Form 497K Columbia Funds Series

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Closed-End Investment Company Risk. Closed-end investment companies frequently trade at a discount to their net asset value, which may affect whether the Fund realizes or loses from the sale of the shares of the closed-end investment company. Closed-end investment companies may employ leverage, which also exposes the closed-end investment company to increased risks such as increased volatility.

Counterparty risk.
Counterparty risk is the risk that a counterparty to a transaction in a financial instrument held by the Fund or by a special purpose or structured vehicle in which the Fund invests becomes insolvent or otherwise defaults on its obligations. Accordingly, the Fund may obtain no or limited recovery from its investment, and any recovery may be significantly delayed.

Certificate of Deposit Risk.
Certificates of deposit are certificates issued by a bank or trust company reflecting the ownership of underlying securities issued by foreign companies. Certain foreign securities are traded in the form of American Depositary Receipts and/or Global Depositary Receipts. Representative certificates involve risks similar to the risks associated with investments in foreign securities, including those associated with the country of organization and places of operations of an issuer (and any of its affiliates), which may be related to political, regulatory, economic, social and other conditions or events (including, for example, military confrontations and actions, war, other conflicts, terrorism and disease/virus outbreaks and epidemics) occurring in the country and fluctuations in the currency of that country, as well as the market risk relating to the underlying foreign company. In addition, holders of representative certificates may have limited voting rights, may not have the same rights granted to shareholders of a typical national company in the event of a corporate action, such as an acquisition, merger or a rights offering, and may have difficulty receiving communications from the company’s shareholders. There is no guarantee that a financial institution will continue to sponsor a certificate of deposit or that a certificate of deposit will continue to trade on an exchange, which could have an adverse effect on the liquidity, availability and price of the certificate of deposit. Changes in exchange rates will affect the value of the certificates of deposit and therefore may affect the value of your investment in the Fund.

Derivatives Risk. Derivatives can involve significant risks. Derivatives are financial instruments whose value is linked to the value of one or more underlying assets or another benchmark, such as an index, rate or other economic indicator (each being a benchmark under underlying), or is derived therefrom. Derivatives may include those that are privately placed or otherwise exempt from registration with the SEC, including certain Rule 144A eligible securities. Derivatives could result in losses for the Fund if the underlying benchmark does not behave as expected. The use of derivatives is a highly specialized activity that may involve different investment techniques, risks and tax planning than those associated with more traditional investment instruments. The Fund’s derivatives strategy may fail and the use of certain derivatives could result in significant, potentially unlimited, losses to the Fund, regardless of the Fund’s actual investment. A relatively small movement in the price, rate or other economic indicator associated with the underlying benchmark may result in substantial losses for the Fund. Derivatives can be more volatile than other types of investments. The value of derivatives can be influenced by a variety of factors, including domestic and international political and economic developments. Potential changes in the regulation of derivatives markets may make derivatives more expensive, limit the derivatives market or adversely affect the value or performance of derivatives. Derivatives may increase the Fund’s exposure to the risk associated with the underlying benchmarks and the risks arising therefrom, such as credit risk, market risk, currency risk and interest rate risk, while by exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity risk, price risk and volatility risk.

Derivatives Risk – Futures Contract Risk. A futures contract is an over-the-counter derivative transaction between two parties to buy or sell a specified amount of an underlying reference at a specified price (or rate) on a specified future date. Futures contracts are traded on an individual basis and are not standardized or traded on an exchange. The futures market is essentially unregulated and may experience long periods of illiquidity, unusually high trading volume, and other adverse impacts, such as political intervention, which may cause volatility or market disruption. these markets. A relatively small price movement in a futures contract may result in substantial losses to the Fund, exceeding the amount of margin paid. Futures contracts may increase the Fund’s exposure to the risk associated with the underlying references and the risks arising therefrom, such as credit risk, market risk, currency risk and interest rate risk. , while also exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity risk, price risk and volatility risk.

Derivatives Risk – Futures Contract Risk. A futures contract is an exchange-traded derivative transaction between two parties in which a buyer (holding the “long” position) agrees to pay a fixed price (or rate) at a specified future date for the delivery of an underlying reference by a seller (holding the “short” position). The seller hopes that the market price on the delivery date is lower than the agreed price, while the buyer hopes the opposite. Some futures markets are highly volatile and futures contracts may be illiquid. Futures exchanges can limit fluctuations in futures contract prices by imposing a maximum permitted daily price movement. The Fund may be disadvantaged if it is prohibited from executing a trade outside of the permitted daily price movement. at or before

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