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As filed with the Securities and Exchange Commission on August 19, 2021

Securities Act File No. 333-[    ]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-14

REGISTRATION STATEMENT

UNDER

COLUMBIA FUNDS SERIES TRUST II

(Exact Name of Registrant as Specified in Charter)

290 Congress Street, Boston, Massachusetts 02210

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, Including Area Code: (800) 345-6611

TITLE OF SECURITIES BEING REGISTERED:

Class A, Class Advisor (“Class Adv”) and Class Institutional 3 (“Class Inst3”) shares of the Columbia Integrated Large Cap Value Fund, a series of the Registrant.

Class A, Class Adv and Class Inst3 shares of the Columbia Integrated Large Cap Growth Fund, a series of the Registrant.

Class A and Class Adv shares of the Columbia Integrated Small Cap Growth Fund, a series of the Registrant.

Class A, Class Adv and Class Inst3 shares of the Columbia Pyrford International Stock Fund, a series of the Registrant.

Class A and Class Adv shares of the Columbia Ultra Short Municipal Bond Fund, a series of the Registrant.

Approximate Date of Proposed Public Offering: As soon as practicable after the effective date of this Registration Statement.

No filing fee is required because an indefinite number of shares have previously been registered pursuant to Rule 24f-2 under the Investment Company Act of 1940.

The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until this Registration Statement shall become effective on such date as the Commission, acting pursuant to Section 8(a), may determine.

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BMO FUNDS, INC.

BMO Dividend Income Fund

BMO Large-Cap Value Fund

BMO Low Volatility Equity Fund

BMO Large-Cap Growth Fund

BMO Small-Cap Growth Fund

BMO Pyrford International Stock Fund

BMO Ultra Short Tax-Free Fund

790 North Water Street, Suite 1100

Milwaukee, Wisconsin 53202

1-800-236-FUND

(1-800-236-3863)

www.bmofunds.com

[●], 2021

Dear Shareholder:

I am writing to inform you that a joint special meeting of shareholders of the BMO Funds, Inc. (the “Target Company”) will be held at 9:00 a.m., local time, on November 8, 2021, at the Target Company’s principal executive offices at 790 North Water Street, Suite 1100, Milwaukee, Wisconsin 53202. The purpose of the meeting is to ask shareholders to:

If you are a shareholder of record of a Target Fund as of the close of business on August 31, 2021, you have the opportunity to vote on the Reorganization Proposal affecting your Target Fund and, if applicable, the Investment Advisory Agreement Proposal or the Subadvisory Agreement Proposal. The Reorganization Proposals, the Investment Advisory Agreement Proposal and the Subadvisory Agreement Proposal are referred to together as the “Proposals” and each, a “Proposal.” This package contains information about the Proposals and the materials to use when casting your vote. If a Reorganization Proposal is approved by a Target Fund’s shareholders and the other conditions to the closing of the reorganization are satisfied or waived on the effective date of the reorganization, the Target Fund’s shareholders will be issued shares of the corresponding Acquiring Fund that are equal in aggregate net asset value to the shares of the Target Fund that those shareholders held immediately prior to the effective time of the reorganization.

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The Proposals have been recommended by BMO AM, the investment adviser to the Target Funds, and the Proposals have been carefully reviewed and approved by the Board of Directors of the Target Company (the “BMO Funds Board”). Based on its review, the BMO Funds Board recommends that you vote “FOR” the Proposal(s) for your Target Fund. More information on the specific details of, and reasons for, the Proposals is contained in the enclosed Combined Proxy Statement/Prospectus.

Please read the enclosed materials carefully and cast your vote on the proxy card. Your vote is extremely important, no matter how large or small your holdings may be.

Voting is quick and easy. To cast your vote, simply complete the proxy card enclosed in this package. Be sure to sign the card before mailing it in the postage-paid envelope. You may also vote your shares by touch-tone telephone. Simply call the toll-free number on your proxy card, enter the control number found on the card, and follow the recorded instructions. You may also vote your shares by Internet. Simply go to the website indicated on your proxy card, enter the control number found on the front of your proxy card, and follow the instructions to cast your vote. You may receive a call from our proxy solicitor, Broadridge Financial Solutions, Inc., reminding you to vote.

If you have any questions before you vote, please call our proxy solicitor at 1-888-991-1289. Thank you for your participation in this important initiative.

Sincerely,

John M. Blaser, President

BMO Funds, Inc.

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QUESTIONS & ANSWERS

This is a brief overview of the Proposals to be considered by shareholders of (i) BMO Dividend Income Fund, (ii) BMO Large-Cap Value Fund, (iii) BMO Low Volatility Equity Fund, (iv) BMO Large-Cap Growth Fund, (v) BMO Small-Cap Growth Fund, (vi) BMO Pyrford International Stock Fund and (vii) BMO Ultra Short Tax-Free Fund (each, a “Target Fund” and together, the “Target Funds”), each a series of BMO Funds, Inc. (the “Target Company”). We encourage you to read the full text of the enclosed Combined Proxy Statement/Prospectus to obtain detailed information with respect to the Proposal(s) for your Target Fund.

Reorganization Proposals

Q: What is a fund reorganization?

A fund reorganization involves one target fund transferring all of its assets to an acquiring fund in exchange for shares of such acquiring fund and the assumption by the acquiring fund of all identified liabilities and obligations of the target fund. Once completed, shareholders of the fund being reorganized (i.e., the target fund) will hold shares of the acquiring fund.

Q: What is the Reorganization Proposal for my Target Fund(s)?

As a shareholder of one or more of the Target Funds, you are being asked to vote on a reorganization involving your Target Fund (each, a “Reorganization” and together, the “Reorganizations”) into a corresponding, newly formed series of Columbia Funds Series Trust II (each, an “Acquiring Fund” and together, the “Acquiring Funds”) managed by Columbia Management Investment Advisers, LLC (“Columbia”). As proposed, each Target Fund would reorganize into an Acquiring Fund as set forth in the table below:

Q: Why are the Reorganizations being proposed?

Bank of Montreal, the parent of BMO Asset Management Corp. (“BMO AM”), reached a definitive agreement with Ameriprise Financial, Inc. (“Ameriprise”), the parent of Columbia, to sell the entities that represent its EMEA (Europe, the Middle East and Africa) asset management business (the “EMEA Purchase Agreement”). In addition, BMO AM and Bank of Montreal (collectively, “BMO”) have determined to exit the mutual fund investment advisory business in the United States, including ceasing management of the Target Funds. The EMEA acquisition also establishes a strategic relationship between Ameriprise and BMO, giving its North American wealth management clients opportunities to access a range of Columbia Threadneedle Investments¹ management solutions. To ensure that shareholders of the Target Funds have continued access to a large and stable mutual fund platform, BMO AM has proposed reorganizing each of the Target Funds into a newly formed Acquiring Fund with an investment strategy that is similar and, in certain cases, substantially identical to that of the Target Fund. Columbia or an affiliate will pay BMO an amount based on a percentage of the advisory fees previously paid by the Target Funds to BMO AM with respect to the assets transferred in the Reorganizations.

