Summary
Prospectus
March 1, 2014
Columbia Asia Pacific ex-Japan Fund
Class
|
|
Ticker
Symbol
|
Class A
Shares
|
|
CAJAX
|
Class
C Shares
|
|
CAJCX
|
Class
I Shares
|
|
CAPIX
|
Class
R Shares
|
|
CAJRX
|
Class
R5 Shares
|
|
TAPRX
|
Class
Z Shares
|
|
CAJZX
|
Before you invest, you may want to review the fund’s prospectus, which
contains more information about the fund and its risks. You can find the fund’s prospectus, statement of additional information and other information about the fund online at
https://www.columbiamanagement.com/web/columbia/forms-literature/fund-literature. You can also get this information at no cost by calling 800.345.6611 or by sending an email to serviceinquiries@columbiamanagement.com. This Summary Prospectus
incorporates by reference the fund’s prospectus, dated March 1, 2014, and current Statement of Additional Information.
As with all mutual funds, the Securities and Exchange
Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.
Investment Objective
Columbia Asia Pacific ex-Japan Fund (the Fund) seeks
to provide shareholders with long-term growth of capital.
Fees and Expenses of the Fund
This table describes the fees and expenses that you
may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and members of your immediate family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible funds
distributed by Columbia Management Investment Distributors, Inc. More information about these and other discounts is available from your financial intermediary, and can be found in the
Choosing a Share Class
section beginning on page 19 of the Fund’s prospectus and in Appendix S to the Statement of Additional Information (SAI) under
Sales Charge Waivers
beginning on page S-1.
Shareholder
Fees (fees paid directly from your investment)
|
|
Class
A
|
Class
C
|
Classes
I,
R, R5
and Z
|
Maximum
sales charge (load) imposed on purchases (as a % of offering price)
|
5.75%
|
None
|
None
|
Maximum
deferred sales charge (load) imposed on redemptions (as a % of the lower of the original purchase price or current net asset value)
|
1.00%
(a)
|
1.00%
(b)
|
None
|
Annual
Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
|
|
Class
A
|
Class
C
|
Class
I
|
Class
R
|
Class
R5
|
Class
Z
|
Management
fees
|
0.79%
|
0.79%
|
0.79%
|
0.79%
|
0.79%
|
0.79%
|
Distribution
and/or service (12b-1) fees
|
0.25%
|
1.00%
|
0.00%
|
0.50%
|
0.00%
|
0.00%
|
Other
expenses
(c)
|
0.33%
|
0.33%
|
0.14%
|
0.33%
|
0.19%
|
0.33%
|
Total
annual Fund operating expenses
|
1.37%
|
2.12%
|
0.93%
|
1.62%
|
0.98%
|
1.12%
|
(a)
|
This charge is imposed on
certain investments of between $1 million and $50 million redeemed within 18 months of purchase, as follows: 1.00% if redeemed within 12 months of purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain
limited exceptions.
|
(b)
|
This charge applies to
redemptions within one year of purchase, with certain limited exceptions.
|
(c)
|
Other expenses for Class A,
Class C, Class R, Class R5 and Class Z have been restated to reflect contractual changes to certain fees paid by the Fund.
|
The following example is intended
to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:
■
|
you invest $10,000
in the applicable class of Fund shares for the periods indicated,
|
■
|
your investment
has a 5% return each year, and
|
■
|
the Fund’s
total annual operating expenses remain the same as shown in the Annual Fund Operating Expenses table above.
|
Although your actual costs
may be higher or lower, based on the assumptions listed above, your costs would be:
|
1
year
|
3
years
|
5
years
|
10
years
|
Class
A
(whether or not shares are redeemed)
|
$706
|
$984
|
$1,282
|
$2,127
|
Class
C
(assuming redemption of all shares at the end of the period)
|
$315
|
$664
|
$1,139
|
$2,452
|
Class
C
(assuming no redemption of shares)
|
$215
|
$664
|
$1,139
|
$2,452
|
Class
I
(whether or not shares are redeemed)
|
$
95
|
$296
|
$
515
|
$1,143
|
Class
R
(whether or not shares are redeemed)
|
$165
|
$511
|
$
881
|
$1,922
|
Class
R5
(whether or not shares are redeemed)
|
$100
|
$312
|
$
542
|
$1,201
|
Class
Z
(whether or not shares are redeemed)
|
$114
|
$356
|
$
617
|
$1,363
|
1
|
Columbia Asia Pacific
ex-Japan Fund
|
Portfolio Turnover
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 34% of the average value of its
portfolio.
