-align: left;"><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><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;">Unrated Securities </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Risk</span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund may purchase unrated securities which are not rated by a rating agency. Unrated </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities may be less liquid than comparable rated securities and involve the risk that the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund’</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">s investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">manager</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> may not accurately evaluate the security’s comparative credit rating. Analysis of creditworthiness of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">issuers of high yield securities may be more complex than for issuers of higher-quality debt securities. To the extent </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">that the Fund purchases unrated securities, the Fund’s success in achieving its investment objective may depend </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">more heavily on the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment manager’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">creditworthiness analysis than if the Fund invested exclusively in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rated 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 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.</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 for such share class. The returns shown for each such share class include the returns of the Fund’s Class A shares (without applicable sales charges) 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), the share classes of the Fund would have substantially similar annual returns because all share classes of the Fund invest in the same portfolio of securities.</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 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 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.</span> Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-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.</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 0.0945 Worst 2020-03-31 -0.1258 Year to Date return 2026-06-30 0.0182  Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2025)   0.0332 0.0283 0.0479 0.0094 0.0067 0.0264 0.0192 0.0118 0.0270 2000-06-26 0.0663 0.0307 0.0453 2010-09-27 0.0879 0.0409 0.0556 2006-12-11 0.0876 0.0418 0.0565 2012-11-08 0.0882 0.0420 0.0571 2006-12-11 0.0814 0.0358 0.0503 2024-10-02 0.0869 0.0390 0.0534 0.0855 0.0448 0.0642 0.0730 -0.0036 0.0201 Summary of Columbia Intrinsic Value Fund Investment Objective Columbia Intrinsic Value Fund (the Fund) seeks to provide shareholders with a high level of current income and, as a secondary objective, steady growth of capital. 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. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. 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 <span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Choosing a Share Class</span> section beginning on page 39 of the Fund’s prospectus, in <span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Appendix A </span>to the prospectus beginning on page A-1 and in Appendix S to the Statement of Additional Information (SAI) under <span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Sales Charge Waivers</span> beginning on page S-1.</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 39 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 0.0100 0.0100 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0062 0.0062 0.0062 0.0062 0.0062 0.0025 0.0100 0.0000 0.0000 0.0000 0.0010 0.0010 0.0010 0.0009 0.0003 0.0097 0.0172 0.0072 0.0071 0.0065 0.0000 0.0000 0.0000 -0.0001 0.0000 0.0097 0.0172 0.0072 0.0070 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. “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. September 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></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></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;">you redeem all your shares at the end of the period,</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></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; 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> 668 668 866 866 1080 1080 1696 1696 275 542 933 1831 175 542 933 1831 74 74 230 230 401 401 894 894 72 72 226 226 394 394 882 882 66 66 208 208 362 362 810 810 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 55% of the average value of its portfolio.</span></div> 0.55 Principal Investment Strategies <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund’s assets primarily are invested in equity securities. Under normal circumstances, the Fund invests at least </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">80% of its net assets (plus the amount of any borrowings for investment purposes) in common and preferred stocks </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of large capitalization companies.</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 in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Russell 1000</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 Capitalization Index), which ranged between $496.4 million and $4.6 trillion as of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">August 31, 2026.</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 Capitalization 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 Global Industry Classification Standard (GICS) sector, have a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">higher EBITDA/EV (earnings before interest, taxes, depreciation and amortization-to-enterprise value) or have a lower </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">price-to-earnings ratio than the median ranked stock within the company’s GICS sector. The third-party broad-based </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">index currently used to identify value 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.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund typically invests in dividend-paying common and preferred stocks of value companies.</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 </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">invest up to 25% of its net assets in foreign investments.</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. As of its most recent fiscal year end, the Fund had an investment emphasis in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">financials and information technology sectors.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The investment manager employs fundamental analysis with risk management analysis in identifying investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">opportunities and constructing the Fund’s portfolio.</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 and preferred stocks of large capitalization companies.These companies have market capitalizations in the range of companies in the Russell 1000® Value Index (the Capitalization Index), which ranged between $496.4 million and $4.6 trillion as of August 31, 2026.The market capitalization range and composition of companies in the Capitalization Index are subject to change.As such, the size of the companies in which the Fund invests may change. The Fund may continue to hold a security even if the company’s market capitalization is no longer within the range of the Capitalization Index.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.“value” companies to be those companies that are either constituents of an index constructed by a third party to identify companies with various characteristics of value companies, or that have a higher book-to-price (B/P) ratio than the median ranked stock within the company’s Global Industry Classification Standard (GICS) sector, have a higher EBITDA/EV (earnings before interest, taxes, depreciation and amortization-to-enterprise value) or have a lower price-to-earnings ratio than the median ranked stock within the company’s GICS sector. The third-party broad-based index currently used to identify value companies is the Russell 3000® Value Index. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in common and preferred stocks of large capitalization companies.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. The Fund typically invests in dividend-paying common and preferred stocks 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><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; 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;">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 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><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; 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><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; 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="line-height: 12.0pt; text-align: left;"><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><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; 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 financials </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and information technology sectors. Companies in the same sector may be similarly affected by economic, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">regulatory, political or market events or conditions, which may make the Fund vulnerable to unfavorable </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">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;">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;">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="line-height: 12.0pt; text-align: left;"><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 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.</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 style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Average Annual Total Returns</span> 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. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-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.</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; 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 0.1639 Worst 2020-03-31 -0.2640 Year to Date return 2026-06-30 0.1579  Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2025)   1990-10-15 0.1276 0.1081 0.1050 0.1088 0.0893 0.0884 0.0887 0.0827 0.0820 2000-06-26 0.1774 0.1130 0.1033 2010-09-27 0.1991 0.1242 0.1144 2006-12-11 0.1990 0.1244 0.1148 2012-11-08 0.2005 0.1250 0.1153 0.1591 0.1133 0.1053 0.1737 0.1359 0.1459 Summary of Columbia Select Large Cap Value Fund Investment Objective <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Columbia Select Large Cap Value Fund (the Fund) </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">seeks to provide shareholders with 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;"> 39</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 39 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) 0.0066 0.0066 0.0066 0.0066 0.0066 0.0066 0.0066 0.0025 0.0100 0.0000 0.0000 0.0000 0.0050 0.0000 0.0014 0.0014 0.0014 0.0007 0.0002 0.0014 0.0014 0.0105 0.0180 0.0080 0.0073 0.0068 0.0130 0.0080 -0.0020 -0.0020 -0.0020 -0.0020 -0.0020 -0.0020 -0.0020 0.0085 0.0160 0.0060 0.0053 0.0048 0.0110 0.0060 <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: 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.</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. September 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></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></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; 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 redeem all your shares at the end of the period,</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; 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></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; 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> 657 657 871 871 1103 1103 1767 1767 263 547 956 1902 163 547 956 1902 61 61 235 235 425 425 971 971 54 54 213 213 386 386 888 888 49 49 197 197 359 359 828 828 112 112 392 392 694 694 1550 1550 61 61 235 235 425 425 971 971 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 43% of the average value of its portfolio.</span></div> 0.43 Principal Investment Strategies <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Under normal circumstances, at least 80% of the Fund’s net assets (plus the amount of any borrowings for</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> investment purposes) are invested in equity securities of large capitalization issuers.</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 </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">capitalizations in the range of companies in the Russell 1000</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 Capitalization Index), which ranged </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">between $496.4 million and $4.6 trillion as of August 31, 2026.</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 </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies in the Capitalization 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 size of the companies in which the Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">invests may change. The Fund may continue to hold a security even if the company’s market capitalization is no </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">longer within the range of the 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% </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of “value” </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies. The Fund considers “value” companies to be those companies that are either constituents of an index</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> constructed by a third party to identify companies with various characteristics of value companies, or that have a</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> higher book-to-price (B/P) ratio than the median ranked stock within the company’s Global Industry Classification</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Standard (GICS) sector, have a higher EBITDA/EV (earnings before interest, taxes, depreciation and amortization-to-enterprise</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> value) or have a lower price-to-earnings ratio than the median ranked stock within the company’s GICS</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> sector. The third-party broad-based index currently used to identify value 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.