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Q: Will the portfolio managers of my fund change as a result of the Reorganizations?

Columbia will serve as investment adviser to the Acquiring Funds following the Reorganizations. BMO AM currently serves as the investment adviser to the Target Funds. While your Fund’s investment adviser will change, members of the portfolio management team for certain Target Funds are expected to become employees of Columbia and continue to manage the Funds. See “Section E — Additional Information Applicable to the Acquiring Funds — Portfolio Managers” in the enclosed Combined Proxy Statement/Prospectus for information regarding each Acquiring Fund’s portfolio manager(s). With respect to Columbia Pyrford International Stock Fund, the current subadviser, Pyrford International Ltd. (“Pyrford”), will continue to manage the Fund following the Reorganization.

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Q: Will there be any changes to the options or services associated with my account as a result of the Reorganizations?

Yes. All services will be provided by the Acquiring Funds and their service providers following the Reorganizations. The account-level features and options such as dividend distributions, dividend diversification, automatic investment plans, systematic withdrawals and dollar-cost averaging currently offered by the Acquiring Funds are detailed in Section D of the enclosed Combined Proxy Statement/Prospectus. If you purchase shares through a broker-dealer or other financial intermediary, please contact your financial intermediary for additional details.

Q: What are the costs of the Reorganizations?

You will not pay any sales charges in connection with receiving Acquiring Fund shares issued in the Reorganizations. Reorganization costs will be allocated among BMO AM, Columbia and their affiliates, whether or not such Reorganizations are consummated. Costs of the Reorganizations, which are estimated to be approximately [●], will not be borne by the Target Funds or Acquiring Funds.

Q: Will there be any costs associated with portfolio repositioning?

There may be repositioning costs in connection with some of the Reorganizations. BMO AM has agreed to bear brokerage commissions and transaction fees arising from sales of portfolio assets of a Target Fund by the Target Fund in anticipation of the Reorganization. See the Reorganization Proposal for each Target Fund in the Combined Proxy Statement /Prospectus for additional information regarding portfolio repositioning.

Q: What are the U.S. federal income tax consequences of the Reorganizations?

Each Reorganization is expected to qualify as a tax-free reorganization for U.S. federal income tax purposes. Accordingly, it is expected that Target Fund shareholders who receive shares of the corresponding Acquiring Fund in a Reorganization will not recognize gain or loss as a direct result of the Reorganization and no Acquiring Fund will recognize gain or loss as a direct result of the Reorganization. Prior to the closing of the Reorganizations of BMO Dividend Income Fund, BMO Large-Cap Value Fund and BMO Low Volatility Equity Fund into Columbia Integrated Large Cap Value Fund, each Target Fund expects to declare a distribution of all its net investment income and net capital gains, if any. All or a portion of such distribution may be taxable to each such Target Fund’s shareholders for U.S. federal income tax purposes. To the extent that portfolio securities of such Target Funds are sold in connection with any portfolio repositioning prior to the closing of the Reorganization, the Target Fund may realize gains or losses, which may increase or decrease the net capital gains or net investment income to be distributed by such Target Fund. For more information see the section of the enclosed Combined Proxy Statement/Prospectus entitled “Section A— Proposals 1-7: Reorganization Proposals—Additional Information About the Reorganizations—U.S. Federal Income Tax Status of the Reorganizations.”

Q: Will there be any changes to my fees and expenses as a result of the Reorganizations?

Yes. Following the proposed Reorganizations, the expenses borne by Target Fund shareholders as shareholders of the corresponding Acquiring Fund will change, as described in detail in the enclosed Combined Proxy Statement/Prospectus under “Section A—Proposals 1-7: Reorganization Proposals—Summary—Fees and Expenses.”

Q: If approved, when will the Reorganizations happen?

Each Reorganization will take place following shareholder approval of such Reorganization, and, depending on the Target Fund, is expected to close in the fourth quarter of 2021 or the first quarter of 2022.

Q: How does the Board of Directors of the Target Company recommend that I vote on the Reorganization Proposals?

After careful consideration, the Board of Directors of the Target Company (the “BMO Funds Board”) recommends that you vote “FOR” the Reorganization Proposal with respect to your Target Fund.

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Q: Am I being asked to vote on a proposed new Investment Advisory Agreement with Columbia or a new Subadvisory Agreement with Pyrford?

Only shareholders of BMO Dividend Income Fund, BMO Large-Cap Value Fund, BMO Low Volatility Equity Fund, BMO Large-Cap Growth Fund and BMO Small-Cap Growth Fund (each, a “BMO Equity Fund” and together, the “BMO Equity Funds”) are being asked to consider and vote on a new investment advisory agreement between the Target Company, with respect to each of the BMO Equity Funds, and Columbia (the “Investment Advisory Agreement Proposal”). Shareholders of BMO Pyrford International Stock Fund are being asked to consider and vote on a new subadvisory agreement between BMO AM and Pyrford (the “Subadvisory Agreement Proposal”). The Investment Advisory Agreement Proposal and the Subadvisory Agreement Proposal are referred to together as the “Advisory Agreement Proposals” and each, an “Advisory Agreement Proposal.”    

Q: Why are shareholders of the BMO Equity Funds being asked to vote on the Investment Advisory Agreement Proposal?

Shareholders of the BMO Equity Funds are being asked to consider and vote on the Investment Advisory Agreement Proposal because certain investment personnel of BMO AM, including the investment personnel currently responsible for managing the assets of the BMO Equity Funds, are expected to become employees of Columbia and may do so prior to the closing of the Reorganizations of such Target Funds. As a result, shareholders of the BMO Equity Funds are being asked to vote on the Investment Advisory Agreement Proposal to assure continuity of portfolio management—i.e., by the same investment personnel currently managing the BMO Equity Funds—but only to the extent the Reorganization of a BMO Equity Fund does not close prior to the investment personnel becoming employees of Columbia.

Q: Why are shareholders of BMO Pyrford International Stock Fund being asked to vote on the Subadvisory Agreement Proposal?

Currently, Pyrford serves as subadviser to BMO Pyrford International Stock Fund and is a wholly-owned subsidiary of Bank of Montreal. Pursuant to the EMEA Purchase Agreement, it is expected that Ameriprise Financial will acquire Pyrford prior to the closing of the Reorganization of BMO Pyrford International Stock Fund. The closing of the transactions under the EMEA Purchase Agreement will be deemed to result in the “assignment” and termination of the current subadvisory agreement between Pyrford and BMO AM (the “Current Subadvisory Agreement”) within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”). Shareholders of BMO Pyrford International Stock Fund are being asked to consider and vote on the Subadvisory Agreement Proposal to assure continuity of subadvisory services—i.e., by the same investment personnel currently providing subadvisory services to BMO Pyrford International Stock Fund—if the Reorganization of BMO Pyrford International Stock Fund does not close prior to the assignment and termination of the Current Subadvisory Agreement.