Principal Investment Strategies
Under normal market conditions, at least 80% of the
Fund’s net assets (including the amount of any borrowings for investment purposes) will be invested in securities of companies located in the Asia Pacific Region, excluding Japan. For these purposes, a company is considered to be
“located” in the Asia Pacific Region if (i) it is organized under the laws of a country in the Asia Pacific Region; (ii) its principal place of business or principal office is in the Asia Pacific Region; or (iii) it derives at least 50%
of its revenues or profits from goods produced or sold, investments made, services performed, or has at least 50% of its assets located in the Asia Pacific Region. Countries in the Asia Pacific Region include but are not limited to Australia, China,
Hong Kong, India, Indonesia, Malaysia, New Zealand, Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam. Some of these countries may represent developing or emerging markets. The Fund may invest in companies that have market
capitalizations of any size. The Fund may from time to time emphasize one or more economic sectors in selecting its investments, including the financial services sector.
The Fund will normally have exposure to foreign
currencies.
Principal Risks
An investment in the Fund involves risk, including
those described below.
There is no assurance that the Fund will achieve its investment objective and you may lose money
. The value of the Fund’s holdings may decline, and the Fund’s net asset value
(NAV) and share price may go down.
Active
Management Risk.
Due to its active management, the Fund could underperform its benchmark index and/or other funds with similar investment objectives. The Fund may fail to achieve its investment objective and you may
lose money.
Asia Pacific Region Risk.
Many of the countries in the Asia Pacific region are considered underdeveloped or developing, including from a political, economic and/or social perspective, and may have relatively unstable governments and economies
based on limited business, industries and/or natural resources or commodities. Events in any one country within the region may impact other countries in the region or the region as a whole. As a result, events in the region will generally have a
greater effect on the Fund than if the Fund were more geographically diversified. This could result in increased volatility in the value of the Fund’s investments and losses within the Fund. Also, securities of some companies in the region can
be less liquid than U.S. or other foreign securities, potentially making it difficult for the Fund to sell such securities at a desirable time and price.
Emerging Market Securities Risk.
Securities issued by foreign governments or companies in emerging market countries are more likely to have greater exposure to the risks of investing in foreign securities that are described in Foreign Securities Risk.
In addition, emerging market countries are more likely to experience instability resulting, for example, from rapid changes or developments in social, political and economic conditions. Their economies are usually less mature and their securities
markets are typically less developed with more limited trading activity (i.e., lower trading volumes and less liquidity) than more developed countries. Emerging market securities tend to be more volatile than securities in more developed markets.
Many emerging market countries are heavily dependent on international trade and have fewer trading partners, which makes them more sensitive to world commodity prices and economic downturns in other countries, and some have a higher risk of currency
devaluations.
Foreign Currency Risk.
The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar, particularly if the Fund invests a significant percentage of its
assets in foreign securities or other assets denominated in currencies other than the U.S. dollar.
Foreign Securities Risk.
Investments in or exposure to foreign securities involve certain risks not associated with investments in or exposure to securities of U.S. companies. Foreign securities subject the Fund to the risks associated with
investing in the particular country, including the political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, as well as risks associated with less developed custody and settlement
practices. Foreign securities may be more volatile and less liquid than investments in securities of U.S. companies. The performance of the Fund may be negatively impacted by foreign currency strength or weakness relative to the U.S. dollar,
particularly where the Fund invests a significant percentage of its assets in foreign securities or other assets denominated in currencies other than the U.S. dollar.
