Third Quarter 2014 INVESTMENT COMMENTARY CLASS A | ELGAX CLASS C | ELGCX A strong recovery in growth stocks continued in July and August only to trail off in the closing weeks of September as the equity markets broadly moved lower on concerns of slower-thananticipated global growth. CLASS R | URLGX CLASS R4 | CSRRX CLASS R5 | CGTRX CLASS Z | UMLGX Columbia Select Large Cap Growth Fund Fund performance > Columbia Select Large Cap Growth Fund Class A shares were up 2.67% (excluding sales charge) for the three months ending September 30, 2014, outperforming the Russell 1000 Growth Index’s increase of 1.49% during the same period. > The fund performed well on the fundamental strength of many of our holdings, which posted better-than-expected profit results. > Monthly fund performance is also available online at columbiamanagement.com. Market overview Fund strategy  Invests in financially strong highgrowth companies in industries that are expanding within the economy  Distinctly monitors risk by ensuring that positions have lower levels of correlation to each other and an overall portfolio correlation lower to the benchmark  Run by the same team since 2003, with a historical competitive track record vs. its peers and benchmark The U.S. economy picked up momentum throughout the third quarter with improvements in every sector. Second-quarter gross domestic product growth was revised upward to 4.6%, with expectations that third-quarter growth would also be above trend. > American companies added more than 200,000 new jobs monthly, driving unemployment below 6% for the first time since 2008. > Consumer spending got a boost as both income and savings rose, and confidence hit a post-recession high. > After a weak start to the year, corporate profits rebounded, indicating that business remains in good shape. Rising profits led to higher capital spending. > The housing market recovery remained on track, as home sales and prices trended higher, and inventories declined. > Manufacturing remained a lynchpin of the economy's expansion. Even so, performance fell short of expectations at the end of the period. The financial markets produced lackluster results, despite good economic news and the Federal Reserve's reassurance that it intended to keep short-term interest rates low for another year. A surge in global tensions and concerns that equity valuations have risen Average annual total returns (%) for period ended September 30, 2014 Columbia Select Large Cap Growth Fund 1-year 3-year 5-year 10-year 2.67 14.18 22.09 17.03 10.68 -3.21 7.64 19.69 15.65 10.02 Class Z 2.74 14.41 22.40 17.31 10.94 Russell 1000 Grow th Index 1.49 19.15 22.45 16.50 8.94 Class A w ithout sales charge1 Class A w ith 5.75% maximum sales charge1 Expense ratio2 Share class A Without waiver (gross) 1.10% With waiver (net) — Z 0.85% — 3-m on. Performance data shown represents past performance and is not a guarantee of future results. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data shown. Please visit columbiamanagement.com for performance data current to the most recent month end. Class Z shares are sold at net asset value and have limited eligibility. Columbia Management offers multiple share classes, not all necessarily available through all firms, and the share class ratings may vary. Contact us for details. Columbia Management Investment Distributors, Inc. 225 Franklin Street, Boston, MA 02110-2804 columbiamanagement.com blog.columbiamanagement.com 800.426.3750 1032083 (10/14) Third Quarter 2014 INVESTMENT COMMENTARY Top holdings (% of net assets): as of 9-30-2014 Linkedin Corp - A 4.34 Vertex Pharmaceuticals Inc 4.28 Amazon.Com Inc 4.17 Fastenal Co 3.87 Priceline Group Inc/The 3.81 Facebook Inc-A 3.65 Salesforce.Com Inc 3.58 Visa Inc-Class A Shares 3.57 Biogen Idec Inc 3.51 Celgene Corp 3.51 Sector weights (%): fund vs. benchmark as of 9-30-2014 Info tech 28.43 Health care Top five contributors Effect on return (%) 26.89 13.64 21.60 18.23 Cons disc 6.46 Industrials 11.86 5.80 5.68 Energy 3.18 4.23 Materials Cons staples 0.00 Financials 0.00 10.35 5.13 0.00 2.37 Telecom svcs 0.00 0.09 Utilities Top holdings exclude short-term holdings and cash, if applicable. Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security. 