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As filed with the Securities and Exchange Commission on February 25, 2020

Securities Act File No. 333-[    ]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-14

REGISTRATION STATEMENT

UNDER

COLUMBIA FUNDS SERIES TRUST II

(Exact Name of Registrant as Specified in Charter)

225 Franklin Street, Boston, Massachusetts 02110

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, Including Area Code: (800) 345-6611

(Name and Address of Agents for Service)

TITLE OF SECURITIES BEING REGISTERED:

Class A, Advisor Class, Class C, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares of the Columbia Global Equity Value Fund, a series of the Registrant.

Approximate Date of Proposed Public Offering: As soon as practicable after the effective date of this Registration Statement.

No filing fee is required because an indefinite number of shares have previously been registered pursuant to Rule 24f-2 under the Investment Company Act of 1940.

It is proposed that this filing will become effective on March 26, 2020 pursuant to Rule 488 under the Securities Act of 1933, as amended.

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Columbia Funds Series Trust I

Columbia Global Energy and Natural Resources Fund

Columbia Funds Series Trust II

Columbia Global Infrastructure Fund

COMBINED PROXY STATEMENT/PROSPECTUS

[•], 2020

Columbia Management Investment Advisers, LLC (“Columbia Threadneedle”) has recommended a series of mutual fund liquidations and reorganizations (the “Reorganization Proposals”) as part of an initiative to streamline the product offerings of the mutual funds managed by Columbia Threadneedle and its affiliates (the “Columbia Funds”). As part of this initiative, the boards of trustees of the funds listed above (each, a “Target Fund” and collectively, the “Target Funds”) have approved the Reorganization Proposals to reorganize each of the Target Funds into another fund managed by Columbia Threadneedle. In addition, the board of trustees of Columbia Funds Series Trust I has approved a proposal to elect trustees to the board of Columbia Funds Series Trust I (the “Trustee Election Proposal” and together with the Reorganization Proposals, the “Proposals”).

This is a brief overview of the Proposals. We encourage you to read the full text of the enclosed Combined Proxy Statement/Prospectus to obtain detailed information with respect to the Proposals for your Target Fund.

Q: Why are you sending me this information?

The Target Funds are required to obtain shareholder approval for certain kinds of changes, like the Reorganization Proposals in the enclosed Combined Proxy Statement/Prospectus. As a shareholder of one or more of the Target Funds, you are being asked to vote on a reorganization involving your Target Fund (each, a “Reorganization” and collectively, the “Reorganizations”).

In addition, as noted above, shareholders of Columbia Global Energy and Natural Resources Fund, a series of Columbia Funds Series Trust I, are asked to consider the election of trustees of Columbia Funds Series Trust I.

Q: Is my vote important?

Yes. While the board of trustees of each Target Fund listed above (each, a “Board” and collectively, the “Boards”) has approved the Proposals and recommends that you approve them, these Proposals cannot go forward without the approval of shareholders of the Target Funds. Each Target Fund will continue to contact shareholders asking them to vote until it is sure that a quorum will be reached, and may continue to contact shareholders thereafter.

Q: What is a fund reorganization?

A fund reorganization involves one fund transferring all of its assets and liabilities to another fund in exchange for shares of such fund. Once completed, shareholders of the fund being reorganized will hold shares of the acquiring fund.

Q: What reorganizations are being proposed?

Shareholders of each Target Fund are being asked to vote on the Reorganization Proposal for their respective Target Fund into Columbia Global Equity Value Fund (the “Acquiring Fund”). Each Reorganization is a separate and independent transaction and is not contingent on the approval of the other Reorganization.

We encourage you to read the full text of the enclosed Combined Proxy Statement/Prospectus to obtain a more detailed understanding of the considerations relating to each proposed Reorganization.

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Q: Why are the Reorganizations being proposed?

Columbia Threadneedle proposed the Reorganizations primarily in order to streamline the product offerings of the Columbia Funds, so that management, distribution and other resources can be focused more effectively on a smaller group of Columbia Funds. Further, the Reorganization of each Target Fund into the Acquiring Fund will enable shareholders of each Target Fund to invest in a larger, potentially more efficient portfolio while continuing to pursue a similar investment objective. As noted below, it is expected that following each proposed Reorganization, the expenses borne by Target Fund shareholders as shareholders of the Acquiring Fund would generally be the same or lower than the expenses they currently bear as shareholders of the Target Fund.

Q: Will the portfolio manager of my fund change as a result of the Reorganizations?

Yes. The portfolio managers of the Acquiring Fund are different than the portfolio managers for each Target Fund. The portfolio managers of the Acquiring Fund will continue to manage the Acquiring Fund following the Reorganizations. Columbia Threadneedle is the investment manager of each Target Fund and the Acquiring Fund.

Q: Will there be any changes to the options or services associated with my account as a result of the Reorganizations?

No. Account-level features and options such as dividend distributions, dividend diversification, automatic investment plans, systematic withdrawals and dollar cost averaging currently set up with your Target Fund for your Target Fund account will automatically carry over from accounts in each Target Fund to accounts in the Acquiring Fund. If you purchase shares through a broker-dealer or other financial intermediary, please contact your financial intermediary for additional details.

Q: Are there costs of the Reorganizations?

You will not pay any sales charges in connection with Acquiring Fund shares issued in the Reorganization. Reorganization costs will be allocated among the Funds as described in the Combined Proxy Statement/Prospectus, but will be limited to an amount that is not more than the anticipated reduction in expenses borne by a Fund’s shareholders during the first year following the Reorganization. Any amounts in excess of this limit will be borne by Columbia Threadneedle. Reorganization costs do not include repositioning costs arising from sales of portfolio assets of a Target Fund by the Acquiring Fund following the Reorganization, which costs will be borne by the Acquiring Fund. Repositioning costs are discussed in the section of the Combined Proxy Statement/Prospectus entitled “Section A — Proposals 1-2 Reorganizations — Summary —Fees and Expenses — Portfolio Turnover.”

