Under normal market conditions, the Fund invests at least 80 percent of its net assets (including the amount of any borrowings for investment purposes) in high-yield debt instruments (commonly referred to as junk bonds). These high yield debt instruments include corporate debt securities as well as floating rate loans rated below investment grade by nationally recognized statistical rating organizations (e.g., lower than Baa by Moodys Investors Service, Inc. or lower than BBB by S&P Global Ratings or Fitch Ratings, Inc.), or if unrated, determined by Columbia Management Investment Advisers, LLC (the Investment Manager) to be of comparable quality. The Fund may also invest in investment grade debt instruments and in debt instruments of foreign issuers.