36.07 0 10 Columbia Select Large Cap Growth Fund 20 30 40 Russell 1000 Growth Index sharply put a damper on investor enthusiasm. The S&P 500 Index inched ahead 1.13%, buoyed by its concentration in large-cap stocks with a defensive edge. Health care and information technology stocks outperformed, with particularly strong performance from biotechnology. In a challenging environment, growth stocks held up better than value. Large-cap stocks outperformed mid- and small-cap stocks, with the latter trailing by a considerable margin. LinkedIn Corp - A 0.82 Pharmacyclics Inc 0.78 Gilead Sciences 0.74 Contributors and detractors Facebook Inc-A 0.61 Vertex Pharmaceuticals Inc 0.55 For high-growth investors, the third quarter proved to be a mirror image of the second. A strong recovery in growth stocks continued in July and August only to trail off in the closing weeks of September as the equity markets broadly moved lower on concerns of slower-than-anticipated global growth. Overall, the fund performed well throughout the period, as the growth and fundamental strength of many of our holdings were on display this earnings season  posting better-than-expected results. Given the underlying strength of these unique growth opportunities, the market responded positively by driving many names higher. Top five detractors Effect on return (%) Michael Kors Holdings Ltd -0.63 Fastenal Co -0.40 Monsanto -0.35 Illumina -0.30 Cognizant Tech Solutions-A -0.28 Investor sentiment shifts, like the one we witnessed last spring, can eventually lead to pronounced outperformance, in a coiled spring fashion, when our portfolio recovers. Many times, the market focuses on near term concerns and fails to appreciate the high rate of compounding that true organic growth companies can generate. We continue to believe that as long-term investors, remaining patient and disciplined to our process will continue to be the key for success. As we previously discussed, the polar vortex that ensnared our high-growth portfolio tended to bottom out around May 8 of this year. Since that period, the portfolio has performed well and made up much of the lost growth. 2 Third Quarter 2014 INVESTMENT COMMENTARY Performance attribution for the 3-month period ending 9-30-2014 compared to the Russell 1000 Growth Index Sector allocation Stock selection Net value added 2.00 1.00 0.50 0.00 Value Added 1.50 -0.50 -1.00 The analysis includes portfolio management decisions regarding sector allocation and security selection w ithin that sector. The net value added reflects the combination of both the sector allocation and the security selection. Effects do not reflect fees and expenses and will vary from the fund’s actual return. Source: FactSet. From March 1 to May 8, the Russell 1000 Growth Index provides a sense of scale for this reversal. During that time, the highest 20% of long-term projected earnings growth companies (approximately 17.9% earnings-per-share (EPS) growth or better, where the bulk of our portfolio is invested), returned -9.76%. This compares to a positive 4.10% for the lowest 20% of growth companies (8.9% EPS growth and lower). During the recovery stage of May 8 through September 30, the highest 20% of growth companies returned 14.06% vs. the lowest quintile at 4.09%, which has helped absolute and relative returns. During the quarter, the bulk of the portfolio’s relative outperformance occurred within the health care and information technology sectors. These positives outweighed lesser results in the consumer discretionary and industrials sectors, which lagged. In health care, the portfolio’s holdings in the biotechnology industry proved beneficial, as positions in Pharmacyclics, Vertex Pharmaceuticals, Gilead Sciences and Celgene were all notable contributors. Pharmacyclics, focused on the development and commercialization of small-molecule drugs for oncology and immunology, delivered an impressive quarter on higher-than-expected sales results from its Imbruvica launch. Imbruvica is used to treat lymphocytic leukemia. Shares rallied, as the drug is on track to be one of the top product launches in oncology. Vertex Pharmaceuticals continued to outperform after a significant move higher in June, when the company announced a positive key phase-three trial that detailed positive results from its combination of cystic fibrosis treatments Kalydeco and VX-809. Gilead Sciences (HIV and hepatitis C treatments) posted another strong quarter, exceeding expectations on the strength of its hepatitis C blockbuster treatment Solvaldi. Given Gilead Science’s positive performance, we trimmed our position but remain invested in the company. Celgene (treatments for multiple myeloma) continued to execute well and late in the quarter announced FDA approval for its psoriasis treatment Otezla. 3 Third Quarter 2014 INVESTMENT COMMENTARY In information technology, the majority of the outperformance occurred within the internet software industry, as our position in professional social networking site LinkedIn rallied. LinkedIn, which had struggled earlier in the year on margin concerns from an increased research and development spend, delivered a strong quarter and exceeded revenue and earnings estimates. The company announced that it had surpassed 300 million users, and its talent solutions business performed better than expected, as it was the primary growth driver for the quarter. Positions in Chinese internet search provider Baidu and social networking site Facebook were also relative outperformers, as both companies rallied. Baidu