Q: What happens if shareholders of a BMO Equity Fund or BMO Pyrford International Stock Fund do not approve the applicable Advisory Agreement Proposal?

If shareholders of a BMO Equity Fund and/or BMO Pyrford International Stock Fund do not approve the applicable Advisory Agreement Proposal, Columbia or Pyrford could, pursuant to Rule 15a-4 under the 1940 Act, serve as adviser or subadviser, respectively, to such Fund for up to 150 days under the terms of, as applicable, an interim advisory agreement between the Target Company, on behalf of the applicable BMO Equity Fund, and Columbia (an “Interim Advisory Agreement”) or an interim subadvisory agreement between BMO AM and Pyrford, with respect to BMO Pyrford International Stock Fund (the “Interim Subadvisory Agreement” and together with an Interim Advisory Agreement, the “Interim Agreements” and each, an “Interim Agreement”), respectively, each of which the BMO Funds Board has approved. Pyrford may also begin providing services under the Interim Subadvisory Agreement if the transactions under the EMEA Purchase Agreement close before the meeting of shareholders of the BMO Pyrford International Stock Fund. Under an Interim Agreement, the adviser’s and subadviser’s fees would be held in an interest-bearing escrow account. If the applicable Advisory Agreement Proposal is approved by the end of the 150 day period, the compensation (plus interest) payable under the applicable Interim Agreement will be paid to Columbia or, as applicable, Pyrford, but if the applicable Advisory Agreement Proposal is not approved, Columbia or, as applicable, Pyrford will be paid, out of the escrow account, the lesser of (i) any costs incurred in providing investment advisory services or, as applicable, sub-advisory services to the applicable Fund (plus interest earned on that amount while in escrow) or (ii) the total amount in the escrow account (plus interest earned).

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Q: How does the BMO Funds Board recommend that I vote on the Advisory Agreement Proposals?

After careful consideration, the BMO Funds Board recommends that you vote “FOR” the Investment Advisory Agreement Proposal with respect to each BMO Equity Fund and “FOR” the Subadvisory Agreement Proposal with respect to BMO Pyrford International Stock Fund.

General Information

Q: How can I vote?

You can vote in one of four ways:

The deadline for voting by telephone or Internet is 11:59 P.M. E.T. on November 7, 2021. We encourage you to vote as soon as possible to avoid the cost of additional solicitation efforts. Please refer to the enclosed proxy card for instructions for voting by telephone, Internet or mail.

Q: Whom should I call if I have questions?

If you have questions about any of the Proposals described in the Combined Proxy Statement/Prospectus or about voting procedures, please call the Target Funds’ proxy solicitor, Broadridge Financial Solutions, Inc., toll free at 1-888-991-1289.

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BMO FUNDS, INC.

BMO Dividend Income Fund

BMO Large-Cap Value Fund

BMO Low Volatility Equity Fund

BMO Large-Cap Growth Fund

BMO Small-Cap Growth Fund

BMO Pyrford International Stock Fund

BMO Ultra Short Tax-Free Fund

790 North Water Street, Suite 1100

Milwaukee, Wisconsin 53202

1-800-236-FUND

(1-800-236-3863)

www.bmofunds.com

NOTICE OF SPECIAL JOINT MEETING OF SHAREHOLDERS

To be held on November 8, 2021

A Special Joint Meeting of Shareholders (the “Meeting”) of each of the funds listed above will be held at 9:00 a.m., local time, on November 8, 2021, at 790 North Water Street, Suite 1100, Milwaukee, Wisconsin 53202, for the purpose of considering the following proposals, as well as any other business that may properly come before the Meeting or any adjournments thereof.

Shareholders of each of the identified series of BMO Funds, Inc. (the “Target Company”) will vote separately on the proposals as shown below, as well as any other business that may properly come before the Meeting.

Proposals 1-7: Approve the Agreement and Plan of Reorganization

To approve the Agreement and Plan of Reorganization by and among the Target Company, on behalf of its series BMO Dividend Income Fund, BMO Large-Cap Value Fund, BMO Low Volatility Equity Fund, BMO Large-Cap Growth Fund, BMO Small-Cap Growth Fund, BMO Pyrford International Stock Fund and BMO Ultra Short Tax-Free Fund (each, a “Target Fund” and together, the “Target Funds”), Columbia Funds Series Trust II (the “Acquiring Trust”), on behalf of its newly formed series set forth in the table below (each, an “Acquiring Fund” and together, the “Acquiring Funds”), BMO Asset Management Corp. (“BMO AM”), and Columbia Management Investment Advisers, LLC (“Columbia”), pursuant to which (A) each Target Fund, as indicated below, will transfer that portion of its assets attributable to each class of its shares (in aggregate, all of its assets) to the corresponding Acquiring Fund, in exchange for shares of a corresponding class of shares of the Acquiring Fund and the assumption by the Acquiring Fund of all liabilities and obligations of the Target Fund reflected in the Target Fund’s Statement of Assets and Liabilities prepared in accordance with generally accepted accounting principles and any director indemnification obligation of the Target Fund, in each case as described in the Agreement and Plan of Reorganization, followed by the distribution of the Acquiring Fund’s shares of each class to the Target Fund’s shareholders of the corresponding class in complete liquidation of the Target Fund, and (B) the articles of incorporation of the Target Company will be amended to dissolve and terminate each such Target Fund. The consummation of one proposed reorganization is not contingent upon the consummation of any other proposed reorganization.

Shareholders of each Target Fund will vote separately on the reorganization proposals as shown below.

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Proposal 8: Approve a New Investment Advisory Agreement

To approve a proposed new Investment Advisory Agreement between the Target Company, on behalf of its series BMO Dividend Income Fund, BMO Large-Cap Value Fund, BMO Low Volatility Equity Fund, BMO Large-Cap Growth Fund and BMO Small-Cap Growth Fund (together, the “BMO Equity Funds” and each, a “BMO Equity Fund”), and Columbia (the “Proposed Advisory Agreement”), which would take effect only to ensure the continuous portfolio management of a BMO Equity Fund prior to the close of its Reorganization. Shareholders of each of the BMO Equity Funds will vote separately on the Proposed Advisory Agreement for their Fund.

Proposal 9: Approve a New Subadvisory Agreement

To approve a proposed new Subadvisory Agreement between BMO AM and Pyrford International Ltd., with respect to BMO Pyrford International Stock Fund (the “Proposed Subadvisory Agreement”). Shareholders of BMO Pyrford International Stock Fund will vote separately on the Proposed Subadvisory Agreement.