Geographic Concentration Risk.
The Fund may be particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. The
Fund’s net asset value may be more volatile than a more geographically diversified fund.
Columbia
Asia Pacific ex-Japan Fund
|
2
|
Greater China Regional Risk.
The Greater China region consists of Hong Kong, The People's Republic of China and Taiwan, among other countries, and the Fund's investments in the region are particularly susceptible to risks in that region.
Adverse events in any one country within the region may impact the other countries in the region or Asia as a whole. As a result, adverse events in the region will generally have a greater effect on the Fund than if the Fund were more geographically
diversified, which could result in greater volatility in the Fund’s net asset value and losses. Markets in the Greater China region can experience significant volatility due to social, economic, regulatory and political
uncertainties.
Growth Securities Risk.
Growth securities typically trade at a higher multiple of earnings than other types of equity securities. Accordingly, the market values of growth securities may be more sensitive to adverse economic or
other circumstances or changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general,
and may be out of favor with investors for varying periods of time.
Issuer Risk.
An
issuer in which the Fund invests may perform poorly, and the value of its securities may therefore decline, which would negatively affect the Fund’s performance. Poor performance may be caused by poor management decisions, competitive
pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters or other events, conditions or factors.
Market Risk.
Market
risk refers to the possibility that the market values of securities or other investments that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. An investment in the Fund could lose money over short or even long
periods. In general, equity securities tend to have greater price volatility than debt securities.
Sector Risk.
At
times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a related group of industries within an economic sector, including the financial services sector. Companies in the same
economic sector may be similarly affected by economic, regulatory, political or market events or conditions, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. The more a
fund diversifies its investments, the more it spreads risk and potentially reduces the risks of loss and volatility.
The Fund may be more susceptible to the particular
risks that may affect companies in the financial services sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the financial services sector are subject to certain risks, including the risk of regulatory
change, decreased liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as a high level of loans to real estate developers, which makes them vulnerable to economic conditions that affect that
industry. Performance of such companies may be affected by competitive pressures and exposure to investments or agreements that, under certain circumstances, may lead to losses (e.g., subprime loans). Companies in the financial services sector are
subject to extensive governmental regulation that may limit the amount and types of loans and other financial commitments they can make, and interest rates and fees that they may charge. In addition, profitability of such companies is largely
dependent upon the availability and the cost of capital.
Small- and Mid-Cap Company Securities Risk.
Investments in small- and mid-capitalization companies (small- and mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because small- and mid-cap
companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies, and securities of small- and mid-cap companies may be less liquid
and more volatile than the securities of larger companies.
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 R5 share performance has varied for each full calendar year shown. The table below the bar chart compares
the Fund’s returns (after applicable sales charges) for the periods shown with benchmark performance.
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 R5 shares (adjusted to reflect the higher class-related operating expenses
of such classes, where applicable) for periods prior to its inception date. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), the share classes of the Fund would have substantially
similar annual returns because all share classes of the Fund invest in the same portfolio of securities.
The after-tax returns shown in the table below are
calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from
those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or Individual Retirement Accounts (IRAs). The after-tax returns are shown only for Class R5
shares and will vary for other share classes.
3
|
Columbia Asia Pacific
ex-Japan Fund
|
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 columbiamanagement.com.