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund invests substantially in securities of U.S. issuers. </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. As of its most recent fiscal year end, the Fund had an investment emphasis in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">financials and information technology 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 securities, consistent with its </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">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 40 securities in its portfolio; </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">however, the Fund may hold, at any time, more or fewer securities than noted in this range.</span></div> Under normal circumstances, at least 80% of the Fund’s net assets (plus the amount of any borrowings for investment purposes) are invested in equity securities of large capitalization issuers.These companies have market capitalizations in the range of companies in the Russell 1000® Value Index (the Capitalization Index), which ranged between $496.4 million and $4.6 trillion as of August 31, 2026.The market capitalization range and composition of companies in the Capitalization Index are subject to change.As such, the size of the companies in which the Fund invests may change. The Fund may continue to hold a security even if the company’s market capitalization is no longer within the range of the Capitalization Index.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. constructed by a third party to identify companies with various characteristics of value companies, or that have a higher book-to-price (B/P) ratio than the median ranked stock within the company’s Global Industry Classification Standard (GICS) sector, have a higher EBITDA/EV (earnings before interest, taxes, depreciation and amortization-to-enterprise value) or have a lower price-to-earnings ratio than the median ranked stock within the company’s GICS sector. The third-party broad-based index currently used to identify value companies is the Russell 3000® Value Index. Under normal circumstances, at least 80% of the Fund’s net assets (plus the amount of any borrowings for investment purposes) are invested in equity securities of large capitalization issuers.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. The Fund invests substantially in securities of U.S. issuers. The Fund may hold a small number of securities, consistent with its value investment approach.Generally, the Fund anticipates holding between 30 and 40 securities in its portfolio; however, the Fund may hold, at any time, more or fewer securities than noted in this range. 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><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; 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;">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><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; 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><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; 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 information technology sectors. Companies in the same sector may be similarly affected by economic, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">regulatory, political or market events or conditions, which may make the Fund vulnerable to unfavorable </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">developments in that group of industries or economic sector.</span></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;">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;">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;">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><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;">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><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; 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 0.1979 Worst 2020-03-31 -0.2916 Year to Date return 2026-06-30 0.1513  Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2025) 1997-04-25 1997-04-25 1997-04-25 0.2028 0.1230 0.1176 0.1794 0.1111 0.1036 0.1355 0.0963 0.0933 1999-05-27 0.2565 0.1277 0.1158 2010-09-27 0.2793 0.1390 0.1270 2001-11-30 0.2802 0.1399 0.1278 2014-10-01 0.2807 0.1404 0.1283 2003-04-30 0.2732 0.1335 0.1215 2024-10-02 0.2796 0.1370 0.1246 0.1591 0.1133 0.1053 0.1788 0.1442 0.1482 Summary of Columbia Select Small Cap Value Fund Investment Objective <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Columbia Select Small Cap Value Fund (the Fund) </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">seeks to provide shareholders with 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;"> 39</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 39 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 0.0100 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0087 0.0087 0.0087 0.0087 0.0025 0.0000 0.0000 0.0000 0.0018 0.0018 0.0013 0.0007 0.0130 0.0105 0.0100 0.0094 -0.0009 -0.0009 -0.0008 -0.0007 0.0121 0.0096 0.0092 0.0087 <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: 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.</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. September 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></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></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; 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 redeem all your shares at the end of the period,</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; 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></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; 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> 691 691 955 955 1239 1239 2045 2045 98 98 325 325 571 571 1274 1274 94 94 310 310 545 545 1217 1217 89 89 293 293 513 513 1148 1148 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 9% of the average value of its portfolio.</span></div> 0.09 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 (plus the amount of any borrowings for</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> investment purposes) in equity securities of small capitalization issuers.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> These companies have market </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">capitalizations in the range of 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 Capitalization Index), which ranged </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">between $6.4 million and $10.8 billion as of August 31, 2026.</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 </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies in the Capitalization 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 size of the companies in which the Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">invests may change. The Fund may continue to hold a security even if the company’s market capitalization is no </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">longer within the range of the 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% </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of “value” </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies. The Fund considers “value” companies to be those companies that are either constituents of an index</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> constructed by a third party to identify companies with various characteristics of value companies, or that have a</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> higher book-to-price (B/P) ratio than the median ranked stock within the company’s Global Industry Classification</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Standard (GICS) sector, have a higher EBITDA/EV (earnings before interest, taxes, depreciation and amortization-to-enterprise</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> value) or have a lower price-to-earnings ratio than the median ranked stock within the company’s GICS</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> sector. The third-party broad-based index currently used to identify value 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.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund invests substantially in securities of U.S. issuers. </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. As of its most recent fiscal year end, the Fund had an investment emphasis in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">financials sector.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may invest up to 25% of its net assets in foreign investments.</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 invest in real estate </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">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 hold a small number of 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 45 and 55 securities in its portfolio; however, the Fund may hold, at </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">any time, 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 small capitalization issuers. These companies have market capitalizations in the range of companies in the Russell 2000® Value Index (the Capitalization Index), which ranged between $6.4 million and $10.8 billion as of August 31, 2026.The market capitalization range and composition of companies in the Capitalization Index are subject to change.As such, the size of the companies in which the Fund invests may change. The Fund may continue to hold a security even if the company’s market capitalization is no longer within the range of the Capitalization Index.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. constructed by a third party to identify companies with various characteristics of value companies, or that have a higher book-to-price (B/P) ratio than the median ranked stock within the company’s Global Industry Classification Standard (GICS) sector, have a higher EBITDA/EV (earnings before interest, taxes, depreciation and amortization-to-enterprise value) or have a lower price-to-earnings ratio than the median ranked stock within the company’s GICS sector. The third-party broad-based index currently used to identify value companies is the Russell 3000® Value Index. 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 small capitalization issuers.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. The Fund invests substantially in securities of U.S. issuers. The Fund may hold a small number of securities, consistent with its value investment approach.Generally, the Fund anticipates holding between 45 and 55 securities in its portfolio; however, the Fund may hold, at any time, more or fewer securities than noted in this range. 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><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; 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 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><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; 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><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; 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></div> <div style="line-height: 12.0pt; text-align: left;"><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><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; 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><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; 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><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 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;">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: 11pt;"> </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 2020-06-30 0.2724 Worst 2020-03-31 -0.3602 Year to Date return 2026-06-30 0.2746  Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2025) 1997-04-25 1997-04-25 1997-04-25 -0.0056 0.0689 0.0713 -0.0295 0.0468 0.0524 0.0128 0.0528 0.0545 2010-09-27 0.0576 0.0843 0.0805 2001-11-30 0.0578 0.0849 0.0812 2014-10-01 0.0584 0.0855 0.0818 0.1259 0.0888 0.0927 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 Mortgage Opportunities Fund (the Fund) </span><span style="color:#003c78;font-family:arial;font-size:10pt">seeks total return, consisting of long-term capital appreciation </span><span style="color:#003c78;font-family:arial;font-size:10pt">and current 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">32</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 32 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) 0.0300 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) 0.0064 0.0064 0.0064 0.0064 0.0064 0.0064 0.0025 0.0100 0.0000 0.0000 0.0000 0.0000 0.0014 0.0014 0.0014 0.0009 0.0004 0.0014 0.0103 0.0178 0.0078 0.0073 0.0068 0.0078 -0.0004 -0.0004 -0.0004 -0.0003 -0.0003 -0.0004 0.0099 0.0174 0.0074 0.0070 0.0065 0.0074 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. September 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">you redeem all your shares at the end of the period,</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</span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">’ </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">8-year conversion policy.</span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;line-height:12pt"> </span> <br/> <span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">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;font-style:italic"> table above expire as </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">indicated in the preceding table, they are only reflected in the 1 year example and the first year of the other examples. </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">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;font-style:italic;line-height:1pt"> </span></div> 398 398 614 614 848 848 1518 1518 277 556 961 1894 177 556 961 1894 76 76 245 245 429 429 962 962 72 72 230 230 403 403 904 904 66 66 215 215 376 376 844 844 76 76 245 245 429 429 962 962 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">650</span><span style="color:#003c78;font-family:arial;font-size:10pt">% of the average value of its portfolio.