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The fund normally invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in short-duration debt obligations (or securities that invest in such debt obligations, including an affiliated money market fund) and forward foreign currency contracts. In pursuit of the funds objective, to provide absolute return, the adviser seeks to generate positive total returns from the income produced by the short-term debt obligations, plus (minus) the gain (loss) resulting from fluctuations in the values of various foreign currencies relative to the U.S. dollar.

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Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

Mr. Flanagan joined Columbia Management Investment Advisers in 2007. He also worked for the firm from 1999 to 2004. Mr. Flanagan began his investment career in 1997 and earned an M.B.A. from the University of St. Thomas.

Pifer joined Columbia Management in 2000. Prior to that, Pifer worked six years at the Federal Reserve Bank of New York where he held multiple positions including international economist, foreign exchange trader/analyst and manager of the Bank’s foreign exchange staff. He was also employed by Investment Advisers, Inc. (IAI), where he was a fixed income portfolio manager responsible for international and global fixed income portfolios. Pifer received his master’s degree from the John Hopkins School of Advanced International Studies, Washington, D.C., and his bachelor’s degree from Wesleyan University, Middleton, Connecticut. He earned his Chartered Financial Analyst designation in 1999 and is a member of the CFA Society of Minnesota.