Q: What are the U.S. federal income tax consequences of the Reorganizations?

Each Reorganization is expected to qualify as a tax-free reorganization for U.S. federal income tax purposes. Accordingly, it is expected that Target Fund shareholders will not, and the Target Fund generally will not, recognize gain or loss as a direct result of a Reorganization, as described in more detail in the section of the Combined Proxy Statement/Prospectus entitled “Section A – Proposals 1-2 Reorganizations – Additional Information About the Reorganizations – U.S. Federal Income Tax Status of the Reorganizations.” A significant portion of the portfolio assets of each Target Fund is expected to be sold by the Acquiring Fund after the Reorganizations. Any such sales will cause the Acquiring Fund to incur transaction costs and may result in a taxable distribution to shareholders. Additionally, because each Reorganization will end the tax year of the applicable Target Fund, it will accelerate distributions to shareholders from the Target Fund for its tax year ending on the date of the Reorganization. Those tax year-end distributions will be taxable, and will include any distributable, but not previously distributed, income and capital gains resulting from portfolio turnover prior to consummation of the Reorganization.

Q: Will there be any changes to my fees and expenses as a result of the Reorganizations?

It is expected that, following the proposed Reorganizations, the expenses borne by Target Fund shareholders as shareholders of the Acquiring Fund will generally be lower than the expenses they currently bear, as described in detail in the Combined Proxy Statement/Prospectus under “Section A – Proposals 1-2 Reorganizations – Summary – Fees and Expenses.”

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Q: If approved, when will the Reorganizations happen?

Each Reorganization will take place following shareholder approval of such Reorganization, and each is expected to close in the third quarter of 2020.

Q. Why are trustees being elected for Columbia Funds Series Trust I?

Trustees are being elected in order to comply with Section 16(a) of the Investment Company Act of 1940, which requires that a specified percentage of trustees be elected by shareholders. The Board of Columbia Funds Series Trust I is seeking to elect additional trustees as a result of retirements. The Board of Columbia Fund Series Trust I has nominated all current trustees who are not “interested persons” of Columbia Funds Series Trust I (“Independent Trustees”) and three new trustees who currently serve as consultants to the Independent Trustees. The Board has also nominated the president of Columbia Funds Series Trust I to serve as an interested trustee to replace the current interested trustee who will step down from the Board upon the election and seating of the nominated interested trustee.

Q: How does my Board recommend that I vote?

After careful consideration, your Board recommends that you vote FOR the Reorganization Proposal of your Target Fund. The Board of Columbia Funds Series Trust I recommends that you vote FOR the Trustee Election Proposal.

Q: How can I vote?

You can vote in one of four ways:

The deadline for voting by telephone or Internet is 11:59 P.M. E.T. on [•], 2020. We encourage you to vote as soon as possible to avoid the cost of additional solicitation efforts. Please refer to the enclosed proxy card for instructions for voting by telephone, Internet or mail.

Q: Will I be notified of the results of the vote?

The final voting results for each proposal also will be included in each Target Fund’s next report to shareholders following the special shareholder meeting.

Q: Whom should I call if I have questions?

If you have questions about any of the proposals described in the Combined Proxy Statement/Prospectus or about voting procedures, please call the Target Funds’ proxy solicitor, Computershare Fund Services, toll free at 866-456-7935. Shareholders of a Target Fund for which a Reorganization is effected within 60 days following the completion of its fiscal year or half year may call (800) 345-6611 to request, at no charge, a copy of the Target Fund’s final report to shareholders for that period.

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NOTICE OF A JOINT SPECIAL MEETING OF SHAREHOLDERS

Columbia Funds Series Trust I

Columbia Global Energy and Natural Resources Fund

Columbia Funds Series Trust II

Columbia Global Infrastructure Fund

To be held July 1, 2020

A joint special meeting of shareholders (the “Meeting”) of each of the funds listed above will be held at 10:00am E.T. on Wednesday, July 1, 2020, at 225 Franklin Street, Boston, Massachusetts (31st Floor, Room 3100). At the Meeting, shareholders will consider each of the following proposals (each a “Proposal” and collectively the “Proposals”), with respect to their Target Fund:

Proposals 1-2 Approve Agreement and Plan of Reorganization

To approve the Agreement and Plan of Reorganization (the “Agreement”) by and among Columbia Funds Series Trust I, on behalf of its series Columbia Global Energy and Natural Resources Fund, Columbia Funds Series Trust II, on behalf of its series Columbia Global Infrastructure Fund and Columbia Global Equity Value Fund, certain other management investment companies and Columbia Management Investment Advisers, LLC, pursuant to which each target fund (each a “Target Fund” and collectively, the “Target Funds”), as indicated below, will transfer that portion of its assets attributable to each class of its shares (in aggregate, all of its assets) to Columbia Global Equity Value Fund (the “Acquiring Fund”), in exchange for shares of a corresponding class of shares of the Acquiring Fund and the assumption by the Acquiring Fund of all of the liabilities of the Target Funds. The consummation of one proposed reorganization is not contingent upon the consummation of the other proposed reorganization.

Shareholders of each Target Fund will vote separately on the proposals, as shown below:

Proposal 3 Elect Trustees

For Columbia Global Energy and Natural Resources Fund, voting together with all shareholders of Columbia Funds Series Trust I (“CFST I”), to elect ten (10) trustees to the board of trustees of CFST I who have agreed to stand for election, each to hold office until he or she dies, resigns or is removed or, if sooner, until the next meeting of shareholders called for the purpose of electing trustees and until the election and qualification of his or her successor.

To transact such other business as may properly come before the Meeting.

Please carefully read the enclosed Combined Proxy Statement/Prospectus, which discusses these Proposals in more detail. If you were a shareholder of a Target Fund as of the close of business on [•], 2020, you may vote at the Meeting or at any adjournment or postponement of the Meeting. You are welcome to attend the Meeting in person. If you cannot attend in person, please vote by mail, telephone or internet by following the instructions on the enclosed proxy card. If you have questions, please call the Target Funds’ proxy solicitor toll free at 866-456-7935. It is important that you vote. The board of trustees of each Target Fund recommends that you vote FOR Proposals 1-2 listed above. The board of trustees of CFST I recommends that you vote FOR Proposal 3 listed above.