posted a solid quarter and beat expectations, with the company benefiting from its investments in mobile that has now grown to 30% of its business from 10% only a year earlier. Facebook announced another strong quarter after exceeding sales and earnings expectations on the strength of its mobile advertising business. Facebook increased mobile ad revenue 67% year over year, which now accounts for 62% of the company’s total ad revenue. Additionally, Facebook’s margins improved, as the firm’s ad services continued to appeal to advertisers who demanded more targeted audiences. That trend has led these advertisers to pay higher prices to meet their needs. During the quarter, we parted ways with our long-term holding in Google and established a new position in Twitter. Google was a very successful investment over the last decade, as we originally initiated a position in 2005. Over this period, we have witnessed the company’s revenues grow from approximately $4 billion to over $50 billion, and the stock has outperformed. We decided to sell the stock due to concerns around fundamentals, including capital allocation decisions, lack of strategic focus and the impact to the company’s long-term margin structure, which could ultimately lead to multiple compression. Twitter is a social media property focused on public, real-time content creation and distribution. With over 270 million monthly active users at the end of the June quarter, Twitter has achieved significant global scale and is among the 10 largest digitally connected audiences in the world. Over the past two years, Twitter’s base has nearly doubled and should continue to grow as more and more users discover the value of the platform. As the user base grows and is more engaged on Twitter, discovering more content and following more users and brands, the company’s knowledge of user interests improves. This knowledge is seen as a unique and differentiated property for advertisers because of this large and growing global user base that accesses public and real-time content, primarily on mobile devices, with great insight into user interests. Twitter’s addressable market opportunity is large and growing, as the global advertising market is approximately $550 billion while the total internet advertising market is currently $125 billion and expected to exceed $200 billion by 2020. This compares to Twitter’s expected revenues for 2014 of estimated $1.4 billion. We believe the company will continue to grow its user base and improve monetization levels over time, given its unique characteristics for advertisers. We expect this will lead to robust revenue growth, margin expansion and earnings growth. The fund lost ground in the consumer discretionary and industrials sectors for the quarter. In consumer discretionary, our position in fashion apparel designer Michael Kors was a notable detractor, as shares declined in the double digits for the period. In a mixed period for many retailers, Michael Kors continued to deliver strong top-line sales growth of 43% year over year and exceeded earnings estimates. However, investor concerns 4 Third Quarter 2014 INVESTMENT COMMENTARY regarding margins weighed on the stock, sending it lower. We maintained our position, as we continued to believe that the company is well positioned to take share within the affordable luxury segment of consumer spending. Within the internet and catalog retail industry, our positions in online travel booking site Priceline.com and ecommerce leader Amazon.com did not keep pace and were relative detractors. Priceline.com, which generates sales and growth from Europe, pulled back late in the quarter, as investors grew concerned about the effect of the newfound strength of the U.S. dollar vs. the euro. Amazon.com fell sharply in July after announcing an inline quarter with revenue growth of 23% year over year, but rattled investors on increased spending initiatives, particularly in technology and content. Given the company’s scale and investments in technology to deepen customer interactions, we continue to believe in Amazon’s long-term growth story, as the company not only takes share from traditional brick and mortar retailers but also other ecommerce rivals. Elsewhere in consumer discretionary, we established a position in Tractor Supply Company, a rural-lifestyle retailer headquartered in Tennessee. The company has over 1300 stores in 48 states, and customers include recreational farmers, small businesses and ranchers. Tractor Supply Company offers a wide range of products, including livestock supplies, hardware, clothing and agricultural products. Tractor Supply Company has consistently delivered steady store growth and steady margin improvements, which we believe can provide an attractive total return from this unique and established growth company. In industrials, holdings in industrial fastener distributor Fastenal and