Under the agreement governing these fee waivers and/or expense reimbursement arrangements,
the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will
be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with
investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction
costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated
with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed
money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses
the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or
amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or
expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager
or its affiliates in future periods.
Note 4. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term
investments and derivatives, if any, aggregated to $1,183,491 and $12,920,915, respectively, for the six months ended June
30, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 5. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund
established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the
Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing
fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices
its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market
fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a
discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated
MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.
Note 6. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission,
the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating
Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from
other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund
Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to
repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional
lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund did not borrow or lend money under the Interfund Program during the six months
ended June 30, 2025.
The Fund has access to a revolving credit facility with a syndicate of banks led by
JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of
shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 24, 2024 amendment and restatement,
the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment
Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $900 million.
Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the
federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus
1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The
Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15%
per annum. The commitment fee is included