By order of the boards of trustees

Ryan C. Larrenaga, Secretary

[•], 2020

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The information contained in this Joint Proxy Statement/Prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Joint Proxy Statement/Prospectus is not an offer to sell these securities, and it is not soliciting an offer to buy these securities, in any jurisdiction where the offer or sale is not permitted.

SUBJECT TO COMPLETION,

DATED FEBRUARY 25, 2020

Columbia Funds Series Trust I

Columbia Global Energy and Natural Resources Fund

Columbia Funds Series Trust II

Columbia Global Infrastructure Fund

COMBINED PROXY STATEMENT/PROSPECTUS

Dated [•], 2020

This document is a proxy statement for each Target Fund (as defined below) and a prospectus for the Acquiring Fund (as defined below). The mailing address and telephone number of each Target Fund and the Acquiring Fund is c/o Columbia Management Investment Services Corp., P.O. Box 219104, Kansas City, MO 64121-9104 and 800-345-6611. This Combined Proxy Statement/Prospectus and the enclosed proxy card were first mailed to shareholders of each Target Fund beginning on or about [•], 2020. This Combined Proxy Statement/Prospectus contains information you should know before voting on the following proposals (each a “Proposal,” and collectively, the “Proposals”) with respect to your Target Fund, as indicated below. You should read this document carefully and retain it for future reference. The board of trustees of each Target Fund (each, a “Board,” and collectively the “Boards”) is soliciting proxies from shareholders of each Target Fund for a joint special meeting of shareholders (the “Meeting”).

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The Proposals will be considered by shareholders who owned shares of the applicable Target Funds on [•], 2020 at the Meeting that will be held at 10:00am E.T. on July 1, 2020, at 225 Franklin Street, Boston, Massachusetts (31st Floor, Room 3100). Each of the Target Funds and the Acquiring Fund (each a “Fund” and collectively, the “Funds”) is a registered open-end management investment company (or a series thereof). Additional information regarding the Meeting, including the required votes, voting procedures and shareholder voting rights, can be found in “Section C – Proxy Voting and Shareholder Meeting Information” of this Combined Proxy Statement/Prospectus.

The reorganization of each Target Fund into the Acquiring Fund (each, a “Reorganization” and collectively, the “Reorganizations”) is a separate and independent transaction and is not conditioned upon the Reorganization of the other Target Fund. Accordingly, if shareholders of one Target Fund approve its Reorganization, but shareholders of the other Target Fund do not approve that Target Fund’s Reorganization, it is expected that the Reorganization of the first Target Fund will take place as described in this Combined Proxy Statement/Prospectus. If shareholders of any Target Fund fail to approve its Reorganization, the Board of such Target Fund will consider what other actions, if any, may be appropriate.

Where to Get More Information

The following documents have been filed with the Securities and Exchange Commission (the “SEC”) and are incorporated into this Combined Proxy Statement/Prospectus by reference:

Columbia Global Energy and Natural Resources Fund (SEC file no. 811-04367)

Columbia Global Infrastructure Fund (SEC file no. 811-21852)

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For a free copy of any of the documents listed above and/or to ask questions about this Combined Proxy Statement/Prospectus, please call your Target Fund’s proxy solicitor toll free at 866-456-7935 or by written request at Computershare Fund Services, c/o Operation Department, 280 Oser Avenue, Hauppauge, NY 11788.

Each of the Funds is subject to the information requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended (the “1940 Act”), and files reports, proxy materials and other information with the SEC. Copies of these reports, proxy materials and other information may be obtained, after paying a duplicating fee, by electronic request at publicinfo@sec.gov, or by writing to the Public Reference Branch of the SEC Office of Consumer Affairs and Information Services, 100 F Street, N.E., Washington, D.C. 20549-0102. In addition, copies of these documents may be viewed online or downloaded from the SEC’s website at www.sec.gov.

Please note that investments in the Funds are not bank deposits, are not federally insured, are not guaranteed by any bank or government agency and may lose value. There is no assurance that any Fund will achieve its investment objectives.

AS WITH ALL MUTUAL FUNDS, THE SEC HAS NOT APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED ON THE ADEQUACY OF THIS COMBINED PROXY STATEMENT/PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

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SECTION A — PROPOSALS 1-2 REORGANIZATIONS

The following information describes the proposed reorganization of each Target Fund (as defined below) into Columbia Global Equity Value Fund (the “Acquiring Fund”) (each a “Reorganization” and collectively, the “Reorganizations”). The Target Funds and the Acquiring Fund are referred to collectively as the “Funds”.

SUMMARY

Columbia Management Investment Advisers, LLC (“Columbia Threadneedle” or the “Investment Manager”) has recommended a series of mutual fund liquidations and reorganizations as part of an initiative to streamline the product offerings of the mutual funds managed by Columbia Threadneedle and its affiliates (the “Columbia Funds”). As part of this initiative, the boards of trustees (each, a “Board” and collectively, the “Boards”) of Columbia Energy and Natural Resources Fund and Columbia Global Infrastructure Fund (each, a “Target Fund” and collectively referred to as the “Target Funds”) have each approved the proposal to reorganize its Target Fund into the Acquiring Fund. Each Reorganization is expected to close in the third quarter of 2020.

This Combined Proxy Statement/Prospectus is being used by each Target Fund to solicit proxies to vote at the joint special meeting of shareholders (the “Meeting”). Shareholders of each Target Fund are being asked to consider a Proposal to approve the Agreement and Plan of Reorganization (the “Agreement”) providing for the reorganization of their Target Fund into the Acquiring Fund.

The following is a summary of the Proposals. More complete information appears later in this Combined Proxy Statement/Prospectus. You should carefully read the entire Combined Proxy Statement/Prospectus and the exhibits because they contain details that are not included in this summary.