aerospace metal component supplier Precision Castparts held back relative results, as both companies declined for the quarter. Fastenal reported an inline quarter, but shares trended lower on concerns that near-term margin targets would come in lower than expected. Precision Castparts shares sold off, as the company came in shy of earnings expectations, but reaffirmed long-term expectations. Outlook The market has recently grown anxious about global growth. We believe the best path to navigate this environment is to seek out unique business models that offer differentiated products and services that can grow regardless of the overall economic environment. Companies that offer the right product at the right price at the right time can garner an increased wallet-share percentage of consumer and business spending and take market share from more traditional commoditized competitors. While growth is always a key factor for a company’s long-term success, we believe it is also critical to find companies that can self-finance this growth with high-quality balance sheets. If financial conditions tighten, we will expect high-quality companies to lead the way as leveraged companies may struggle. Currently we are finding attractive growth opportunities in a range of areas including groundbreaking biotechnology therapies treating illnesses that were untreatable only a few years ago, information technology companies that have changed the way we communicate and advertise, disruptive ecommerce models and retailers that offer musthave items. We continue to approach our strategy with a long-term focus, maintaining our high-conviction growth names and allowing this growth to compound for years to come, which we believe will translate into attractive returns going forward. 5 Third Quarter 2014 INVESTMENT COMMENTARY Commentaries now available via email Stay informed about your investments by subscribing to receive commentaries and other fund updates by email. Simply register with our subscription center and choose the publications you’d like to receive. We’ll take care of the rest. Subscribe Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus and, if available, a summary prospectus, which contains this and other important information about the funds, visit columbiamanagement.com. The prospectus should be read carefully before investing. Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA and managed by Columbia Management Investment Advisers, LLC. Investment Risks Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. 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. Foreign investments subject the fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Investments in a limited number of companies or sectors, subject the fund to greater risk of loss. The views expressed are as of the date given, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor's specific financial needs, objectives, goals, time horizon, and risk tolerance. Asset classes described in this [report] may not be suitable for all investors. Past performance does not guarantee future results and no forecast should be considered a guarantee either. Since economic and market conditions change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate. Additional performance information: All results shown assume reinvestment of distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The fund returns shown include the performance of Excelsior Large Cap Growth Fund, a series of Excelsior Funds, Inc. and the predecessor to the Fund, for periods prior to March 31, 2008. 1 The returns shown for periods prior to the share class inception date (including returns since inception, which are since fund inception) include the returns of the fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appendedperformance for more information. 2 Expense ratios are generally based on the fund's most recently completed fiscal year and are not adjusted for current asset levels or other changes. In general, expense ratios increase as net assets decrease. See the fund's prospectus for additional details. Performance attribution is used to help explain the impact of the manager's investment decisions with regard to overall investment policy, asset allocation, security selection and activity. Sector Allocation represents the contribution of the various sectors to a fund or portfolio’s return. Stock Selection represents the contribution to return of the specific stocks within a particular sector and the Net Value Added represents the combination of both. The Russell 1000 Growth Index is an unmanaged index that measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values The Standard & Poor's 500 Index (S&P 500 Index) is an unmanaged list of common stocks which includes 500 large companies. Indices shown are unmanaged and do not reflect the impact of fees. It is not possible to invest directly in an index. 6