Only shareholders of record of the Target Funds at the close of business on August 31, 2021, the record date for the Meeting, are entitled to notice of and to vote at the Meeting and at any adjournments or postponements thereof.

By order of the Board of Directors,

John M. Blaser

Secretary

[●], 2021

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The information contained in this Combined Proxy Statement/Prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Combined Proxy Statement/Prospectus is not an offer to sell these securities, and it is not soliciting an offer to buy these securities, in any jurisdiction where the offer or sale is not permitted.

SUBJECT TO COMPLETION,

DATED AUGUST 19, 2021

BMO FUNDS, INC.

BMO Dividend Income Fund

BMO Large-Cap Value Fund

BMO Low Volatility Equity Fund

BMO Large-Cap Growth Fund

BMO Small-Cap Growth Fund

BMO Pyrford International Stock Fund

BMO Ultra Short Tax-Free Fund

COMBINED PROXY STATEMENT/PROSPECTUS

Dated [●], 2021

Introduction

This Combined Proxy Statement/Prospectus is provided in connection with the solicitation of proxies to be voted at a special joint meeting of shareholders (the “Meeting”) of BMO Dividend Income Fund, BMO Large-Cap Value Fund, BMO Low Volatility Equity Fund, BMO Large-Cap Growth Fund, BMO Small-Cap Growth Fund, BMO Pyrford International Stock Fund and BMO Ultra Short Tax-Free Fund (together, the “BMO Funds” or the “Target Funds” and each, a “BMO Fund” or a “Target Fund”), each of which is a series of BMO Funds, Inc. (the “Target Company”) and managed by BMO Asset Management Corp. (“BMO AM”). BMO AM is a subsidiary of Bank of Montreal (together, “BMO”). The Meeting is scheduled for November 8, 2021 at 9:00 a.m., local time, at the offices of the Target Company, 790 North Water Street, Suite 1100, Milwaukee, Wisconsin 53202. The purpose of the Meeting is to consider and vote on proposals to reorganize each of the Target Funds into a newly formed series (each, an “Acquiring Fund” and together, the “Acquiring Funds”) of the Columbia Funds Series Trust II (the “Acquiring Trust”) managed by Columbia Management Investment Advisers, LLC (“Columbia”) and to amend the Articles of Incorporation of each Target Company to dissolve and terminate the Target Fund (each, a “Reorganization Proposal” and together, the “Reorganization Proposals”) as follows:

In addition, shareholders of five of the Target Funds—specifically, BMO Dividend Income Fund, BMO Large-Cap Value Fund, BMO Low Volatility Equity Fund, BMO Large-Cap Growth Fund and BMO Small-Cap Growth Fund (together, the “BMO Equity Funds” and each, a “BMO Equity Fund”)—are being asked to consider and vote on a proposal to approve a new investment advisory agreement (the “Proposed Advisory Agreement”) between the Target Company, with respect to such BMO Equity Fund, and Columbia (the “Investment Advisory Agreement Proposal”), which would take effect only to ensure the continuous portfolio management of a BMO Equity Fund prior to the close of its Reorganization (as defined below).

Shareholders of BMO Pyrford International Stock Fund are being asked to consider and vote on a proposal to approve a new subadvisory agreement (the “Proposed Subadvisory Agreement”) between BMO AM, with respect to BMO Pyrford International Stock Fund, and Pyrford International Ltd. (“Pyrford”), the current subadviser to the fund (the “Subadvisory Agreement Proposal”).

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The Reorganization Proposals, the Investment Advisory Agreement Proposal and the Subadvisory Agreement Proposal are referred to together as the “Proposals” or each, a “Proposal.”

Specifically, at the Meeting, you and other shareholders of the BMO Funds will be asked to consider and vote upon the Proposals as follows:

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If shareholders of a Target Fund vote to approve the Agreement and Plan of Reorganization (the “Agreement”) and the other closing conditions are satisfied or waived, shareholders of the Target Fund will receive in their Target Fund’s Reorganization shares of the corresponding Acquiring Fund (in the share class corresponding to their current investment) having an aggregate net asset value equal to the net asset value of the shares of the Target Fund they held immediately prior to the Reorganization, as determined pursuant to the Agreement. The Target Fund will then be liquidated, dissolved and terminated as a series of the Target Company. The table below shows the Target Funds (and share classes) and corresponding Acquiring Funds (and share classes):

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If the shareholders of one or more of the Target Funds approve the Reorganization Proposal but the shareholders of the other Target Fund(s) do not approve the Reorganization Proposal, then the Reorganization(s) will be implemented with regard to the Target Fund(s) that received shareholder approval of the Reorganization Proposal, provided the other closing conditions are satisfied or waived. The Target Company’s Board of Directors (the “BMO Funds Board”) will consider additional actions with respect to any Target Fund that does not receive shareholder approval of the Reorganization Proposal or other closing conditions are not satisfied or waived, which may include liquidating the Target Fund. Among other closing conditions, BMO’s ownership levels in the Acquiring Funds may not exceed certain thresholds immediately after the closing of the Reorganizations.

Shareholders of each BMO Equity Fund will vote separately on the Investment Advisory Agreement Proposal. If shareholders of one or more of the BMO Equity Funds do not approve the Investment Advisory Agreement Proposal, then the Investment Advisory Agreement Proposal will be implemented with regard to the BMO Equity Funds that received shareholder approval of the Investment Advisory Agreement Proposal.

If shareholders of a BMO Equity Fund or BMO Pyrford International Stock Fund do not approve the Proposed Advisory Agreement or Proposed Subadvisory Agreement, respectively, Columbia or Pyrford could, pursuant to Rule 15a-4 under the Investment Company Act of 1940, as amended (the “1940 Act”), serve as adviser or subadviser, as applicable, to such Fund for up to 150 days under the terms of an interim advisory agreement between the Target Company, on behalf of the applicable BMO Equity Fund, and Columbia (an “Interim Advisory Agreement”), or an interim subadvisory agreement between BMO AM and Pyrford, with respect to BMO Pyrford International Stock Fund (the “Interim Subadvisory Agreement” and together with an Interim Advisory Agreement, the “Interim Agreements” and each, an “Interim Agreement”), respectively, each of which the BMO Funds Board has approved. Under such Interim Agreement, Columbia’s or Pyrford’s fees for investment advisory or subadvisory services, respectively, would be held in an interest-bearing escrow account. If the Investment Advisory Agreement Proposal and Subadvisory Agreement Proposal is approved by the end of the 150-day period, the compensation (plus interest) payable under the Interim Agreement will be paid to Columbia and, as applicable, to Pyrford, respectively, but if the Investment Advisory Agreement Proposal and/or Subadvisory Agreement Proposal is not approved, Columbia and/or, as applicable, Pyrford will be paid, out of the escrow account, the lesser of (i) any costs incurred in providing investment advisory or subadvisory services to such BMO Fund(s) (plus interest earned on that amount while in escrow) or (ii) the total amount in the escrow account (plus interest earned). The existing advisory agreement and subadvisory agreement, as applicable, would be terminated upon the Interim Advisory Agreement and Interim Subadvisory Agreement taking effect, respectively.

