The Fund invests at least 80% of its assets in equity securities of companies located in countries outside of the United States. The Fund invests primarily in companies that are located in the countries included, at the time of purchase, in the MSCI EAFE Index, which includes developed countries outside of North America. However, the Fund may invest up to 20% of its net 

assets in companies located in countries not represented in this index, including emerging market countries. Equity securities in which the Fund may invest include common stock, preferred stock, depositary receipts, rights, warrants, and exchange-traded funds (ETFs). The Fund also may invest in convertible securities (fixed income securities convertible into shares of common or preferred stock). 

Columbia focuses on companies that it believes are fundamentally strong, have attractive valuations, possess growing investor interest, and may outperform the overall equity market. Using a unique approach which combines the use of proprietary analytical tools and the qualitative judgments of the investment team, Columbia selects equity securities that it believes will provide higher returns than the MSCI EAFE Index, its benchmark index. As part of this process, Columbia considers numerous factors including (but not limited to) valuation, earnings quality, earnings growth potential, and earnings and price momentum. Columbia also integrates environmental, social, and governance (ESG) considerations into its investment process. Columbia invests in those securities it believes will provide a better return relative to their risk than other securities. Columbia may sell a security for numerous reasons, including if a company’s fundamentals deteriorate or Columbia believes a company’s fundamentals will deteriorate, if another security appears to provide the potential for a better return relative to its risk, if Columbia believes the security is no longer attractively valued, or if Columbia believes the security will no longer help the Fund achieve its investment objective. Columbia also may sell a security to manage the size of a holding or sector weighting or to fund redemptions. 

In determining where a company is located, Columbia primarily relies on the country where the company is incorporated, but also may consider the country where the company’s revenues are derived and the primary market listing for the class of shares to be purchased. The Fund may invest in companies across all market capitalizations and may at times focus its investments in one or more sectors. 

From time to time, the 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.