</span></div> 6.50 Principal Investment Strategies <div style="margin-top:4pt;"><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">invests</span><span style="color:#003c78;font-family:arial;font-size:10pt"> 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 mortgage-related assets. Mortgage-related assets include, but are not limited to, long and </span><span style="color:#003c78;font-family:arial;font-size:10pt">short positions in mortgage-related securities that are either issued or guaranteed as to principal and interest by the </span><span style="color:#003c78;font-family:arial;font-size:10pt">U.S. Government, its agencies, authorities or instrumentalities, mortgage-related securities issued by non-U.S. </span><span style="color:#003c78;font-family:arial;font-size:10pt">governments, and residential and commercial mortgage-backed securities issued by non-governmental entities, all </span><span style="color:#003c78;font-family:arial;font-size:10pt">of which may be represented by derivatives such as forward contracts, options, futures or swap agreements. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Mortgage-related securities that either are issued or guaranteed as to principal and interest by the U.S. Government, </span><span style="color:#003c78;font-family:arial;font-size:10pt">its agencies, authorities or instrumentalities include Government National Mortgage Association (GNMA or Ginnie </span><span style="color:#003c78;font-family:arial;font-size:10pt">Mae) mortgage-backed bonds, which are backed by the full faith and credit of the U.S. Government; and Federal </span><span style="color:#003c78;font-family:arial;font-size:10pt">National Mortgage Association (FNMA or Fannie Mae) and Federal Home Loan Mortgage Corporation (FHLMC or </span><span style="color:#003c78;font-family:arial;font-size:10pt">Freddie Mac) mortgage-backed bonds. FNMA and FHLMC are chartered or sponsored by Acts of Congress; however, </span><span style="color:#003c78;font-family:arial;font-size:10pt">their securities are neither issued nor guaranteed by the U.S. Treasury or backed by the full faith and credit of the U.S. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Government. The Fund’s investments in mortgage-related securities include investments in stripped mortgage-backed</span><span style="color:#003c78;font-family:arial;font-size:10pt"> securities such as interest-only (IO), principal-only (PO) and inverse interest-only (IIO) securities. The</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Fund</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">seeks to generate positive absolute total returns over complete market cycles by investing principally in mortgage-related</span><span style="color:#003c78;font-family:arial;font-size:10pt"> assets as well as other types of fixed-income securities and instruments such as asset-backed securities. A </span><span style="color:#003c78;font-family:arial;font-size:10pt">complete market cycle can be measured from market peak to peak or from market trough to trough.</span></div> <div style="margin-top:4pt;"><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">invests</span><span style="color:#003c78;font-family:arial;font-size:10pt"> 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 mortgage-related assets. Mortgage-related assets include, but are not limited to, long and </span><span style="color:#003c78;font-family:arial;font-size:10pt">short positions in mortgage-related securities that are either issued or guaranteed as to principal and interest by the </span><span style="color:#003c78;font-family:arial;font-size:10pt">U.S. Government, its agencies, authorities or instrumentalities, mortgage-related securities issued by non-U.S. </span><span style="color:#003c78;font-family:arial;font-size:10pt">governments, and residential and commercial mortgage-backed securities issued by non-governmental entities, all </span><span style="color:#003c78;font-family:arial;font-size:10pt">of which may be represented by derivatives such as forward contracts, options, futures or swap agreements. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Mortgage-related securities that either are issued or guaranteed as to principal and interest by the U.S. Government, </span><span style="color:#003c78;font-family:arial;font-size:10pt">its agencies, authorities or instrumentalities include Government National Mortgage Association (GNMA or Ginnie </span><span style="color:#003c78;font-family:arial;font-size:10pt">Mae) mortgage-backed bonds, which are backed by the full faith and credit of the U.S. Government; and Federal </span><span style="color:#003c78;font-family:arial;font-size:10pt">National Mortgage Association (FNMA or Fannie Mae) and Federal Home Loan Mortgage Corporation (FHLMC or </span><span style="color:#003c78;font-family:arial;font-size:10pt">Freddie Mac) mortgage-backed bonds. FNMA and FHLMC are chartered or sponsored by Acts of Congress; however, </span><span style="color:#003c78;font-family:arial;font-size:10pt">their securities are neither issued nor guaranteed by the U.S. Treasury or backed by the full faith and credit of the U.S. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Government. The Fund’s investments in mortgage-related securities include investments in stripped mortgage-backed</span><span style="color:#003c78;font-family:arial;font-size:10pt"> securities such as interest-only (IO), principal-only (PO) and inverse interest-only (IIO) securities. The</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Fund</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">seeks to generate positive absolute total returns over complete market cycles by investing principally in mortgage-related</span><span style="color:#003c78;font-family:arial;font-size:10pt"> assets as well as other types of fixed-income securities and instruments such as asset-backed securities. A </span><span style="color:#003c78;font-family:arial;font-size:10pt">complete market cycle can be measured from market peak to peak or from market trough to trough.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest in debt instruments of any maturity and does not seek to maintain either a particular dollar-weighted</span><span style="color:#003c78;font-family:arial;font-size:10pt"> average maturity or a particular duration.</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 interest rate futures) to manage interest rate exposure, </span><span style="color:#003c78;font-family:arial;font-size:10pt">swaps (including credit default swaps, interest rate swaps and total return swaps) to manage credit and interest rate </span><span style="color:#003c78;font-family:arial;font-size:10pt">exposure, options on swaps (commonly known as swaptions) to manage interest rate exposure and options on </span><span style="color:#003c78;font-family:arial;font-size:10pt">futures to hedge existing positions. The Fund’s use of derivatives may result in leverage (market exposure in excess </span><span style="color:#003c78;font-family:arial;font-size:10pt">of the Fund’s assets). The Fund may hold a significant amount of cash, money market instruments (which may </span><span style="color:#003c78;font-family:arial;font-size:10pt">include investments in one or more affiliated or unaffiliated money market funds or similar vehicles), other high-quality,</span><span style="color:#003c78;font-family:arial;font-size:10pt"> short-term investments, or other liquid assets to meet its segregation obligations as a result of its </span><span style="color:#003c78;font-family:arial;font-size:10pt">investments in derivatives. The Fund may also engage in short sales.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. Such </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities may include mortgage-backed securities acquired or sold in the “to be announced” (TBA) market and </span><span style="color:#003c78;font-family:arial;font-size:10pt">those in a dollar roll transaction.</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 also engage in repurchase agreements.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest in debt instruments that, at the time of purchase, are rated below investment grade or are </span><span style="color:#003c78;font-family:arial;font-size:10pt">unrated but determined to be of comparable quality (commonly referred to as “high-yield” investments or “junk” </span><span style="color:#003c78;font-family:arial;font-size:10pt">bonds).</span></div><div style="margin-top:4pt;"><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><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund’s investment strategy may involve the frequent trading of portfolio securities.</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 mortgage-related assets. 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">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">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></div><div style="line-height:12.0pt;text-align:left;"><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">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><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></div><div style="line-height:12.0pt;text-align:left;"><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><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">Derivatives Risk – Swaps Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">In a typical swap transaction, two parties agree to exchange the return earned on a </span><span style="color:#003c78;font-family:arial;font-size:10pt">specified underlying reference for a fixed return or the return from another underlying reference during a specified </span><span style="color:#003c78;font-family:arial;font-size:10pt">period of time. Swaps may be difficult to value and may be illiquid. Swaps could result in Fund losses if the </span><span style="color:#003c78;font-family:arial;font-size:10pt">underlying asset or reference does not perform as anticipated. Swaps create significant investment leverage such </span><span style="color:#003c78;font-family:arial;font-size:10pt">that a relatively small price movement in a swap may result in immediate and substantial losses to the Fund. The </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund may only close out a swap with its particular counterparty</span><span style="color:#003c78;font-family:arial;font-size:10pt"> and may only transfer a position with the consent of </span><span style="color:#003c78;font-family:arial;font-size:10pt">that counterparty. Certain swaps, such as short swap transactions and total return swaps, have the potential for </span><span style="color:#003c78;font-family:arial;font-size:10pt">unlimited losses, regardless of the size of the initial position. Swaps can increase the Fund’s risk exposure to </span><span style="color:#003c78;font-family:arial;font-size:10pt">underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk and interest rate </span><span style="color:#003c78;font-family:arial;font-size:10pt">risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, </span><span style="color:#003c78;font-family:arial;font-size:10pt">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 – Swaptions Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> A swaption is an options contract on a swap agreement. These transactions give </span><span style="color:#003c78;font-family:arial;font-size:10pt">the purchasing party the right (but not the obligation) to enter into new swap agreements or to shorten, extend, </span><span style="color:#003c78;font-family:arial;font-size:10pt">cancel or otherwise modify an existing swap agreement at some designated future time on specified terms, in return </span><span style="color:#003c78;font-family:arial;font-size:10pt">for payment of the purchase price (the “premium”) of the option. The Fund may write (sell) and purchase put and call </span><span style="color:#003c78;font-family:arial;font-size:10pt">swaptions to the same extent it may make use of standard options on securities or other instruments. The writer of </span><span style="color:#003c78;font-family:arial;font-size:10pt">the contract receives the premium and bears the risk of unfavorable changes in the market value on the underlying </span><span style="color:#003c78;font-family:arial;font-size:10pt">swap agreement. Swaptions can be bundled and sold as a package. These are commonly called interest rate caps, </span><span style="color:#003c78;font-family:arial;font-size:10pt">floors and collars.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Fixed Income Instruments Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is subject to the general risks and considerations associated with </span><span style="color:#003c78;font-family:arial;font-size:10pt">investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or </span><span style="color:#003c78;font-family:arial;font-size:10pt">default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more </span><span style="color:#003c78;font-family:arial;font-size:10pt">in price in response to negative issuer developments or general economic news than higher rated securities. In </span><span style="color:#003c78;font-family:arial;font-size:10pt">addition, as interest rates rise, the Fund’s investments typically will lose value.