This document is a proxy statement for each BMO Fund and a prospectus for each corresponding Acquiring Fund. This Combined Proxy Statement/Prospectus and the enclosed proxy card will be mailed to shareholders of each BMO Fund beginning on or about [●], 2021. This Combined Proxy Statement/Prospectus contains information you should know before voting on the Proposal(s) with respect to your BMO Fund. This Combined Proxy Statement/Prospectus also sets forth concisely the information about the Acquiring Funds that an investor should know before investing. You should retain this document for future reference. The shareholders of each BMO Fund will vote separately on the Proposal(s) for their BMO Fund.

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The Proposal for each BMO Fund will be considered by shareholders who owned shares of each respective BMO Fund on August 31, 2021 (the “Record Date”). Each of the BMO Funds and the Acquiring Funds (each, a “Fund” and together, the “Funds”) is a registered open-end management investment company (or a series thereof). The principal business address of the BMO Funds is 790 North Water Street, Suite 1100, Milwaukee, Wisconsin 53202. The telephone number of the BMO Funds is 1-800-236-3863. The principal business address of the Acquiring Funds is 290 Congress Street, Boston Massachusetts 02210. The telephone number of the Acquiring Funds is 1-800-345-6611.

Where to Get More Information

The following documents have been filed with the Securities and Exchange Commission (the “SEC”) and are incorporated into this Combined Proxy Statement/Prospectus by reference:

For a free copy of any of the documents listed above and/or to ask questions about this Combined Proxy Statement/Prospectus, please call your BMO Fund’s proxy solicitor toll free at 1-888-991-1289.

Each Fund is subject to the information requirements of the Securities Exchange Act of 1934, as amended, and the 1940 Act, and files reports, proxy materials and other information with the SEC. Copies of these reports, proxy materials and other information may be obtained, after paying a duplicating fee, by electronic request at publicinfo@sec.gov. In addition, copies of these documents may be viewed online or downloaded from the SEC’s website at www.sec.gov. Copies of the BMO Funds’ documents are also available at no charge on the BMO Funds’ website www.bmofunds.com or by calling 1-800-236-FUND (3863). Copies of the Acquiring Funds’ current prospectuses and statements of additional information are available at no charge at https://www.columbiathreadneedleus.com/investor/ or by calling 1-800-345-6611.

Please note that investments in the Funds are not bank deposits, are not federally insured, are not guaranteed by any bank or government agency and may lose value. There is no assurance that any Fund will achieve its investment objectives.

AS WITH ALL OPEN-END MUTUAL FUNDS, THE SEC HAS NOT APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED ON THE ADEQUACY OF THIS COMBINED PROXY STATEMENT/PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

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SECTION A — PROPOSALS 1-7: REORGANIZATION PROPOSALS

The following information describes the proposed reorganization of each Target Fund into the corresponding Acquiring Fund (each, a “Reorganization” and together, the “Reorganizations”). The Target Funds and the Acquiring Funds are referred to collectively as the “Funds.”

SUMMARY

Bank of Montreal, the parent company of BMO AM, reached a definitive agreement with Ameriprise Financial, Inc. (“Ameriprise Financial”), the parent company of Columbia, to sell to Ameriprise Financial the entities that represent BMO AM’s EMEA (Europe, the Middle East and Africa) asset management business (the “EMEA Purchase Agreement”). In addition, BMO has determined to exit the mutual fund investment advisory business in the United States, including ceasing management of the Target Funds. The EMEA acquisition also establishes a strategic relationship between Ameriprise Financial and BMO, giving its North American wealth management clients opportunities to access a range of Columbia Threadneedle Investments* management solutions. To ensure that shareholders of the Target Funds have continued access to a large and stable mutual fund platform, BMO AM has proposed reorganizing each of the Target Funds into a newly formed Acquiring Fund that will be managed by Columbia with similar, and in certain cases substantially identical, investment objectives, principal investment strategies and risks. BMO AM believes that the Reorganizations offer shareholders of each Target Fund the opportunity to remain invested in an investment company with an investment strategy that is similar to that of the Target Funds and, in certain cases, that is substantially identical to that of the Target Fund and managed by the same investment personnel. Columbia or an affiliate will pay BMO an amount based on a percentage of the advisory fees previously paid by the Target Funds to BMO AM with respect to the assets transferred in the Reorganizations.

The BMO Funds Board has approved the Reorganizations, as has the Board of Trustees of the Acquiring Trust (the “Columbia Funds Board”). If approved by shareholders of a Target Fund, that Target Fund’s Reorganization is expected to close in either the fourth quarter of 2021 or the first quarter of 2022, depending on the Target Fund.

This Combined Proxy Statement/Prospectus is being used by each Target Fund to solicit proxies to vote at the Meeting. Shareholders of each Target Fund are being asked to consider a Reorganization Proposal to approve the Agreement providing for the Reorganization relating to their Target Fund, and an amendment to the Target Company’s articles of incorporation to dissolve and terminate their Target Fund.

The following is a summary of the Reorganization Proposals. More complete information appears later in this Combined Proxy Statement/Prospectus. You should carefully read the entire Combined Proxy Statement/Prospectus and the exhibits because they contain details that are not included in this summary.

How Each Reorganization Will Work. The following provides an overview of how each Reorganization will work.