How Each Reorganization Will Work

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U.S. Federal Income Tax Consequences

Each Reorganization is expected to qualify as a tax-free reorganization for U.S. federal income tax purposes and will not take place unless the Target Fund and the Acquiring Fund receive a satisfactory opinion of tax counsel substantially to the effect that the Reorganization will qualify as a tax-free reorganization, as described in more detail in the section entitled “Section A – Proposals 1-2 Reorganizations – Additional Information About the Reorganizations – U.S. Federal Income Tax Status of the Reorganizations.” Accordingly, subject to the limited exceptions described in that section, no gain or loss is expected to be recognized by any Target Fund or its shareholders as a direct result of its Reorganization. A portion of the portfolio assets of each Target Fund are expected to be sold by the Acquiring Fund after a Reorganization. The actual tax effect of such sales will depend on the difference between the price at which such portfolio assets are sold and the tax basis of the Acquiring Fund in such assets and the holding period of such assets. Any capital gains recognized in any such sales on a net basis, after reduction by any available capital losses, will be distributed to shareholders as capital gain dividends (to the extent of net realized long-term capital gains over net realized short-term capital losses) and/or ordinary dividends (to the extent of net realized short-term capital gains over net realized long-term capital losses) during or with respect to the year of sale, and such distributions will be taxable to shareholders. Additionally, because each Reorganization will end the tax year of the applicable Target Fund, it will accelerate distributions to shareholders from the Target Fund for its tax year ending on the date of the Reorganization. Those tax year-end distributions will be taxable, and will include any distributable, but not previously distributed, income and capital gains resulting from portfolio turnover prior to consummation of the Reorganization. At any time prior to a Reorganization, a shareholder may redeem shares of a Target Fund. Any such redemption would likely result in the recognition of gain or loss by the shareholder for U.S. federal income tax purposes. If a shareholder holds Target Fund shares in a non-taxable account, distributions and redemption proceeds with respect to those shares will not be currently taxable to the shareholder if those amounts remain in the non-taxable account.

A Target Fund shareholder’s aggregate tax basis in the Acquisition Shares is expected to carry over from the shareholder’s Target Fund shares, and a Target Fund shareholder’s holding period in the Acquisition Shares is expected to include the shareholder’s holding period in the Target Fund shares.

For more information about the U.S. federal income tax consequences of the Reorganizations, see the section entitled “Section A – Proposals 1-2 Reorganizations – Additional Information About the Reorganizations – U.S. Federal Income Tax Status of the Reorganizations.” For more information regarding repositioning costs, see the section “Summary—Fees and Expenses—Portfolio Turnover” below.

Fees and Expenses

The following tables describe the fees and expenses that you may pay if you buy and hold shares of a Fund. The purpose of the tables below is to assist you in understanding the various costs and expenses of investing in common shares of the Funds. An investor transacting in a class of Fund shares without any front-end sales charge, contingent deferred sales charge, or other asset-based fee for sales or distribution may be required to pay a commission to the financial intermediary for effecting such transactions. Such commission rates are set by the financial intermediary and are not reflected in the tables or the example below. You may qualify for sales charge discounts if you and members of your immediate family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible funds distributed by Columbia Management Investment Distributors, Inc. (the “Distributor”).

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The information in the table reflects the fees and expenses for Columbia Global Energy and Natural Resources Fund’s fiscal year ended August 31, 2019, Columbia Global Infrastructure Fund’s semi-annual fiscal period ended October 31, 2019 (annualized), the Acquiring Fund’s semi-annual fiscal period ended August 31, 2019 (annualized) and the pro forma expenses for the twelve months ended August 31, 2019 for the combined fund following the Reorganizations.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Expense examples

These examples are intended to help you compare the cost of investing in each Fund with the cost of investing in other mutual funds. These examples assume that you invest $10,000 in the applicable Fund for the time periods indicated and then redeem all of your shares at the end of those periods, both under the current arrangements and, for the Acquiring Fund, assuming that only the Reorganization of Columbia Global Energy and Natural Resources Fund into the Acquiring Fund is consummated and that the Reorganizations of both Target Funds are consummated. These examples also assume that your investment has a 5% return each year and that each Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions your costs would be:

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Portfolio Turnover

Each Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. Those costs, which are not reflected in annual Fund operating expenses or in the expense examples, affect a Fund’s performance. During the most recent fiscal year, each Fund’s portfolio turnover rate was the following percentage of the average value of the Fund’s portfolio:

A significant portion of each Target Fund’s portfolio assets are expected to be sold by the Acquiring Fund after the Reorganizations.

If the Reorganization of Columbia Global Energy and Natural Resources Fund had occurred as of September 30, 2019, it is estimated that approximately 81% of the Target Fund’s investment portfolio would have been sold. It is estimated that such portfolio repositioning would have resulted in brokerage commissions or other transaction costs at a rate of approximately 0.06% for the Acquiring Fund. If such sales occurred as of September 30, 2019, the sales would have resulted in increased distributions of net capital gain and net investment income to Acquiring Fund shareholders (including shareholders of the Target Fund following the Reorganization) of approximately $0.04 per share.

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If the Reorganization of Columbia Global Infrastructure Fund had occurred as of September 30, 2019, it is estimated that approximately 86% of the Target Fund’s investment portfolio would have been sold. It is estimated that such portfolio repositioning would have resulted in brokerage commissions or other transaction costs at a rate of approximately 0.05% for the Acquiring Fund. If such sales occurred as of September 30, 2019, the sales would have resulted in increased distributions of net capital gain and net investment income to Acquiring Fund shareholders (including shareholders of the Target Fund following the Reorganization) of approximately $0.31 per share.

The repositioning may result in the Acquiring Fund selling securities in greater volumes or in a shorter period of time than it normally would, which may impact the market price received in such sales.

These transaction costs represent expenses of the Acquiring Fund that will not be subject to the Acquiring Fund’s expense cap, if any, and will be borne by the Acquiring Fund and indirectly borne by the Acquiring Fund’s shareholders, including the Target Funds’ shareholders following the Reorganizations. Capital gains from such portfolio sales may result in increased distributions of net capital gain and net investment income.