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Forward Commitments on Mortgage-Backed Securities (including Dollar Rolls) Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> When purchasing mortgage-backed</span><span style="color:#003c78;font-family:arial;font-size:10pt"> securities in the “to be announced” (TBA) market (MBS TBAs), the seller agrees to deliver mortgage-backed </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities for an agreed upon price on an agreed upon date, but may make no guarantee as to the specific securities </span><span style="color:#003c78;font-family:arial;font-size:10pt">to be delivered. In lieu of taking delivery of mortgage-backed securities, the Fund could enter into dollar rolls, which </span><span style="color:#003c78;font-family:arial;font-size:10pt">are transactions in which the Fund sells securities to a counterparty and simultaneously agrees to purchase those or </span><span style="color:#003c78;font-family:arial;font-size:10pt">similar securities in the future at a predetermined price. Dollar rolls involve the risk that the market value of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may </span><span style="color:#003c78;font-family:arial;font-size:10pt">default on its obligations. These transactions may also increase the Fund’s portfolio turnover rate. If the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">reinvests the proceeds of the security sold, the Fund will also be subject to the risk that the investments purchased </span><span style="color:#003c78;font-family:arial;font-size:10pt">with such proceeds will decline in value (a form of leverage risk). MBS TBAs and dollar rolls are subject to the risk </span><span style="color:#003c78;font-family:arial;font-size:10pt">that the counterparty to the transaction may not perform or be unable to perform in accordance with the terms of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">instrument.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Frequent Trading Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The portfolio managers may actively and frequently trade investments in the Fund's portfolio </span><span style="color:#003c78;font-family:arial;font-size:10pt">to carry out its investment strategies. Frequent trading of investments increases the possibility that the Fund, as </span><span style="color:#003c78;font-family:arial;font-size:10pt">relevant, will realize taxable capital gains (including short-term capital gains, which are generally taxable to </span><span style="color:#003c78;font-family:arial;font-size:10pt">shareholders at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund's after-tax return. Frequent trading can also mean higher brokerage and other transaction costs, which </span><span style="color:#003c78;font-family:arial;font-size:10pt">could reduce the Fund's return. The trading costs and tax effects associated with portfolio turnover may adversely </span><span style="color:#003c78;font-family:arial;font-size:10pt">affect the Fund’s performance.</span></div> <div style="line-height:12.0pt;text-align:left;"><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">Leverage Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Leverage occurs when the Fund increases its assets available for investment using borrowings, short </span><span style="color:#003c78;font-family:arial;font-size:10pt">sales, derivatives, or similar instruments or techniques. Use of leverage can produce volatility and may exaggerate </span><span style="color:#003c78;font-family:arial;font-size:10pt">changes in the NAV of Fund shares and in the return on the Fund’s portfolio, which may increase the risk that the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund will lose more than it has invested. If the Fund uses leverage, through the purchase of particular instruments </span><span style="color:#003c78;font-family:arial;font-size:10pt">such as derivatives, the Fund may experience capital losses that exceed the net assets of the Fund. Because short </span><span style="color:#003c78;font-family:arial;font-size:10pt">sales involve borrowing securities and then selling them, the Fund’s short sales effectively leverage the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">assets. The Fund's assets that are used as collateral to secure the Fund's obligations to return the securities sold </span><span style="color:#003c78;font-family:arial;font-size:10pt">short may decrease in value while the short positions are outstanding, which may force the Fund to use its other </span><span style="color:#003c78;font-family:arial;font-size:10pt">assets to increase the collateral. Leverage can create an interest expense that may lower the Fund's overall returns. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Leverage presents the opportunity for increased net income and capital gains, but may also exaggerate the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">volatility and risk of loss. There can be no guarantee that a leveraging strategy will be successful.</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 </span><span style="color:#003c78;font-family:arial;font-size:10pt">forgo</span><span style="color:#003c78;font-family:arial;font-size:10pt"> another more appealing investment </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">opportunity. The liquidity of Fund investments may change significantly over time and certain investments that were </span><span style="color:#003c78;font-family:arial;font-size:10pt">liquid when purchased by the Fund may later become illiquid, particularly in times of overall economic distress. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Changing regulatory, market or other conditions or environments (for example, the interest rate or credit </span><span style="color:#003c78;font-family:arial;font-size:10pt">environments) may also adversely affect the liquidity and the price of the Fund's investments. Judgment plays a </span><span style="color:#003c78;font-family:arial;font-size:10pt">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">Money Market Fund Investment Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">An investment in a money market fund is not a bank deposit and is not insured </span><span style="color:#003c78;font-family:arial;font-size:10pt">or guaranteed by any bank, the Federal Deposit Insurance Corporation (FDIC) or any other government agency. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Certain money market funds float their NAV while others seek to preserve the value of investments at a stable NAV </span><span style="color:#003c78;font-family:arial;font-size:10pt">(typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain </span><span style="color:#003c78;font-family:arial;font-size:10pt">a stable NAV per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and </span><span style="color:#003c78;font-family:arial;font-size:10pt">other types of money market funds. Certain money market funds (including the Fund’s cash sweep vehicle) are </span><span style="color:#003c78;font-family:arial;font-size:10pt">subject to mandatory liquidity fees if daily net redemptions exceed 5% of their net assets and may also impose a </span><span style="color:#003c78;font-family:arial;font-size:10pt">discretionary liquidity fee of up to 2% on redemptions if that fee is determined to be in the best interests of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">money market fund. Such fees, if imposed, will reduce the amount the Fund receives on redemptions. In addition to </span><span style="color:#003c78;font-family:arial;font-size:10pt">the fees and expenses that the Fund directly bears, the Fund indirectly bears the fees and expenses of any money </span><span style="color:#003c78;font-family:arial;font-size:10pt">market funds in which it invests, including affiliated money market funds. By investing in a money market fund, the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund will be exposed to the investment risks of the money market fund in direct proportion to such investment. </span><span style="color:#003c78;font-family:arial;font-size:10pt">To </span><span style="color:#003c78;font-family:arial;font-size:10pt">the extent the Fund invests in instruments such as derivatives, the Fund may hold investments, which may be </span><span style="color:#003c78;font-family:arial;font-size:10pt">significant, in money market fund shares to cover its obligations resulting from the Fund's investments in such </span><span style="color:#003c78;font-family:arial;font-size:10pt">instruments.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Money market funds and the securities they invest in are subject to comprehensive regulations. The </span><span style="color:#003c78;font-family:arial;font-size:10pt">enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, </span><span style="color:#003c78;font-family:arial;font-size:10pt">may affect the manner of operation, performance and/or yield of money market funds.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Mortgage- and Other Asset-Backed Securities Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The value of any mortgage-backed and other asset-backed </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities including collateralized debt obligations and collateralized loan obligations, if any, held by the Fund may be </span><span style="color:#003c78;font-family:arial;font-size:10pt">affected by, among other things, changes or perceived changes in: interest rates; factors concerning the interests in </span><span style="color:#003c78;font-family:arial;font-size:10pt">and structure of the issuer or the originator of the mortgages or other assets; the creditworthiness of the entities </span><span style="color:#003c78;font-family:arial;font-size:10pt">that provide any supporting letters of credit, surety bonds or other credit enhancements; or the market's assessment </span><span style="color:#003c78;font-family:arial;font-size:10pt">of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not </span><span style="color:#003c78;font-family:arial;font-size:10pt">the market value of the securities themselves) may be guaranteed by the full faith and credit of a particular U.S. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Government agency, authority, enterprise or instrumentality, and some, but not all, are also insured or guaranteed by </span><span style="color:#003c78;font-family:arial;font-size:10pt">the U.S. Government. Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, </span><span style="color:#003c78;font-family:arial;font-size:10pt">savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">market issuers) may entail greater risk than obligations guaranteed by the U.S. Government. Mortgage- and other </span><span style="color:#003c78;font-family:arial;font-size:10pt">asset-backed securities are subject to liquidity risk and prepayment risk. A decline or flattening of housing values </span><span style="color:#003c78;font-family:arial;font-size:10pt">may cause delinquencies in mortgages underlying mortgage-backed securities and thereby adversely affect the </span><span style="color:#003c78;font-family:arial;font-size:10pt">ability of the mortgage-backed securities issuer to make principal and/or interest payments to mortgage-backed </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities holders, including the Fund. Rising or high interest rates tend to extend the duration of mortgage- and </span><span style="color:#003c78;font-family:arial;font-size:10pt">other asset-backed securities, making their prices more volatile and more sensitive 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">Reinvestment Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Reinvestment risk arises when the Fund is unable to reinvest income or principal at the same or </span><span style="color:#003c78;font-family:arial;font-size:10pt">at least the same return it is currently earning.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Repurchase Agreements Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Repurchase agreements are agreements in which the seller of a security to the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">agrees to repurchase that security from the Fund at a mutually agreed upon price and time. Repurchase agreements </span><span style="color:#003c78;font-family:arial;font-size:10pt">carry the risk that the counterparty may not fulfill its obligations under the agreement. This could cause the Fund's </span><span style="color:#003c78;font-family:arial;font-size:10pt">income and the value of your investment in the Fund to decline.</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><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">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> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Sovereign Debt Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The willingness or ability of a sovereign or quasi-sovereign debtor to repay principal and pay </span><span style="color:#003c78;font-family:arial;font-size:10pt">interest in a timely manner may be affected by a variety of factors, including its cash flow situation, the extent of its </span><span style="color:#003c78;font-family:arial;font-size:10pt">reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt </span><span style="color:#003c78;font-family:arial;font-size:10pt">service burden to the economy as a whole, the sovereign or quasi-sovereign debtor’s policy toward international </span><span style="color:#003c78;font-family:arial;font-size:10pt">lenders, and the political constraints to which such debtor may be subject.</span></div> <div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Stripped Mortgage-Backed Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Stripped mortgage-backed securities are a type of mortgage-backed </span><span style="color:#003c78;font-family:arial;font-size:10pt">security that </span><span style="color:#003c78;font-family:arial;font-size:10pt">receives</span><span style="color:#003c78;font-family:arial;font-size:10pt"> differing proportions of the interest and principal payments from the underlying assets. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Generally, there are two classes of stripped mortgage-backed securities: Interest Only (IO) and Principal Only (PO). </span><span style="color:#003c78;font-family:arial;font-size:10pt">IOs entitle the holder to receive distributions consisting of all or a portion of the interest on the underlying pool of </span><span style="color:#003c78;font-family:arial;font-size:10pt">mortgage loans or mortgage-backed securities. POs entitle the holder to receive distributions consisting of all or a </span><span style="color:#003c78;font-family:arial;font-size:10pt">portion of the principal of the underlying pool of mortgage loans or mortgage-backed securities. The cash flows and </span><span style="color:#003c78;font-family:arial;font-size:10pt">yields on IOs and POs are extremely sensitive to the rate of principal payments (including prepayments) on the </span><span style="color:#003c78;font-family:arial;font-size:10pt">underlying mortgage loans or mortgage-backed securities. A rapid rate of principal payments may adversely affect </span><span style="color:#003c78;font-family:arial;font-size:10pt">the yield to maturity of IOs. A slow rate of principal payments may adversely affect the yield to maturity of POs. If </span><span style="color:#003c78;font-family:arial;font-size:10pt">prepayments of principal are greater than anticipated, an investor in IOs may incur substantial losses. If prepayments </span><span style="color:#003c78;font-family:arial;font-size:10pt">of principal are slower than anticipated, the yield on a PO will be affected more severely than would be the case with </span><span style="color:#003c78;font-family:arial;font-size:10pt">a traditional mortgage-backed security.