Year
by Year Total Return (%)
as of December 31 Each Year
|
Best
and Worst Quarterly Returns
During the Period Shown in the Bar Chart
|
|
Best
|
3rd Quarter 2010
|
18.24%
|
Worst
|
3rd Quarter 2011
|
-23.86%
|
Average Annual Total Returns After
Applicable Sales Charges (for periods ended December 31, 2013)
|
Share
Class
Inception Date
|
1
Year
|
Life
of Fund
|
Class
R5
|
07/15/2009
|
|
|
returns
before taxes
|
|
4.73%
|
9.59%
|
returns
after taxes on distributions
|
|
4.54%
|
9.27%
|
returns
after taxes on distributions and sale of Fund shares
|
|
3.07%
|
7.79%
|
Class
A
returns before taxes
|
09/27/2010
|
-1.62%
|
7.75%
|
Class
C
returns before taxes
|
09/27/2010
|
2.51%
|
8.33%
|
Class
I
returns before taxes
|
09/27/2010
|
4.79%
|
9.61%
|
Class
R
returns before taxes
|
09/27/2010
|
4.10%
|
8.86%
|
Class
Z
returns before taxes
|
09/27/2010
|
4.51%
|
9.41%
|
MSCI
AC Asia Pacific ex-Japan Index (Net)
(reflects reinvested dividends net of withholding taxes but reflects no deductions for fees, expenses or other taxes)
|
|
3.41%
|
11.57%
|
Fund Management
Investment Manager:
Columbia Management Investment Advisers, LLC
Subadviser:
Threadneedle International Limited
Portfolio
Manager
|
|
Title
|
|
Role
with Fund
|
|
Managed
Fund Since
|
Vanessa
Donegan
|
|
Head
of Asia ex-Japan Equities
|
|
Lead
Manager
|
|
2009
|
George
Gosden
|
|
Deputy
Portfolio Manager
|
|
Co-manager
|
|
September
2013
|
Purchase and Sale of Fund
Shares
You may purchase or redeem shares of
the Fund on any business day by contacting the Fund in the ways described below:
Online
|
|
Regular
Mail
|
|
Express
Mail
|
|
By
Telephone
|
columbiamanagement.com
|
|
Columbia
Funds,
c/o Columbia Management
Investment Services Corp.
P.O. Box 8081
Boston, MA 02266-8081
|
|
Columbia
Funds,
c/o Columbia Management
Investment Services Corp.
30 Dan Road, Suite 8081
Canton, MA 02021-2809
|
|
800.422.3737
|
You may purchase shares
and receive redemption proceeds by electronic funds transfer, by check or by wire. If you maintain your account with a broker-dealer or other financial intermediary, you must contact that financial intermediary to buy, exchange or sell shares of the
Fund in or from your account with the intermediary.
The minimum initial investment amounts for the share
classes offered by the Fund are shown below:
Columbia
Asia Pacific ex-Japan Fund
|
4
|
Minimum Initial Investment
Class
|
Category
of eligible account
|
For
accounts other than
systematic investment
plan accounts
|
For
systematic investment
plan accounts
|
Classes
A & C
|
Nonqualified
accounts
|
$2,000
|
$100
|
Individual
retirement accounts
|
$1,000
|
$100
|
Classes
I & R
|
All
eligible accounts
|
None
|
None
|
Class
R5
|
Combined
underlying accounts of eligible registered investment advisers
|
$100,000
|
N/A
|
Omnibus
retirement plans
|
None
|
N/A
|
Class
Z
|
All
eligible accounts
|
$0,
$1,000 or $2,000
depending upon the category
of eligible investor.
|
$100
|
There is no minimum additional investment for any
share class.
Tax Information
The Fund normally distributes net investment income
and net realized capital gains, if any, to shareholders. These distributions are generally taxable to you as ordinary income or capital gains, unless you are investing through a tax-advantaged account, such as a 401(k) plan or an IRA. If you are
investing through a tax-advantaged account, you may be taxed upon withdrawals from that account.
Payments to Broker-Dealers and Other Financial
Intermediaries
If you purchase the Fund
through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies — including Columbia Management Investment Advisers, LLC (the Investment Manager), Columbia Management Investment Distributors, Inc.
(the Distributor) and Columbia Management Investment Services Corp. (the Transfer Agent) — may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the
broker-dealer or other intermediary and your financial advisor to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary’s website for more information.
5
|
Columbia Asia Pacific
ex-Japan Fund
|
225 Franklin Street,
Boston, MA 02110
800.345.6611 columbiamanagement.com
© 2014 Columbia
Management Investment Distributors, Inc.
|
SUM119_10_D01_(03/14)
|
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