Costs of the Reorganizations

Each Target Fund and the Acquiring Fund may bear a portion of the out-of-pocket expenses associated with its Reorganization. With respect to each Reorganization, the Acquiring Fund will bear the costs of certain reorganization-related testing conducted by the Fund’s auditors in connection with the Reorganization. All other reorganization costs will be allocated between the Target Funds in accordance with the Agreement. Reorganization costs include, but are not limited to: (1) the expenses associated with the preparation, printing and mailing of this Combined Proxy Statement/Prospectus, (2) the preparation of the registration statement and other shareholder communications and any filings with the Securities and Exchange Commission (the “SEC”) and/or other governmental authorities in connection with the Reorganizations; (3) legal, audit, custodial and other fees incurred in connection with the Reorganizations; and (4) proxy solicitation costs (“Reorganization Costs”). Fees and expenses incurred directly by a Target Fund are allocated to that Fund. Fees and expenses incurred on behalf of multiple Target Funds, such as legal fees and the costs of preparing the Combined/Proxy Statement Prospectus, will be allocated among participating Target Funds equally. Each Fund will bear Reorganization Costs to the extent that such fees and expenses do not exceed the anticipated reduction in expenses that shareholders of a Fund will realize in the first year following the Reorganization. Any amounts in excess of this limit will be borne by Columbia Threadneedle. Should any Reorganization fail to occur, Columbia Threadneedle will bear all costs associated with that Reorganization.

The estimated Reorganization Costs expected to be borne by each Target Fund and the Acquiring Fund, in the aggregate and on a per-share basis based on shares outstanding as of August 31, 2019:

Based on the operating expense ratios shown in the Fees and Expenses section above for the Acquiring Fund, it is projected that, after the Reorganizations, assuming both Reorganizations are consummated, each class of each Target Fund will benefit from expense savings that will offset the allocated Reorganization expenses. However, the benefit of those projected expense savings will not be realized immediately. The allocated Reorganization expenses of a Target Fund will not exceed the anticipated reduction in expenses for Target Fund shareholders (as shareholders of the Acquiring Fund following the Reorganizations) in the first year following the Reorganization.

If a Target Fund shareholder redeems his or her Acquisition Shares during the first year following the Reorganization, the shareholder may not fully benefit from the projected expense savings.

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SYNOPSIS OF PROPOSAL 1: COMPARISON OF COLUMBIA GLOBAL ENERGY AND NATURAL RESOURCES FUND AND COLUMBIA GLOBAL EQUITY VALUE FUND

Comparison of the Target Fund and the Acquiring Fund

The Target Fund¹ and the Acquiring Fund:

Comparison of Investment Objectives, Principal Investment Strategies, and Fundamental and Non-Fundamental Investment Policies

The investment objectives and principal investment strategies of the Target Fund and the Acquiring Fund are set forth in the table below.

Each Fund’s investment policy with respect to 80% of its net assets may be changed by the Fund’s Board without shareholder approval as long as shareholders are given 60 days’ advance written notice of the change.

The Funds have similar investment objectives; however, there are certain differences in the Funds’ principal investment strategies. Both Funds invest at least 80% of their net assets in equity securities. The Target Fund invests at least 80% of its net assets in companies in the energy and natural resources industries, whereas the Acquiring Fund invests at least 80% of its net assets in equity securities regardless of industry. The Target Fund is non-diversified (within the meaning of the 1940 Act) and the Acquiring Fund is diversified, meaning that the Target Fund can invest a greater percentage of its assets in the securities of fewer issuers than the Acquiring Fund. The Target Fund invests at least 50% of its assets in crude oil, petroleum and natural gas companies and may invest up to 35% of its assets to gain exposure to precious metals: the Acquiring Fund is not similarly constrained. Under normal circumstances, each Fund invests at least 40% of its net assets in non-U.S. issuers (generally, issuers that maintain their principal place of business or conduct their principal business activities outside the U.S., issuers that have their securities traded on non-U.S. exchanges or issuers that have been formed under the laws of non-U.S. countries).

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Additional Information About the Funds’ Principal Investment Strategies

Target Fund. In selecting investments for the Target Fund, Columbia Threadneedle considers, among other factors:

Columbia Threadneedle may sell a security when the security’s price reaches a target set by Columbia Threadneedle; if Columbia Threadneedle believes that there is deterioration in the issuer’s financial circumstances or fundamental prospects; if other investments are more attractive; or for other reasons.

Acquiring Fund. In pursuit of the Acquiring Fund’s objective, Columbia Threadneedle chooses investments by seeking to:

In evaluating whether to sell a security, Columbia Threadneedle considers, among other factors, whether in its view:

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Comparison of Fundamental Investment Policies

Each Fund has adopted certain fundamental and non-fundamental investment restrictions. The fundamental investment restrictions (i.e., those which may not be changed without shareholder approval) are listed below.

The fundamental investment restrictions cannot be changed without the consent of the holders of a majority of the outstanding shares of the applicable Fund. The term “majority of the outstanding shares” means the vote of (i) 67% or more of a Fund’s shares present at a meeting, if more than 50% of the outstanding shares of the Fund are present or represented by proxy, or (ii) more than 50% of a Fund’s outstanding shares, whichever is less.

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The Acquiring Fund’s investment objectives, principal investment strategies, fundamental and non-fundamental investment policies and holdings may expose the Target Fund’s shareholders to new or increased risks. A comparison of the principal risks of investing in the Target Fund and the Acquiring Fund is provided under “Comparison of Principal Risks” below.