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U.S. Federal Income Tax Consequences of the Reorganizations. Each Reorganization is expected to qualify as a tax-free reorganization for U.S. federal income tax purposes and will not take place unless the Target Fund and the Acquiring Fund involved in such Reorganization receive a satisfactory opinion of tax counsel substantially to the effect that the Reorganization will qualify as a tax-free reorganization for U.S. federal income tax purposes, as described in more detail in the section entitled “Section A—Proposals 1-7: Reorganization Proposals—Additional Information About the Reorganizations—U.S. Federal Income Tax Status of the Reorganizations.” Accordingly, subject to the limited exceptions described in that section, no gain or loss is expected to be recognized by any Target Fund or its shareholders as a direct result of its Reorganization. A portion of the portfolio assets of certain Target Funds is expected to be sold by those Target Funds before their Reorganization. The actual tax effect of such sales will depend on the difference between the price at which such portfolio assets are sold and the tax basis of the Target Fund in such assets and the holding period of such assets at the time of such sale. Any capital gains recognized in any such sales on a net basis, after reduction by any available capital losses, will be distributed to shareholders as capital gain dividends (to the extent of net realized long-term capital gains over net realized short-term capital losses) and/or ordinary dividends (to the extent of net realized short-term capital gains over net realized long-term capital losses) during or with respect to the year of sale, and such distributions will be taxable to shareholders for U.S. federal income tax purposes. Additionally, because the tax years of BMO Dividend Income Fund, BMO Large-Cap Value Fund and BMO Low Volatility Equity Fund will end as a result of their Reorganizations, those Reorganizations will result in an acceleration of distributions to shareholders from those Target Funds for their respective tax year ending on the date of their Reorganization. Those tax year-end distributions will be taxable, and will include any distributable, but not previously distributed, net income and net capital gains, to the extent not offset by available capital loss carryovers, if any, resulting from portfolio turnover prior to consummation of the Reorganization. At any time prior to a Reorganization, a shareholder may redeem shares of a Target Fund. Any such redemption would likely result in the recognition of gain or loss by the shareholder for U.S. federal income tax purposes. If a shareholder holds Target Fund shares in a non-taxable account, distributions and redemption proceeds with respect to those shares generally will not be currently taxable to the shareholder if those amounts remain in the non-taxable account.

A Target Fund shareholder’s aggregate tax basis in the Acquisition Shares received is expected to carry over from the shareholder’s Target Fund shares, and a Target Fund shareholder’s holding period in the Acquisition Shares is expected to include the shareholder’s holding period in the Target Fund shares.

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For more information about the U.S. federal income tax consequences of the Reorganizations, see the section entitled “Section A—Proposals 1-7: Reorganization Proposals—Additional Information About the Reorganizations—U.S. Federal Income Tax Status of the Reorganizations.” For more information regarding repositioning costs, see the section “Section A—Proposals 1-7: Reorganization Proposals—Summary—Fees and Expenses—Portfolio Turnover” below.

Fees and Expenses. The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of a 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. The tables enable you to compare and contrast the expense levels for the Target Funds and the Acquiring Funds, and obtain a general idea of what the expense levels will be if a Reorganization occurs.

Annual fund operating expenses shown in the tables below are based on expenses for the fiscal period ended February 28, 2021 (annualized) for the Target Funds. Also shown are annual fund operating expenses projected for each Acquiring Fund on a pro forma basis after giving effect to each proposed Reorganization for that Acquiring Fund.

Each Acquiring Fund includes share classes in addition to those whose expenses are shown below. The tables below include only those Acquiring Fund share classes that will participate in a Reorganization. For the Reorganizations of BMO Dividend Income Fund, BMO Large-Cap Value Fund and BMO Low Volatility Equity Fund into Columbia Integrated Large Cap Value Fund, the tables below show the pro forma expenses assuming each Reorganization occurs independently and assuming all three Reorganizations are completed.

In comparing the fees and expenses of a Target Fund and its corresponding Acquiring Fund on a pro forma basis, you may wish to consider differences in fee structure. Each Acquiring Fund will pay Columbia a fee for its management services, which include investment advisory services and administrative services. In contrast, each Target Fund pays BMO AM separate fees for advisory services on the one hand and administrative services on the other hand. BMO AM, as administrator of the Target Funds, is entitled to receive a fee from the Class A, Class I and Class Y shares of each Target Fund of 0.15% of each Target Fund’s average daily net assets. This separate administrative services fee is reflected in each Target Fund’s “Other expenses” in the Annual Fund Operating Expenses tables below.

Shareholders of a Target Fund that hold Class A shares or Class Y shares will receive Class A shares of the corresponding Acquiring Fund. Shareholders of a Target Fund that hold Class I shares will receive Class Adv shares of the corresponding Acquiring Fund. Shareholders of a Target Fund that hold Class R6 shares will receive Class Inst3 shares of the corresponding Acquiring Fund.

Reorganizations of each of BMO Dividend Income Fund, BMO Large-Cap Value Fund and BMO Low Volatility Equity Fund into Columbia Integrated Large Cap Value Fund

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Expense Examples. These examples are intended to help you compare the cost of investing in shares of each of the Target Funds with the cost of investing in the Acquiring Fund on a pro forma basis, and allow you to compare these costs with the cost of investing in other mutual funds. These examples assume that you invest $10,000 in the applicable Fund for the time periods indicated. These examples also assume that your investment has a 5% return each year and that each Fund’s operating expenses remain the same. These examples include any contractual fee waiver/expense reimbursement arrangements only for the period indicated in the Annual Fund Operating Expenses table above. Although your actual costs may be higher or lower, based on those assumptions, your costs would be (whether or not shares are redeemed):

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Portfolio Turnover. Each Fund pays 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 a greater amount of taxes when Fund shares are held in a taxable account. Those costs, which are not reflected in the Annual Fund Operating Expenses table or in the expense examples, affect a Fund’s performance. During each Target Fund’s most recent fiscal year, each Target Fund’s portfolio turnover rate was the following percentage of the average value of such Fund’s portfolio:

The Acquiring Fund will not commence operations until the consummation of the Reorganization(s).

A portion of the portfolio assets of each of BMO Dividend Income Fund and BMO Low Volatility Equity Fund is expected to be sold prior to its Reorganization by such Target Fund. If a Reorganization had occurred as of April 30, 2021, it is estimated that approximately the following percentage of each such Target Fund’s investment portfolio would have been sold by such Target Fund before its Reorganization:

BMO AM will bear brokerage commissions and transaction fees in connection with such repositioning. If such repositioning had occurred as of April 30, 2021, each of BMO Dividend Income Fund and BMO Low Volatility Equity Fund would have realized net capital gains or losses as follows:

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Expense Examples. These examples are intended to help you compare the cost of investing in shares of the Target Fund with the cost of investing in the Acquiring Fund on a pro forma basis, and allow you to compare these costs with the cost of investing in other mutual funds. These examples assume that you invest $10,000 in the applicable Fund for the time periods indicated. These examples also assume that your investment has a 5% return each year and that each Fund’s operating expenses remain the same. These examples include any contractual fee waiver/expense reimbursement arrangements only for the period indicated in the Annual Fund Operating Expenses table above. Although your actual costs may be higher or lower, based on those assumptions, your costs would be (whether or not shares are redeemed):

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Portfolio Turnover. Each Fund pays 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 a greater amount of taxes when Fund shares are held in a taxable account. Those costs, which are not reflected in the Annual Fund Operating Expenses table or in the expense examples, affect a Fund’s performance. During the Target Fund’s most recent fiscal year, the Target Fund’s portfolio turnover rate was 71% of the average value of the Fund’s portfolio. The Acquiring Fund will not commence operations until the consummation of the Reorganization.

Because investment personnel currently managing the Target Fund are expected to transition to Columbia, and because the principal investment strategies of the Target Fund and Acquiring Fund are substantially identical, no material portfolio turnover is expected solely as a result of the Reorganization.