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Unrated Securities </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Risk</span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may purchase unrated securities which are not rated by a rating agency. Unrated </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities may be less liquid than comparable rated securities and involve the risk that the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund’</span><span style="color:#003c78;font-family:arial;font-size:10pt">s investment </span><span style="color:#003c78;font-family:arial;font-size:10pt">manager</span><span style="color:#003c78;font-family:arial;font-size:10pt"> may not accurately evaluate the security’s comparative credit rating. Analysis of creditworthiness of </span><span style="color:#003c78;font-family:arial;font-size:10pt">issuers of high yield securities may be more complex than for issuers of higher-quality debt securities. To the extent </span><span style="color:#003c78;font-family:arial;font-size:10pt">that the Fund purchases unrated securities, the Fund’s success in achieving its investment objective may depend </span><span style="color:#003c78;font-family:arial;font-size:10pt">more heavily on the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund</span><span style="color:#003c78;font-family:arial;font-size:10pt">’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment manager’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">creditworthiness analysis than if the Fund invested exclusively in </span><span style="color:#003c78;font-family:arial;font-size:10pt">rated securities.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">U.S. Government Obligations Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or </span><span style="color:#003c78;font-family:arial;font-size:10pt">be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities </span><span style="color:#003c78;font-family:arial;font-size:10pt">issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or </span><span style="color:#003c78;font-family:arial;font-size:10pt">enterprises may or may not be backed by the full faith and credit of the U.S. Government.</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><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:11pt"> </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:11pt"> </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 2023-12-31 0.0881 Worst 2020-03-31 -0.0920 Year to Date return 2026-06-30 0.0097  Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2025)   2014-04-30 2014-04-30 2014-04-30 0.0823 0.0101 0.0387 0.0587 -0.0123 0.0161 0.0481 -0.0024 0.0196 2014-04-30 0.0976 0.0084 0.0341 2014-04-30 0.1187 0.0186 0.0444 2014-04-30 0.1194 0.0190 0.0448 2017-03-01 0.1197 0.0195 0.0449 2024-10-02 0.1187 0.0166 0.0421 0.0435 0.0325 0.0217 0.0730 -0.0036 0.0201 Summary of the Fund Investment Objective Columbia Quality Income Fund (the Fund) seeks to provide shareholders with current income as its primary objective and, as its secondary objective, preservation of capital. 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) 0.0300 0 0 0 0 0.0100 0.0100 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0049 0.0049 0.0049 0.0049 0.0049 0.0025 0.0100 0.0000 0.0000 0.0000 0.0021 0.0021 0.0021 0.0012 0.0007 0.0095 0.0170 0.0070 0.0061 0.0056 -0.0008 -0.0008 -0.0008 -0.0007 -0.0008 0.0087 0.0162 0.0062 0.0054 0.0048 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. September 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;">you redeem all your shares at the end of the period,</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</span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">’ </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">8-year conversion policy.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic; line-height: 12pt;"> </span> <br/><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">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; font-style: italic;"> table above expire as </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">indicated in the preceding table, they are only reflected in the 1 year example and the first year of the other examples. </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">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; font-style: italic; line-height: 1pt;"> </span></div> 386 386 586 586 802 802 1424 1424 265 528 915 1803 165 528 915 1803 63 63 216 216 382 382 863 863 55 55 188 188 333 333 755 755 49 49 171 171 305 305 694 694 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;">354</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">% of the average value of its portfolio.</span></div> 3.54 Principal Investment Strategies <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Under normal circumstances, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund invests </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">at least 80% of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">its </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">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) </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in mortgage-related securities. Mortgage-related securities include those that are either </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">issued or guaranteed as to principal and interest by the U.S. Government, its agencies, authorities or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instrumentalities (U.S. Government Securities), those issued by non-U.S. governments, as well as residential and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">commercial mortgage-backed securities issued by non-governmental entities. Mortgage-related securities that either </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">are issued or guaranteed as to principal and interest by the U.S. Government, its agencies, authorities or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instrumentalities include Government National Mortgage Association (GNMA or Ginnie Mae) mortgage-backed </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">bonds, which are backed by the full faith and credit of the U.S. Government; and Federal National Mortgage </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Association (FNMA or Fannie Mae) and Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac) </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">mortgage-backed bonds. FNMA and FHLMC are chartered or sponsored by Acts of Congress; however, their </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities are neither issued nor guaranteed by the U.S. Treasury or backed by the full faith and credit of the U.S. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Government.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Under normal circumstances, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund invests </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">at least 80% of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">its </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">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) </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in mortgage-related securities. Mortgage-related securities include those that are either </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">issued or guaranteed as to principal and interest by the U.S. Government, its agencies, authorities or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instrumentalities (U.S. Government Securities), those issued by non-U.S. governments, as well as residential and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">commercial mortgage-backed securities issued by non-governmental entities. Mortgage-related securities that either </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">are issued or guaranteed as to principal and interest by the U.S. Government, its agencies, authorities or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instrumentalities include Government National Mortgage Association (GNMA or Ginnie Mae) mortgage-backed </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">bonds, which are backed by the full faith and credit of the U.S. Government; and Federal National Mortgage </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Association (FNMA or Fannie Mae) and Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac) </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">mortgage-backed bonds. FNMA and FHLMC are chartered or sponsored by Acts of Congress; however, their </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities are neither issued nor guaranteed by the U.S. Treasury or backed by the full faith and credit of the U.S. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Government.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund’s investments in mortgage-related securities include investments in stripped mortgage-backed securities </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">such as interest-only (IO) and principal-only (PO) 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 in other asset-backed securities.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Under normal circumstances, the Fund invests at least 60% of its net assets in mortgage-related securities that are </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">U.S. Government Securities and at least 80% of its net assets </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">(plus the amount of any borrowings for investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">purposes)</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">income producing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities rated investment grade </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">quality </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">by a nationally recognized statistical rating </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">organization or, if unrated, determined to be of comparable quality. The Fund may invest up to 20% of its net assets </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in debt instruments that, at the time of purchase, are rated below investment grade or are unrated but determined to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">be of comparable quality (commonly referred to as “high-yield” investments or “junk” bonds). </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">“Income” producing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities typically pay a monthly, quarterly or annual distribution in the form of interest or dividends.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may invest in debt instruments of any maturity and does not seek to maintain a particular dollar-weighted </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">average maturity.</span></div> <div style="margin-top: 4pt;"><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> <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 interest rate futures) to manage interest rate exposure, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">swaps </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">to manage credit and interest rate exposure, and options on swaps (commonly known as swaptions) to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">manage interest rate exposure. The Fund’s use of derivatives may result in leverage (market exposure in excess of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund’s assets). The Fund may hold a significant amount of cash, money market instruments (which may include </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investments in one or more affiliated or unaffiliated money market funds or similar vehicles), other high-quality, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">short-term investments, or other liquid assets to meet its segregation obligations as a result of its investments in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">derivatives.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. Such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities may include mortgage-backed securities acquired or sold in the “to be announced” (TBA) market and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">those in a dollar roll transaction.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund’s investment strategy may involve the frequent trading of portfolio securities.</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 mortgage-related securities.Under normal circumstances, the Fund invests at least 60% of its net assets in mortgage-related securities that are U.S. Government Securities and at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in income producing securities rated investment grade quality by a nationally recognized statistical rating organization or, if unrated, determined to be of comparable quality. 