Comparison of Principal Risks

The Acquiring Fund is subject to the principal risks described in “Section D – Additional Information Applicable to the Acquiring Fund” below. The Acquiring Fund and the Target Fund are subject to many of the same principal risks, but such risks differ primarily given that the Target Fund is also subject to risks associated with its significant investments in energy and natural resources, including energy and materials sector risks, while the Acquiring Fund is subject to the risks associated with investment in the financial services sector. In addition, unlike the Target Fund, the Acquiring Fund is also subject to changing distribution level risk and counterparty risk. Also, unlike the Acquiring Fund, the Target Fund is subject to small/mid cap issuer risk and non-diversified fund risk in addition to risks associated with the Fund’s use of investment in options and growth securities. The Acquiring Fund may be subject to these risks to some extent, but does not consider them to be principal risks. The actual risks of investing in each Fund depend on the securities held in each Fund’s portfolio and on market conditions, both of which change over time.

Comparison of Management of the Funds

Columbia Threadneedle serves as investment manager for each Fund. Both Funds obtain investment management services from Columbia Threadneedle according to terms of advisory agreements that are substantially similar, except for the fee rate. The effective management fee as of each Fund’s fiscal year end was 0.75% for the Target Fund and 0.70% for the Acquiring Fund. The Acquiring Fund’s management fee schedule will apply following completion of the Reorganization. The table below shows the current contractual management fee schedule for each of the Funds.

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Each Fund is governed by its Board, which is responsible for overseeing the Fund. The Funds have different Boards. For a listing of the members comprising each Fund’s Board, please refer to the Statement of Additional Information for the relevant Fund.

The Funds have different portfolio management teams. “Section D – Additional Information Applicable to the Acquiring Fund” below describes the employment history of the portfolio managers of the Acquiring Fund. The Statement of Additional Information of each Fund provides additional information about portfolio manager compensation, other accounts managed and ownership of each Fund’s shares.

Comparison of Performance

The following bar charts and tables show, respectively:

These bar charts and tables show some of the risks of investing in the Funds. The bar chart shows how each Fund’s Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower. The table below the bar chart compares each Fund’s returns (after applicable sales charges shown in the fees tables above) for the periods shown with a broad measure of market performance, as well as another measure of performance for markets in which each Fund may invest.

The performance of one or more share classes shown in the table below begins before the indicated inception date for such share class. The returns shown for each such share class include the returns of each Fund’s Class A shares (without applicable sales charges and adjusted to reflect the higher class-related operating expenses of such share classes, where applicable) for periods prior to its inception date. Share classes with expenses that are higher than Class A shares will have performance that is lower than Class A shares (without applicable sales charges). Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), each share class of the same Fund would have substantially similar annual returns because all share classes of such Fund invest in the same portfolio of securities.

The after-tax returns shown in the Average Annual Total Returns table below are calculated using the highest historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs). The after-tax returns are shown only for Class A shares and will vary for other share classes.

The Acquiring Fund’s performance prior to September 2014 reflects returns achieved pursuant to different principal investment strategies. The Target Fund’s performance prior to August 2013 reflects returns achieved pursuant to different principal investment strategies. If the Funds’ current strategies had been in place for the prior periods, results shown may have been different.

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Columbia Global Energy and Natural Resources Fund

CLASS A SHARE PERFORMANCE

(based on calendar years)

During the periods shown in the bar chart, the highest return for a calendar quarter was 21.38% (fourth quarter 2010) and the lowest return for a calendar quarter was (24.72)% (third quarter 2011).

Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2019)

Columbia Global Equity Value Fund

CLASS A SHARE PERFORMANCE

(based on calendar years)

During the periods shown in the bar chart, the highest return for a calendar quarter was 13.83% (first quarter 2012) and the lowest return for a calendar quarter was (19.16)% (third quarter 2011).

Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2019)

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Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the Funds through a broker-dealer or other financial intermediary (such as a bank), the Funds and its related companies – including the investment manager, the Distributor and Columbia Management Investments Services Corp. (the transfer agent) – may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial advisor to recommend the Fund over another investment. These potential conflicts of interest may be heightened with respect to broker-dealers owned by Ameriprise Financial and/or its affiliates. Ask your financial advisor or visit your financial intermediary’s website for more information.

SYNOPSIS OF PROPOSAL 2: COMPARISON OF COLUMBIA GLOBAL INFRASTRUCTURE FUND AND COLUMBIA GLOBAL EQUITY VALUE FUND

Comparison of the Target Fund and the Acquiring Fund

The Target Fund² and the Acquiring Fund:

Comparison of Investment Objectives, Principal Investment Strategies, and Fundamental and Non-Fundamental Investment Policies

The investment objectives and principal investment strategies of the Target Fund and the Acquiring Fund are set forth in the table below.

Each Fund’s investment policy with respect to 80% of its net assets may be changed by the Fund’s Board without shareholder approval as long as shareholders are given 60 days’ advance written notice of the change.

While the Target Fund and the Acquiring Fund have generally similar principal investment strategies, there are certain key differences. The Target Fund invests at least 80% of its net assets in infrastructure-related securities, which may include equity, fixed-income or hybrid securities, whereas the Acquiring Fund invests at least 80% of its net assets in equity securities regardless of industry. Under normal circumstances, each Fund invests at least 40% of its net assets in non-U.S. issuers (generally, issuers that maintain their principal place of business or conduct their principal business activities outside the U.S., issuers that have their securities traded on non-U.S. exchanges or issuers that have been formed under the laws of non-U.S. countries).

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Additional Information About the Funds’ Principal Investment Strategies

Target Fund. In addition to investing in individual stocks, bonds or other securities, the Target Fund may invest in publicly traded units of master limited partnerships, real estate investment trusts and other pooled investment vehicles and investment companies.

The Target Fund may invest in privately placed and other securities or instruments that are purchased and sold pursuant to Rule 144A or other exemptions under the Securities Act of 1933, as amended, subject to certain regulatory restrictions.

In pursuit of the Target Fund’s objective, Columbia Threadneedle combines fundamental, macroeconomic and quantitative analysis with risk management techniques in identifying investment opportunities and constructing the Fund’s portfolio.

Columbia Threadneedle considers investments based on issuer-specific factors (i.e., bottom-up factors) including:

Columbia Threadneedle’s consideration of macroeconomic factors may include an assessment of investment themes across the investible universe, industry trends, as well as local, regional and country-related market conditions (e.g., capital flows and economic trends).