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Expense Examples. These examples are intended to help you compare the cost of investing in shares of the Target Fund with the cost of investing in the Acquiring Fund on a pro forma basis, and allow you to compare these costs with the cost of investing in other mutual funds. These examples assume that you invest $10,000 in the applicable Fund for the time periods indicated. These examples also assume that your investment has a 5% return each year and that each Fund’s operating expenses remain the same. These examples include any contractual fee waiver/expense reimbursement arrangements only for the period indicated in the Annual Fund Operating Expenses table above. Although your actual costs may be higher or lower, based on those assumptions, your costs would be (whether or not shares are redeemed):

Portfolio Turnover. Each Fund pays 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 a greater amount of taxes when Fund shares are held in a taxable account. Those costs, which are not reflected in the Annual Fund Operating Expenses table or in the expense examples, affect a Fund’s performance. During the Target Fund’s most recent fiscal year, the Target Fund’s portfolio turnover rate was 70% of the average value of the Fund’s portfolio. The Acquiring Fund will not commence operations until the consummation of the Reorganization.

Because investment personnel currently managing the Target Fund are expected to transition to Columbia, and because the principal investment strategies of the Target Fund and Acquiring Fund are substantially identical, no material portfolio turnover is expected solely as a result of the Reorganization.

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Expense Examples. These examples are intended to help you compare the cost of investing in shares of the Target Fund with the cost of investing in the Acquiring Fund on a pro forma basis, and allow you to compare these costs with the cost of investing in other mutual funds. These examples assume that you invest $10,000 in the applicable Fund for the time periods indicated. These examples also assume that your investment has a 5% return each year and that each Fund’s operating expenses remain the same. These examples include any contractual fee waiver/expense reimbursement arrangements only for the period indicated in the Annual Fund Operating Expenses table above. Although your actual costs may be higher or lower, based on those assumptions, your costs would be (whether or not shares are redeemed):

Portfolio Turnover. Each Fund pays 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 a greater amount of taxes when Fund shares are held in a taxable account. Those costs, which are not reflected in the Annual Fund Operating Expenses table or in the expense examples, affect a Fund’s performance. During the Target Fund’s most recent fiscal year, the Target Fund’s portfolio turnover rate was 28% of the average value of the Fund’s portfolio. The Acquiring Fund will not commence operations until the consummation of the Reorganization.

Because Pyrford will continue to manage the Acquiring Fund following the Reorganization, and because the principal investment strategies of the Target Fund and Acquiring Fund are substantially identical, no material portfolio turnover is expected solely as a result of the Reorganization.

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Expense Examples. These examples are intended to help you compare the cost of investing in shares of the Target Fund with the cost of investing in the Acquiring Fund on a pro forma basis, and allow you to compare these costs with the cost of investing in other mutual funds. These examples assume that you invest $10,000 in the applicable Fund for the time periods indicated. These examples also assume that your investment has a 5% return each year and that each operating expenses remain the same. These examples include any contractual fee waiver/expense reimbursement arrangements only for the period indicated in the Annual Fund Operating Expenses table above. Although your actual costs may be higher or lower, based on those assumptions, your costs would be (whether or not shares are redeemed):

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Portfolio Turnover. Each Fund pays 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 a greater amount of taxes when Fund shares are held in a taxable account. Those costs, which are not reflected in the Annual Fund Operating Expenses table or in the expense examples, affect a Fund’s performance. During the Target Fund’s most recent fiscal year, the Target Fund’s portfolio turnover rate was 267% of the average value of the Fund’s portfolio. The Acquiring Fund will not commence operations until the consummation of the Reorganization.

Comparison of Acquiring Fund and Target Fund Service Providers. The following provides a comparison of the service providers for the Funds.

Comparison of Target Fund and Acquiring Fund Sales Charges and Distribution Arrangements. Class A shares of each Target Fund are subject to a front-end sales load. For BMO Dividend Income Fund, BMO Large-Cap Value Fund, BMO Low Volatility Equity Fund, BMO Large-Cap Growth Fund, BMO Small-Cap Growth Fund and BMO Pyrford International Stock Fund, the maximum front-end sales load is 5.00%. For BMO Ultra Short Tax-Free Fund, the maximum front-end sales load is 2.00%. For BMO Dividend Income Fund, BMO Large-Cap Value Fund, BMO Low Volatility Equity Fund, BMO Large-Cap Growth Fund, BMO Pyrford International Stock Fund and BMO Small-Cap Growth Fund, purchases of Class A shares of $1 million or more are not subject to a front-end sales load but are subject to a 1.00% contingent deferred sales charge on redemptions of

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shares within 18 months of purchase. Class I shares and Class R6 shares of the Target Funds do not impose a front-end sales load or contingent deferred sales charge. Class A, Class I and Class R6 shares of BMO Pyrford International Stock Fund impose a redemption fee of 2.00% of the amount redeemed for shares held less than 30 days. Each Target Fund’s sales load is subject to reduction or waiver based on factors such as the identity of the buyer, the amount of shares purchased, or the financial intermediary through which a shareholder acquired Target Fund shares.

Class A shares of each Acquiring Fund, except Columbia Ultra Short Municipal Bond Fund, are subject to a front-end sales load of 5.75%. Purchases of Class A shares of between $1 million and $50 million of each Acquiring Fund (except for Columbia Ultra Short Municipal Bond Fund) are subject to a contingent deferred sales charge of 1.00% on redemptions within 12 months of purchase and 0.50% on redemptions after 12 months but within 18 months of purchase. Each Acquiring Fund’s sales load is subject to reduction or waiver based on factors such as the identity of the buyer, the amount of shares purchased, or the financial intermediary through which a shareholder acquired Acquiring Fund shares. Class Adv and Class Inst3 shares of the Acquiring Funds do not impose a front-end sales load or contingent deferred sales charge.

Class A shares of the Target Funds and the Acquiring Funds are subject to a 0.25% Rule 12b-1 distribution and service fee, except for Class A shares of Columbia Ultra Short Municipal Bond Fund, which are subject to a 0.15% Rule 12b-1 distribution and service fee.

Comparison of Target Fund and Acquiring Fund Purchase and Redemption Provisions. Shares of the Target Funds may be purchased or sold on any day the NYSE is open for business. Class A and Class Y shares of the Target Funds have an investment minimum of $1,000 with a subsequent investment minimum of $50. Class I shares have an investment minimum of $1,000,000. In certain instances the investment minimums may be waived in the particular Target Fund’s discretion. Class R6 shares of the Target Funds do not have an investment minimum but may be purchased or sold only by eligible retirement plans. The Target Funds may be purchased by phone, by mail or by wire transaction.

