Columbia Management Investment Advisers, LLC (CMIA) is the investment adviser to a selected group of certain funds (the Funds) and has engaged subadvisers to manage the Funds' assets on a daily basis. These Funds have received an exemptive order (the Order) from the Securities and Exchange Commission, which allows CMIA, subject to certain conditions, to enter into and materially amend its subadvisory agreements without obtaining shareholder approval. The Order allows CMIA to act more quickly to change subadvisers when it determines that a change would be in the best interest of a Fund and its shareholders. One of the conditions of the Order provides that CMIA will furnish to shareholders certain information about the new subadviser and the new subadvisory agreement. Information statements are periodically provided to describe recent subadvisor changes, which are approved by the Boards of Trustees of the Funds.