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;">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;">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></div> <div style="line-height: 12.0pt; text-align: left;"><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;">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><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></div> <div style="line-height: 12.0pt; text-align: left;"><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><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;">Derivatives Risk – Swaps Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">In a typical swap transaction, two parties agree to exchange the return earned on a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">specified underlying reference for a fixed return or the return from another underlying reference during a specified </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">period of time. Swaps may be difficult to value and may be illiquid. Swaps could result in Fund losses if the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">underlying asset or reference does not perform as anticipated. Swaps create significant investment leverage such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">that a relatively small price movement in a swap may result in immediate and substantial losses to the Fund. The </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund may only close out a swap with its particular counterparty</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> and may only transfer a position with the consent of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">that counterparty. Certain swaps, such as short swap transactions and total return swaps, have the potential for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">unlimited losses, regardless of the size of the initial position. Swaps can increase the Fund’s risk exposure to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk and interest rate </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">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 – Swaptions Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> A swaption is an options contract on a swap agreement. These transactions give </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the purchasing party the right (but not the obligation) to enter into new swap agreements or to shorten, extend, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">cancel or otherwise modify an existing swap agreement at some designated future time on specified terms, in return </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">for payment of the purchase price (the “premium”) of the option. The Fund may write (sell) and purchase put and call </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">swaptions to the same extent it may make use of standard options on securities or other instruments. The writer of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the contract receives the premium and bears the risk of unfavorable changes in the market value on the underlying </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">swap agreement. Swaptions can be bundled and sold as a package. These are commonly called interest rate caps, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">floors and collars.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Fixed Income Instruments Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund is subject to the general risks and considerations associated with </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in price in response to negative issuer developments or general economic news than higher rated securities. In </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">addition, as interest rates rise, the Fund’s investments typically will lose value.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Forward Commitments on Mortgage-Backed Securities (including Dollar Rolls) Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> When purchasing mortgage-backed</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> securities in the “to be announced” (TBA) market (MBS TBAs), the seller agrees to deliver mortgage-backed </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities for an agreed upon price on an agreed upon date, but may make no guarantee as to the specific securities </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">to be delivered. In lieu of taking delivery of mortgage-backed securities, the Fund could enter into dollar rolls, which </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">are transactions in which the Fund sells securities to a counterparty and simultaneously agrees to purchase those or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">similar securities in the future at a predetermined price. Dollar rolls involve the risk that the market value of the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">default on its obligations. These transactions may also increase the Fund’s portfolio turnover rate. If the Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">reinvests the proceeds of the security sold, the Fund will also be subject to the risk that the investments purchased </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">with such proceeds will decline in value (a form of leverage risk). MBS TBAs and dollar rolls are subject to the risk </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">that the counterparty to the transaction may not perform or be unable to perform in accordance with the terms of the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instrument.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Frequent Trading Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The portfolio managers may actively and frequently trade investments in the Fund's portfolio </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">to carry out its investment strategies. Frequent trading of investments increases the possibility that the Fund, as </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">relevant, will realize taxable capital gains (including short-term capital gains, which are generally taxable to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">shareholders at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund's after-tax return. Frequent trading can also mean higher brokerage and other transaction costs, which </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">could reduce the Fund's return. The trading costs and tax effects associated with portfolio turnover may adversely </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">affect the Fund’s performance.</span></div> <div style="line-height: 12.0pt; text-align: left;"><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;">Leverage Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Leverage occurs when the Fund increases its assets available for investment using borrowings, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">derivatives, or similar instruments or techniques. Use of leverage can produce volatility and may exaggerate changes </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in the NAV of Fund shares and in the return on the Fund’s portfolio, which may increase the risk that the Fund will </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">lose more than it has invested. If the Fund uses leverage, through the purchase of particular instruments such as </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">derivatives, the Fund may experience capital losses that exceed the net assets of the Fund. Leverage can create an </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">interest expense that may lower the Fund's overall returns. Leverage presents the opportunity for increased net </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">income and capital gains, but may also exaggerate the Fund’s volatility and risk of loss. There can be no guarantee </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">that a leveraging strategy will be successful.</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 </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">forgo</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> another more appealing investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">opportunity. The liquidity of Fund investments may change significantly over time and certain investments that were </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">liquid when purchased by the Fund may later become illiquid, particularly in times of overall economic distress. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Changing regulatory, market or other conditions or environments (for example, the interest rate or credit </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">environments) may also adversely affect the liquidity and the price of the Fund's investments. Judgment plays a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">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;">Mortgage- and Other Asset-Backed Securities Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The value of any mortgage-backed and other asset-backed </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities including collateralized debt obligations and collateralized loan obligations, if any, held by the Fund may be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">affected by, among other things, changes or perceived changes in: interest rates; factors concerning the interests in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and structure of the issuer or the originator of the mortgages or other assets; the creditworthiness of the entities </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">that provide any supporting letters of credit, surety bonds or other credit enhancements; or the market's assessment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the market value of the securities themselves) may be guaranteed by the full faith and credit of a particular U.S. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Government agency, authority, enterprise or instrumentality, and some, but not all, are also insured or guaranteed by </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the U.S. Government. Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market issuers) may entail greater risk than obligations guaranteed by the U.S. Government. Mortgage- and other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">asset-backed securities are subject to liquidity risk and prepayment risk. A decline or flattening of housing values </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may cause delinquencies in mortgages underlying mortgage-backed securities and thereby adversely affect the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">ability of the mortgage-backed securities issuer to make principal and/or interest payments to mortgage-backed </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities holders, including the Fund. Rising or high interest rates tend to extend the duration of mortgage- and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other asset-backed securities, making their prices more volatile and more sensitive 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;">Reinvestment Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Reinvestment risk arises when the Fund is unable to reinvest income or principal at the same or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">at least the same return it is currently earning.</span></div> <div style="line-height: 12.0pt; text-align: left;"><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><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;">Sovereign Debt Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The willingness or ability of a sovereign or quasi-sovereign debtor to repay principal and pay </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">interest in a timely manner may be affected by a variety of factors, including its cash flow situation, the extent of its </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">service burden to the economy as a whole, the sovereign or quasi-sovereign debtor’s policy toward international </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">lenders, and the political constraints to which such debtor may be subject.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Stripped Mortgage-Backed Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Stripped mortgage-backed securities are a type of mortgage-backed </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">security that </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">receives</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> differing proportions of the interest and principal payments from the underlying assets. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Generally, there are two classes of stripped mortgage-backed securities: Interest Only (IO) and Principal Only (PO). </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">IOs entitle the holder to receive distributions consisting of all or a portion of the interest on the underlying pool of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">mortgage loans or mortgage-backed securities. POs entitle the holder to receive distributions consisting of all or a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">portion of the principal of the underlying pool of mortgage loans or mortgage-backed securities. The cash flows and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">yields on IOs and POs are extremely sensitive to the rate of principal payments (including prepayments) on the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">underlying mortgage loans or mortgage-backed securities. A rapid rate of principal payments may adversely affect </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the yield to maturity of IOs. A slow rate of principal payments may adversely affect the yield to maturity of POs. If </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">prepayments of principal are greater than anticipated, an investor in IOs may incur substantial losses. If prepayments </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of principal are slower than anticipated, the yield on a PO will be affected more severely than would be the case with </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">a traditional mortgage-backed security.