Shares of the Acquiring Funds may be purchased or sold on any day the NYSE is open for business. Class A shares of the Acquiring Funds have a $2,000 investment minimum for non-IRA accounts and a $1,000 investment minimum for IRA accounts. The minimum initial investment in Class Adv and Class Inst3 shares is $2,000 ($1,000 for IRA accounts; $100 for systematic investment plan accounts) for commissionable brokerage platforms where the financial intermediary, acting as broker on behalf of its customers, charges the customer a commission for effecting transactions in Acquiring Fund shares; provided that the financial intermediary has an agreement with the Acquiring Funds’ distributor that specifically authorizes offering, as applicable, Class Adv or Class Inst3 shares within such platform and, with respect to Class Inst3 shares, Acquiring Fund shares are held in an omnibus account; for all other eligible Class Adv share investors, there is no minimum initial investment.

There is no minimum initial investment in Class Inst3 shares for: group retirement plans that maintain plan-level or omnibus accounts with the Acquiring Fund; collective trust funds; affiliated or unaffiliated mutual funds (e.g., funds operating as funds-of-funds); fee-based platforms of financial intermediaries (or the clearing intermediary that they trade through) that have an agreement with the Acquiring Funds’ distributor or an affiliate thereof that specifically authorizes the financial intermediary to offer and/or service Class Inst3 shares within such platform and Acquiring Fund shares are held in an omnibus account; and bank trust departments, subject to an agreement with the Acquiring Funds’ distributor that specifically authorizes offering Class Inst3 shares and provided that Acquiring Fund shares are held in an omnibus account. For certain institutional investors, the minimum initial investment in Class Inst3 is $1 million, which may be waived in the discretion of the Acquiring Funds’ distributor. In each case above where noted that Acquiring Fund shares are required to be held in an omnibus account, the Acquiring Funds’ distributor may, in its discretion, determine to waive this requirement.

There is no minimum initial investment in Class Adv shares for (i) omnibus retirement plans, including self-directed brokerage accounts within omnibus retirement plans that clear through institutional no transaction fee (NTF) platforms; (ii) trust companies or similar institutions; (iii) broker-dealers, banks, trust companies and similar institutions that clear Acquiring Fund share transactions for their client or customer investment advisory or similar accounts through designated financial intermediaries and their mutual fund trading platforms that have been granted specific written authorization from the Acquiring Fund’s transfer agent with respect to Class Adv eligibility apart from selling, servicing or similar agreements; (iv) 501(c)(3) charitable organizations; (v) 529 plans; (vi) health

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savings accounts; and (vii) investors participating in a fee-based advisory program sponsored by a financial intermediary or other entity that is not compensated by the Acquiring Fund for those services, other than payments for shareholder servicing or sub-accounting performed in place of the Acquiring Fund’s transfer agent.

No share classes of the Acquiring Funds have a subsequent investment minimum.

SYNOPSIS OF PROPOSAL 1: COMPARISON OF

BMO DIVIDEND INCOME FUND AND COLUMBIA INTEGRATED LARGE CAP VALUE FUND

Overview. BMO Dividend Income Fund and Columbia Integrated Large Cap Value Fund:

Comparison of Investment Objectives, Principal Investment Strategies and Non-Fundamental Investment Policies. The investment objectives and principal investment strategies of BMO Dividend Income Fund and Columbia Integrated Large Cap Value Fund are set forth in the table below. Each Fund’s investment objective is non-fundamental and may be changed without shareholder approval. Both BMO Dividend Income Fund’s and Columbia Integrated Large Cap Value Fund’s investment policies with respect to 80% of their respective net assets may be changed by the Fund’s Board without shareholder approval as long as shareholders are given 60 days’ advance written notice of the change.

The Funds have similar investment objectives and principal investment strategies; however, there are certain differences. The Target Fund seeks both capital appreciation and income while the Acquiring Fund seeks capital appreciation. Both Funds invest primarily in large capitalization companies similar in size, at the time of purchase, to those within the Russell 1000^® Value Index.

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Additional Information About Principal Investment Strategies. In selecting investments for BMO Dividend Income Fund, BMO AM:

In general, BMO AM believes companies that are undervalued relative to their fundamentals and exhibit improving investor interest outperform the market over full market cycles. From time to time, BMO Dividend Income Fund maintains a portion of its assets in cash. The Fund may increase its cash holdings in response to market conditions or in the event attractive investment opportunities are not available.

In pursuit of Columbia Integrated Large Cap Value Fund’s investment objective, the Fund’s portfolio managers will seek to invest in value companies with long-term capital appreciation potential available at reasonable prices, believing that such investments can outperform the equity market over a full market cycle, which can be measured from market peak to peak or from market trough to trough. Columbia will employ fundamental and quantitative analysis with risk management analysis to construct the Fund’s portfolio. Columbia will also integrate its assessment of ESG considerations into its investment process. All purchases and sales of portfolio securities will be determined in the portfolio managers’ qualitative judgments developed from their cumulative investment experience.

Comparison of Fundamental Investment Policies. Both BMO Dividend Income Fund Columbia Integrated Large Cap Value Fund have adopted certain fundamental investment policies. Fundamental investment policies cannot be changed without the approval of the holders of a majority of the outstanding shares of the applicable Fund. The term “majority of the outstanding shares” means the vote of (i) 67 % or more of a Fund’s shares present at a meeting, if more than 50% of the outstanding shares of the Fund are present or represented by proxy, or (ii) more than 50% of a Fund’s outstanding shares, whichever is less.

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Comparison of Principal Risks. Columbia Integrated Large Cap Value Fund is subject to the principal risks described in “Section E—Additional Information Applicable to the Acquiring Funds” below. Columbia Integrated Large Cap Value Fund and BMO Dividend Income Fund are subject to many of the same principal risks, but such risks differ primarily due to BMO Dividend Income Fund’s focus on dividend paying common stocks, in order to provide current income, as part of the Fund’s principal investment strategies. In addition, although many principal risk factors attributable to the Funds are similar, they are presented in a different manner by each Fund due to differing disclosure practices between the two fund complexes.

Comparison of Management of the Funds. BMO AM serves as the investment adviser to BMO Dividend Income Fund and supervises the management of the Fund’s investments and business affairs. Columbia will serve as investment manager to Columbia Integrated Large Cap Value Fund, and will provide the Fund with investment research and advice, as well as administrative and accounting services. In its capacity as investment manager, Columbia will manage the day-to-day operations of the Fund, determining what securities and other investments the Fund should buy or sell and executing portfolio transactions. For the fiscal year ended August 31, 2020, BMO Dividend Income Fund paid BMO AM an effective advisory fee of 0.50% of the Fund’s average daily net assets before giving effect to the fee waiver. The table below shows the contractual advisory/management fee schedule for each of the Funds, as applicable. Columbia Integrated Large Cap Value Fund’s management fee schedule will apply following completion of the Reorganization.

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