Form 497K Columbia Funds Series

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cash, money market instruments (which may include investments in one or more affiliated or unaffiliated money market funds or similar vehicles), other high quality short-term investments or other liquid assets to meet its segregation obligations because of its investments in derivatives.

The Fund may buy or sell securities on the basis of an issue date, a deferred delivery or a forward commitment. These securities may include mortgage-backed securities acquired or sold in the “to be announced” market (to be confirmed) and those traded in dollars.

The investment strategy of the Fund may involve frequent trading of portfolio securities.

Main risks

An investment in the Fund involves risks, in particular Mortgage Backed Securities and Other Assets Risk, Interest rate risk, Risk of modification of the distribution level,
Credit risk, Market risk, and Risk associated with high yield investments, among others. Descriptions of these and other principal risks associated with investing in the Fund are provided below. There can be no assurance that the Fund will achieve its investment objective and you could lose money.. The value of the Fund’s holdings may fall, and the Fund’s net asset value (NAV) and the share price may fall. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Active management risk. Due to its active management, the Fund could underperform its benchmark and / or other funds with similar investment objectives and / or strategies.

Risk of change in distribution level. The Fund normally expects to receive income which may include interest, dividends and / or capital gains, depending on its investments. The distribution amounts paid by the Fund will vary and will generally depend on the amount of income the Fund earns (less expenses) on its portfolio holdings and any capital gains or losses that it recognizes. A decrease in the Fund’s income or net capital gains resulting from its investments may reduce its level of distribution.

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 fails to meet its obligations. As a result, the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed.

Credit risk. Credit risk is the risk that the value of debt securities will decline if the issuer thereof defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to meet its financial obligations, such as making payments to the Fund at maturity. Rating agencies assign credit ratings to certain debt securities to indicate their credit risk, such as S&P Global Ratings, Moody’s Investors Service, Inc. (Moody’s), Fitch Ratings, Inc. (Fitch), DBRS Morningstar (DBRS ) and Kroll Bond Rating Agency, LLC (KBRA), (if applicable). A rating downgrade by these agencies can have a negative impact on the value of these instruments. Lower rated or unrated instruments held by the Fund may present an increased credit risk compared to higher rated instruments. Lower quality debt securities may be subject to greater price fluctuations and are more susceptible to default than investment grade debt securities and therefore may expose the Fund to increased credit risk. . If the Fund purchases unrated instruments, or if the ratings of instruments held by the Fund are downgraded after purchase, the Fund will be more dependent on credit risk analysis than usual.

Risk associated with derivatives. Derivatives can involve significant risks. Derivatives are financial instruments whose value is linked to or derived from the value of one or more underlying assets or another benchmark, such as an index, a rate or another economic indicator (each being a underlying reference). Derivatives may include those that are privately placed or otherwise exempt from registration with the SEC, including certain securities eligible for Rule 144A. Derivatives could result in losses for the Fund if the underlying benchmark does not perform 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 not be successful and the use of certain derivatives could result in substantial, 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 can result in substantial losses for the Fund. Derivatives can be more volatile than other types of investment. The value of derivatives can be influenced by various factors, including national and international political and economic developments. Potential changes in the regulation of derivatives markets may make derivatives more expensive, may limit the derivatives market or may otherwise adversely affect the value or performance of derivatives. Derivatives may increase the Fund’s exposure to underlying benchmarks and associated risks, such as credit risk, market risk, currency risk and interest rate risk, while exposing the Fund correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity risk, price risk and volatility risk.


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