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Unrated Securities </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Risk</span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund may purchase unrated securities which are not rated by a rating agency. Unrated </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities may be less liquid than comparable rated securities and involve the risk that the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund’</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">s investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">manager</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> may not accurately evaluate the security’s comparative credit rating. Analysis of creditworthiness of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">issuers of high yield securities may be more complex than for issuers of higher-quality debt securities. To the extent </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">that the Fund purchases unrated securities, the Fund’s success in achieving its investment objective may depend </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">more heavily on the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment manager’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">creditworthiness analysis than if the Fund invested exclusively in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rated securities.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">U.S. Government Obligations Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">enterprises may or may not be backed by the full faith and credit of the U.S. Government.</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;">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 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 2023-12-31 0.0856 Worst 2022-09-30 -0.0746 Year to Date return 2026-06-30 0.0019  Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2025)   2002-02-14 2002-02-14 2002-02-14 0.0600 -0.0152 0.0109 0.0426 -0.0282 -0.0017 0.0353 -0.0170 0.0029 2002-02-14 0.0746 -0.0166 0.0064 2010-09-27 0.0949 -0.0068 0.0165 2012-11-08 0.0958 -0.0059 0.0174 2014-10-01 0.0966 -0.0054 0.0181 0.0858 0.0015 0.0159 0.0730 -0.0036 0.0201 Summary of the Fund Investment Objective <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Columbia Seligman Technology and </span><span style="color:#003c78;font-family:arial;font-size:10pt">Information 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 to provide shareholders with capital gain.</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">23</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 23 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) 0.0079 0.0079 0.0079 0.0079 0.0079 0.0079 0.0079 0.0025 0.0100 0.0000 0.0000 0.0000 0.0050 0.0000 0.0010 0.0010 0.0010 0.0006 0.0001 0.0010 0.0010 0.0114 0.0189 0.0089 0.0085 0.0080 0.0139 0.0089 <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><span style="color:#003c78;font-family:arial;font-size:8pt;line-height:9pt"> </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">you redeem all your shares at the end of the period,</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"> 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> 685 685 916 916 1167 1167 1881 1881 292 594 1021 2016 192 594 1021 2016 91 91 284 284 493 493 1096 1096 87 87 271 271 471 471 1049 1049 82 82 255 255 444 444 990 990 142 142 440 440 761 761 1669 1669 91 91 284 284 493 493 1096 1096 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">47</span><span style="color:#003c78;font-family:arial;font-size:10pt">% of the average value of its portfolio.</span></div> 0.47 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 securities of technology and information companies. These companies in which the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">will concentrate are companies operating in the information technology and communications services sectors, </span><span style="color:#003c78;font-family:arial;font-size:10pt">applying a global industry classification standard, as may be amended from time to time, to determine </span><span style="color:#003c78;font-family:arial;font-size:10pt">industry/sector classifications, as well as other related industries. These related industry companies may also </span><span style="color:#003c78;font-family:arial;font-size:10pt">include companies operating in the consumer discretionary and </span><span style="color:#003c78;font-family:arial;font-size:10pt">health care</span><span style="color:#003c78;font-family:arial;font-size:10pt"> sectors, particularly those that are </span><span style="color:#003c78;font-family:arial;font-size:10pt">principally engaged in offering, using, or developing products, processes, or services that will provide or will benefit </span><span style="color:#003c78;font-family:arial;font-size:10pt">significantly from technological advances and improvements.</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 </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 securities of technology and information companies. These companies in which the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">will concentrate are companies operating in the information technology and communications services sectors, </span><span style="color:#003c78;font-family:arial;font-size:10pt">applying a global industry classification standard, as may be amended from time to time, to determine </span><span style="color:#003c78;font-family:arial;font-size:10pt">industry/sector classifications, as well as other related industries. These related industry companies may also </span><span style="color:#003c78;font-family:arial;font-size:10pt">include companies operating in the consumer discretionary and </span><span style="color:#003c78;font-family:arial;font-size:10pt">health care</span><span style="color:#003c78;font-family:arial;font-size:10pt"> sectors, particularly those that are </span><span style="color:#003c78;font-family:arial;font-size:10pt">principally engaged in offering, using, or developing products, processes, or services that will provide or will benefit </span><span style="color:#003c78;font-family:arial;font-size:10pt">significantly from technological advances and improvements.</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">By way of example, technology and information companies may include semiconductor, semiconductor equipment, </span><span style="color:#003c78;font-family:arial;font-size:10pt">technology hardware, storage and peripherals, software, communication equipment and services, electronic </span><span style="color:#003c78;font-family:arial;font-size:10pt">equipment and instruments, internet services and infrastructure, media, health care equipment and supplies, and </span><span style="color:#003c78;font-family:arial;font-size:10pt">medical technology companies.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest up to 25% of its net assets in foreign investments.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest in securities of large capitalization companies that are well established and can be expected to </span><span style="color:#003c78;font-family:arial;font-size:10pt">grow with the market (i.e., growth stocks). The Fund may also invest in small-to-medium size capitalization </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies that the Fund’s portfolio managers believe provide opportunities to benefit from the rapidly changing </span><span style="color:#003c78;font-family:arial;font-size:10pt">technologies and the expansion of the sectors and industries in which the Fund invests. The Fund invests </span><span style="color:#003c78;font-family:arial;font-size:10pt">substantially in common stocks.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund uses a bottom-up stock selection approach. This means that Columbia Management Investment Advisers, </span><span style="color:#003c78;font-family:arial;font-size:10pt">LLC (the Investment Manager) uses extensive in-depth research into specific companies to find those companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">that it believes offer significant prospects for future growth.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund is non-diversified, which means that it can invest a greater percentage of its assets in the securities of </span><span style="color:#003c78;font-family:arial;font-size:10pt">fewer issuers than can a diversified fund.</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 securities of technology and information companies. <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest in securities of large capitalization companies that are well established and can be expected to </span><span style="color:#003c78;font-family:arial;font-size:10pt">grow with the market (i.e., growth stocks). The Fund may also invest in small-to-medium size capitalization </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies that the Fund’s portfolio managers believe provide opportunities to benefit from the rapidly changing </span><span style="color:#003c78;font-family:arial;font-size:10pt">technologies and the expansion of the sectors and industries in which the Fund invests. The Fund invests </span><span style="color:#003c78;font-family:arial;font-size:10pt">substantially in common stocks.</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">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">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">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 </span><span style="color:#003c78;font-family:arial;font-size:10pt">values</span><span style="color:#003c78;font-family:arial;font-size:10pt"> and </span><span style="color:#003c78;font-family:arial;font-size:10pt">may 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">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><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;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">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></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">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 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</span><span style="color:#003c78;font-family:arial;font-size:10pt"> forgo</span><span style="color:#003c78;font-family:arial;font-size:10pt"> 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">Non-Diversified Fund Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is non-diversified, which generally means that it may invest a greater </span><span style="color:#003c78;font-family:arial;font-size:10pt">percentage of its total assets in the securities of fewer issuers than a “diversified” fund. This increases the risk that a </span><span style="color:#003c78;font-family:arial;font-size:10pt">change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it </span><span style="color:#003c78;font-family:arial;font-size:10pt">would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will </span><span style="color:#003c78;font-family:arial;font-size:10pt">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">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></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">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> 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><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 0.3147 Worst 2022-06-30 -0.2108 Year to Date return 2026-06-30 0.5864  Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2025)   1983-06-23 1983-06-23 1983-06-23 0.2950 0.1773 0.2177 0.2693 0.1518 0.1902 0.1943 0.1369 0.1760 1999-05-27 0.3536 0.1825 0.2158 2010-09-27 0.3775 0.1943 0.2280 2001-11-30 0.3777 0.1948 0.2286 2017-03-01 0.3785 0.1954 0.2286 2003-04-30 0.3704 0.1884 0.2219 2024-10-02 0.3776 0.1921 0.2253 0.2782 0.1802 0.2254 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">Multi-Manager Value Strategies Fund (the Fund) </span><span style="color:#003c78;font-family:arial;font-size:10pt">seeks to provide shareholders with growth of capital and 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 example 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 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0059 0.0000 0.0009 0.0068 “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 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">you redeem all your shares at the end of the period,</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> 69 69 218 218 379 379 847 847 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">37</span><span style="color:#003c78;font-family:arial;font-size:10pt">% of the average value of its portfolio.</span></div> 0.37 Principal Investment Strategies <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund’s assets primarily are invested in equity 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">Equity securities generally include common stocks, but </span><span style="color:#003c78;font-family:arial;font-size:10pt">may also include preferred stocks and convertible 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 in companies that have market </span><span style="color:#003c78;font-family:arial;font-size:10pt">capitalizations of any size.</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 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 Global Industry Classification Standard (GICS) sector, have a </span><span style="color:#003c78;font-family:arial;font-size:10pt">higher EBITDA/EV (earnings before interest, taxes, depreciation and amortization-to-enterprise value) or have a lower </span><span style="color:#003c78;font-family:arial;font-size:10pt">price-to-earnings ratio than the median ranked stock within the company’s GICS sector. The third-party broad-based </span><span style="color:#003c78;font-family:arial;font-size:10pt">index currently used to identify value 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.</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 net assets in debt instruments, including those that, at the time of purchase, </span><span style="color:#003c78;font-family:arial;font-size:10pt">are rated below investment grade or are unrated but determined to be of comparable quality (commonly referred to </span><span style="color:#003c78;font-family:arial;font-size:10pt">as “high yield” investments or “junk” bonds).</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest up to 25% of its net assets in foreign investments. The Fund may invest in foreign securities </span><span style="color:#003c78;font-family:arial;font-size:10pt">directly or indirectly through 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 or more sectors in selecting </span><span style="color:#003c78;font-family:arial;font-size:10pt">its investments</span><span style="color:#003c78;font-family:arial;font-size:10pt">. As of its most recent fiscal year end</span><span style="color:#003c78;font-family:arial;font-size:10pt">, </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund had an investment emphasis in the</span><span style="color:#003c78;font-family:arial;font-size:10pt"> financials sector.