Columbia Absolute Return Multi-Strategy Funds are designed for investors with above-average risktolerance. Absolute return funds are notdesignedtooutperform stocks and bonds in strong markets.They employ certain techniques designed to help implement asset and investment strategyallocations. The techniques used are also intended to reduce risk and volatility in the portfolio andprovide protection against a decline in theFund’s assets. However, there is no guarantee that annvestment strategy will be successful or that the Fund’s objectives will be achieved. The market valueof securities and currencies may fall or fail to rise, or fluctuate, sometimes rapidly or unpredictably.
Market risk may affect a single issuer, sector mobile database of the economy, industry, or the market as a whole. Dueto their active management, the Funds could underperform other mutual funds with similar investmentobjectives.
They may make short sales, which involves selling a security the Fund does not own inanticipation that the security’s price will decline. Short positions introduce more risk than long
positions. Leveraging exposes the Fund to greater risks due to unanticipated market movements,
which may magnify losses and increase volatility of returns.
The use of derivatives introduces risks
possibly greater than the risks associated with investing directly in the investments underlying thederivatives. A relatively small price movement in an underlying security may result in a substantial gainor loss. Investments in foreign securities involve certain risks not associated with investments in U.S.companies, including political, regulatory, economic, social, and other conditions or events occurring in
the particular country, as well as fluctuations in its currency and the risks associated with lessdeveloped custody and settlement practices. Risksareparticularly significant in emerging markets.There are risks associated with fixed income investments, including counterparty credit risk, interest