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may also invest in exchange-traded funds (ETFs)</span><span style="color:#003c78;font-family:arial;font-size:10pt">, including pending the engagement of one or more </span><span style="color:#003c78;font-family:arial;font-size:10pt">additional subadvisers</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">Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager) serves as the </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment manager for the Fund and attempts to achieve the Fund’s objective by managing a portion of the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">assets and selecting one or more subadvisers to manage other portions of the Fund’s assets independently of each </span><span style="color:#003c78;font-family:arial;font-size:10pt">other and Columbia Management.</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’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">subadviser is</span><span style="color:#003c78;font-family:arial;font-size:10pt"> American Century Investment Management, Inc. </span><span style="color:#003c78;font-family:arial;font-size:10pt">(American Century)</span><span style="color:#003c78;font-family:arial;font-size:10pt">.</span></div> The Fund’s assets primarily are invested in equity securities.Equity securities generally include common stocks, but may also include preferred stocks and convertible securities.The Fund may invest in companies that have market capitalizations of any size. 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 “value” companies. The Fund considers “value” companies to be those companies that are either constituents of an index constructed by a third party to identify companies with various characteristics of value companies, or that have a higher book-to-price (B/P) ratio than the median ranked stock within the company’s Global Industry Classification Standard (GICS) sector, have a higher EBITDA/EV (earnings before interest, taxes, depreciation and amortization-to-enterprise value) or have a lower price-to-earnings ratio than the median ranked stock within the company’s GICS sector. The third-party broad-based index currently used to identify value companies is the Russell 3000® Value Index. 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 “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">Allocation Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Because the Fund uses an asset allocation strategy in pursuit of its investment objective, there is a </span><span style="color:#003c78;font-family:arial;font-size:10pt">risk that the Fund's allocation among asset classes, investments, managers, strategies and/or investment styles will </span><span style="color:#003c78;font-family:arial;font-size:10pt">cause the Fund's shares to lose value or cause the Fund to underperform other funds with similar investment </span><span style="color:#003c78;font-family:arial;font-size:10pt">objectives and/or strategies, or that the investments themselves will not produce the returns expected.</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="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">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">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">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">Fixed Income Instruments Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is subject to the general risks and considerations associated with </span><span style="color:#003c78;font-family:arial;font-size:10pt">investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or </span><span style="color:#003c78;font-family:arial;font-size:10pt">default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more </span><span style="color:#003c78;font-family:arial;font-size:10pt">in price in response to negative issuer developments or general economic news than higher rated securities. In </span><span style="color:#003c78;font-family:arial;font-size:10pt">addition, as interest rates rise, the Fund’s investments typically will lose value.</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></div><div style="line-height:12.0pt;text-align:left;"><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">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> <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><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;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">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="line-height:12.0pt;text-align:left;"><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">Multi-Adviser Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund has multiple advisory firms that each manage a portion of the Fund’s net assets on a </span><span style="color:#003c78;font-family:arial;font-size:10pt">daily basis. Each adviser makes investment decisions independently from the other adviser(s). It is possible that the </span><span style="color:#003c78;font-family:arial;font-size:10pt">security selection process of one adviser will not complement or may conflict or even contradict that of the other </span><span style="color:#003c78;font-family:arial;font-size:10pt">adviser(s), including making </span><span style="color:#003c78;font-family:arial;font-size:10pt">offsetting</span><span style="color:#003c78;font-family:arial;font-size:10pt"> trades that have no net effect to the Fund, but which may increase Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">expenses. As a result, the Fund's exposure to a given security, industry, sector or market capitalization could be </span><span style="color:#003c78;font-family:arial;font-size:10pt">smaller or larger than if the Fund were managed by a single adviser, which could adversely affect the Fund's </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance.</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">Reinvestment Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Reinvestment risk arises when the Fund is unable to reinvest income or principal at the same or </span><span style="color:#003c78;font-family:arial;font-size:10pt">at least the same return it is currently earning.</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><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 style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Unrated Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may purchase unrated securities which are not rated by a rating agency. Unrated </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities may be less liquid than comparable rated securities and involve the risk that the Fund’s investment </span><span style="color:#003c78;font-family:arial;font-size:10pt">manager may not accurately evaluate the security’s comparative credit rating. Analysis of creditworthiness of </span><span style="color:#003c78;font-family:arial;font-size:10pt">issuers of high yield securities may be more complex than for issuers of higher-quality debt securities. To the extent </span><span style="color:#003c78;font-family:arial;font-size:10pt">that the Fund purchases unrated securities, the Fund’s success in achieving its investment objective may depend </span><span style="color:#003c78;font-family:arial;font-size:10pt">more heavily on the Fund’s investment manager’s creditworthiness analysis than if the Fund invested exclusively in </span><span style="color:#003c78;font-family:arial;font-size:10pt">rated securities.</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 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 Inst 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. <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 Inst 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 Class Inst shares shown in the table below begins before its inception date. The returns shown </span><span style="color:#003c78;font-family:arial;font-size:10pt">for Class Inst shares include the returns of the Fund’s Class A shares through January 2, 2017. Additionally, the </span><span style="color:#003c78;font-family:arial;font-size:10pt">returns shown in the bar chart include the performance of the Fund’s Class A shares through January 2, 2017 </span><span style="color:#003c78;font-family:arial;font-size:10pt">(performance of Class Inst shares is shown for all other periods since the Fund no longer offers Class A shares). </span><span style="color:#003c78;font-family:arial;font-size:10pt">Class A shares were offered prior to the inception date of the Fund’s Class Inst shares but have since been merged </span><span style="color:#003c78;font-family:arial;font-size:10pt">into the Fund’s Class Inst shares. </span><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 </span><span style="color:#003c78;font-family:arial;font-size:10pt">calculated using the highest historical individual U.S. federal marginal income tax rates in effect during the period </span><span style="color:#003c78;font-family:arial;font-size:10pt">indicated in the table and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will </span><span style="color:#003c78;font-family:arial;font-size:10pt">depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns </span><span style="color:#003c78;font-family:arial;font-size:10pt">shown in the table do not apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual </span><span style="color:#003c78;font-family:arial;font-size:10pt">Retirement Accounts (IRAs).</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’s performance prior to May 27, 2025 reflects returns achieved by one or more different subadviser(s) that </span><span style="color:#003c78;font-family:arial;font-size:10pt">managed the Fund according to different principal investment strategies. If the Fund’s current </span><span style="color:#003c78;font-family:arial;font-size:10pt">subadviser</span><span style="color:#003c78;font-family:arial;font-size:10pt"> and </span><span style="color:#003c78;font-family:arial;font-size:10pt">strategies had been in place for the prior periods, results shown may have been different.</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 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 0.1611 Worst 2020-03-31 -0.2596 Year to Date return 2026-06-30 0.1062  Average Annual Total Returns (for periods ended December 31, 2025)   2017-01-03 2017-01-03 2017-01-03 0.1292 0.1051 0.1109 0.0924 0.0805 0.0920 0.1019 0.0802 0.0876 0.1591 0.1133 0.1053 0.1737 0.1359 0.1459 Year to Date return as of June 30, 2026: 14.11% Year to Date return as of June 30, 2026: 0.97% Year to Date return as of June 30, 2026: 15.13% Year to Date return as of June 30, 2026: 27.46% Year to Date return as of June 30, 2026: 15.79% Year to Date return as of June 30, 2026: 9.62% Year to Date return as of June 30, 2026: 19.27% Year to Date return as of June 30, 2026: 58.64% Year to Date return as of June 30, 2026: 0.19% “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. “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. Returns shown for periods prior to the inception date for Class Inst shares include the returns of the Fund’s Class A shares through January 2, 2017. Class A shares were offered prior to the inception date of the Fund’s Class Inst shares but have since been merged into the Fund’s Class Inst shares. “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. This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. 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 September 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 1.12% for Class A, 0.87% for Class Inst, 0.80% for Class Inst2 and 0.75% 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. Year to Date return as of June 30, 2026: 10.62% “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. 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. 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 September 30, 2027, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees (the Board). Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 0.95% for Class A, 1.70% for Class C, 0.70% for Class Inst, 0.63% for Class Inst2, 0.58% for Class Inst3, 1.20% for Class R and 0.70% 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. 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 June 30, 2026: 1.82% “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 September 30, 2027, unless sooner terminated by the Fund’s Board of Trustees, so that the fees payable under the Fund’s transfer agency agreement do not exceed the annual rate of 0.05% 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. 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 September 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 0.85% for Class A, 1.60% for Class C, 0.60% for Class Inst, 0.53% for Class Inst2, 0.48% for Class Inst3, 1.10% for Class R and 0.60% 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 September 30, 2027, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees (the Board). Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 1.21% for Class A, 0.96% for Class Inst, 0.92% for Class Inst2 and 0.87% 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. The fee waivers and/or expense reimbursements shown in the table for Class Inst2 also reflect the contractual agreement of the Fund’s transfer agent to waive fees and/or to reimburse expenses through September 30, 2027, unless sooner terminated at the sole discretion of the Fund’s Board, so that the Fund’s transfer agency fees do not exceed the annual rate of 0.05% 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. 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 September 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 0.97% for Class A, 1.72% for Class C, 0.72% for Class Inst, 0.68% for Class Inst2, 0.63% for Class Inst3 and 0.72% 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. 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. 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 September 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 0.84% for Class A, 1.59% for Class C, 0.59% for Class Inst, 0.51% for Class Inst2 and 0.45% 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.