In connection with selecting fixed-income securities, Columbia Threadneedle also evaluates the security based on its potential to generate income and/or capital appreciation. With respect to these investments (and in addition to the above), Columbia Threadneedle considers, among other factors:

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In connection with selecting hybrid securities, Columbia Threadneedle also evaluates its conversion features.

In evaluating whether to sell a security, in addition to considering macroeconomic factors, Columbia Threadneedle may consider, among other factors, whether:

In addition to the above, for fixed-income securities, Columbia Threadneedle considers among other factors whether there is deterioration in a security’s credit rating.

In addition to the above, for hybrid securities, Columbia Threadneedle, while taking into consideration conversion costs, may sell hybrid securities when they take on the trading characteristics of the underlying common stock prior to conversion to an equity security, or Columbia Threadneedle may hold these securities post-conversion consistent with Columbia Threadneedle’s outlook for equity securities.

Acquiring Fund. In pursuit of the Acquiring Fund’s objective, Columbia Threadneedle chooses investments by seeking to:

In evaluating whether to sell a security, Columbia Threadneedle considers, among other factors, whether in its view:

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Comparison of Fundamental Investment Restrictions

Each Fund has adopted certain fundamental and non-fundamental investment restrictions. The fundamental investment restrictions (i.e., those which may not be changed without shareholder approval) are listed below.

The fundamental investment restrictions cannot be changed without the consent of the holders of a majority of the outstanding shares of the applicable Fund. The term “majority of the outstanding shares” means the vote of (i) 67% or more of a Fund’s shares present at a meeting, if more than 50% of the outstanding shares of the Fund are present or represented by proxy, or (ii) more than 50% of a Fund’s outstanding shares, whichever is less.

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The Acquiring Fund’s investment objectives, principal investment strategies, fundamental and non-fundamental investment policies and holdings may expose the Target Fund’s shareholders to new or increased risks. A comparison of the principal risks of investing in the Target Fund and the Acquiring Fund is provided under “Comparison of Principal Risks” below.

Comparison of Principal Risks

The Acquiring Fund is subject to the principal risks described in “Section D – Additional Information Applicable to the Acquiring Fund” below. The Acquiring Fund and the Target Fund are subject to many of the same principal risks, but such risks differ primarily given that the Target Fund is subject to risks associated with its significant investment in infrastructure-related securities, while the Acquiring Fund is subject to the risks associated with investment in the financial services sector. In addition, unlike the Target Fund, the Acquiring Fund is also subject to changing distribution level risk, depositary receipt risk, risks associated with its more concentrated exposure to Europe, and derivatives risks (including counterparty risk and forward contracts risk). Also, unlike the Acquiring Fund, the Target Fund is subject small/mid cap issuer risk, emerging market securities risk, frontier market risk, risks associated with investment in debt securities (including credit risk, interest rate risk, prepayment and extension risk), growth securities risk, high-yield investment risk, master limited partnership risk, reinvestment risk and exempt securities risk. The Acquiring Fund may be subject to these risks to some extent, but does not consider them to be principal risks. The actual risks of investing in each Fund depend on the securities held in each Fund’s portfolio and on market conditions, both of which change over time.

Comparison of Management of the Funds

Columbia Threadneedle serves as investment manager for each Fund. Both Funds obtain investment management services from Columbia Threadneedle according to terms of advisory agreements that are substantially similar, except for the fee rate The effective management fee as of each Fund’s fiscal year end was 0.71% for the Target Fund and 0.70% for the Acquiring Fund. The Acquiring Fund’s management fee schedule will apply following completion of the Reorganization. The table below shows the current contractual management fee schedule for each of the Funds.

Each Fund is governed by the same Board, which is responsible for overseeing the Fund. For a listing of the members comprising the Funds’ Board, please refer to the Statement of Additional Information for the relevant Fund.

The Funds have different portfolio management. “Section D – Additional Information Applicable to the Acquiring Fund” below describes the employment history of the portfolio managers of the Acquiring Fund. The Statement of Additional Information of each Fund provides additional information about portfolio manager compensation, other accounts managed and ownership of each Fund’s shares.

Comparison of Performance

The following bar charts and tables show, respectively:

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These bar charts and tables show some of the risks of investing in the Funds. The bar chart shows how each Fund’s Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower. The table below the bar chart compares each Fund’s returns (after applicable sales charges shown in the fees tables above) for the periods shown with a broad measure of market performance and, for the Acquiring Fund, another measure of performance for a market in which the Fund may invest.

The performance of one or more share classes shown in the table below begins before the indicated inception date for such share class. The returns shown for each such share class include the returns of each Fund’s Class A shares (without applicable sales charges and adjusted to reflect the higher class-related operating expenses of such share classes, where applicable) for periods prior to its inception date. Share classes with expenses that are higher than Class A shares will have performance that is lower than Class A shares (without applicable sales charges). Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), each share class of the same Fund would have substantially similar annual returns because all share classes of such Fund invest in the same portfolio of securities.

The after-tax returns shown in the Average Annual Total Returns table below are calculated using the highest historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs). The after-tax returns are shown only for Class A shares and will vary for other share classes.

The Acquiring Fund’s performance prior to September 2014 reflects returns achieved pursuant to different principal investment strategies. The Target Fund’s performance prior to December 2013 reflects returns achieved pursuant to different principal investment strategies. If the Funds’ current strategies had been in place for the prior periods, results shown may have been different.

Columbia Global Infrastructure Fund

CLASS A SHARE PERFORMANCE

(based on calendar years)

During the periods shown in the bar chart, the highest return for a calendar quarter was 19.92% (fourth quarter 2010) and the lowest return for a calendar quarter was (27.21)% (third quarter 2011)

Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2019)

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Columbia Global Equity Value Fund

CLASS A SHARE PERFORMANCE

(based on calendar years)

During the periods shown in the bar chart, the highest return for a calendar quarter was 13.83% (first quarter 2012) and the lowest return for a calendar quarter was (19.16)% (third quarter 2011).

Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2019)

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the Funds through a broker-dealer or other financial intermediary (such as a bank), the Funds and its related companies – including the investment manager, the Distributor and Columbia Management Investments Services Corp. (the transfer agent) – may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial advisor to recommend the Fund over another investment. These potential conflicts of interest may be heightened with respect to broker-dealers owned by Ameriprise Financial and/or its affiliates. Ask your financial advisor or visit your financial intermediary’s website for more information.

ADDITIONAL INFORMATION ABOUT THE REORGANIZATIONS

Terms of Each Reorganization

The Board of each Fund has approved the Agreement. While shareholders are encouraged to review the Agreement, which has been filed with the SEC as an exhibit to the registration statement of which this Combined Proxy Statement/Prospectus is a part, the following is a summary of certain terms of the Agreement:

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Conditions to Closing Each Reorganization

The completion of each Reorganization is subject to certain conditions described in the Agreement, including among others:

Termination of the Agreement

The Agreement and the transactions contemplated by it may be terminated with respect to any Reorganization by mutual agreement of the Target Fund and the Acquiring Fund at any time prior to the closing thereof, or by either the Target Fund or the Acquiring Fund in the event of a material breach of the Agreement by the other Fund or a failure of any condition precedent to the terminating Fund’s obligations under the Agreement. In the event of a termination of a Reorganization, Columbia Threadneedle will bear all costs associated with that Reorganization.

U.S. Federal Income Tax Status of the Reorganizations

Each Reorganization is intended to qualify for U.S. federal income tax purposes as a tax-free reorganization under section 368(a) of the Internal Revenue Code of 1986, as amended (the “Code”). As a condition to the closing of each Reorganization, the Target Fund and the Acquiring Fund will receive an opinion from Vedder Price, P.C. substantially to the effect that, on the basis of existing provisions of the Code, U.S. Treasury regulations issued thereunder, current administrative rules, pronouncements and court decisions, and certain representations, qualifications and assumptions with the respect to the Reorganization, for U.S. federal income tax purposes:

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No opinion will be expressed as to (a) the effect of a Reorganization on a Target Fund, the Acquiring Fund or any Target Fund shareholder with respect to any asset (including without limitation any stock held in a passive foreign investment company as defined in section 1297(a) of the Code) as to which any unrealized gain or loss is required to be recognized under federal income tax principles (i) at the end of a taxable year or on the termination thereof, or (ii) upon the transfer of such asset regardless of whether such transfer would otherwise be a non-taxable transaction under the Code or (b) any other federal tax issues (except those set forth above) and any state, local or foreign tax issues of any kind.

No private letter ruling will be sought from the Internal Revenue Service (the “IRS”) with respect to the federal income tax consequences of a Reorganization. Opinions of counsel are not binding upon the IRS or the courts, and are not guarantees of the tax results, and do not preclude the IRS from adopting or taking a contrary position, which may be sustained by a court. If a Reorganization were consummated but the IRS or the courts determine that the Reorganization did not qualify as a tax-free reorganization under the Code, the Target Fund would recognize gain or loss on the transfer of its assets to the Acquiring Fund and each shareholder of the Target Fund would recognize a taxable gain or loss for federal income tax purposes equal to the difference between its tax basis in its Target Fund shares and the fair market value of the Acquisition Shares it received. Shareholders of a Target Fund should consult their tax advisers regarding the effect, if any, of the Reorganization in light of their individual circumstances.

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A portion of the portfolio assets of each Target Fund is expected to be sold by the Acquiring Fund after the Reorganization. The actual tax effect of any such sales depends on the difference between the price at which such portfolio assets are sold and the tax basis in such assets of the Fund making the sale and the holding period of such assets. Any capital gains recognized in these sales on a net basis, after reduction by any available capital loss carryforwards, will be distributed to shareholders as capital gain dividends (to the extent of net long-term capital gains over net short-term capital losses) and/or ordinary dividends (to the extent of net short-term capital gains over net long-term capital losses) during or with respect to the year of sale, and such distributions will be taxable to shareholders. Each Reorganization will end the tax year of the applicable Target Fund, and potentially will accelerate any distributions to shareholders from the Target Fund for its tax year ending on the date of the Reorganization. Those tax year-end distributions will be taxable and will include any undistributed income and capital gains resulting from portfolio turnover prior to the Reorganization.

More generally, prior to the closing of each Reorganization, the Target Fund will declare and pay a distribution to its shareholders, which, together with all previous distributions, will have the effect of distributing to its shareholders all of its investment company taxable income (computed without regard to the deduction for dividends paid), net tax-exempt income, if any, and realized net capital gains (after reduction for available capital loss carryforwards and excluding certain capital gain on which the Target Fund paid U.S. federal income tax), if any, through the closing of the Reorganization, and may include undistributed income or gains from prior years. Even if reinvested in additional shares of the Target Fund, which would be exchanged for shares of the Acquiring Fund in the Reorganization, such distributions will be taxable to shareholders for U.S. federal income tax purposes, and such distributions by the Target Fund will include any undistributed income and capital gains resulting from portfolio turnover prior to the Reorganization.

A Fund’s ability to carry forward capital losses and to use them to offset future gains may be limited as a result of its Reorganization. First, a Fund’s “pre-acquisition losses” (including capital loss carryforwards, net current-year capital losses, and unrealized losses that exceed certain thresholds) may become unavailable to offset gains of the Acquiring Fund after the Reorganization to the extent such pre-acquisition losses exceed an annual limitation amount. Second, one Fund’s pre-acquisition losses cannot be used to offset gains in another Fund that are unrealized (“built in”) at the time of the Reorganization and that exceed certain thresholds (“non-de minimis built-in gains”) for five tax years. Third, the Target Fund’s capital loss carryforwards, as limited under the previous two rules, are permitted to offset only that portion of the capital gains of the Acquiring Fund for the taxable year of the Reorganization that is equal to the portion of the Acquiring Fund’s taxable year that follows the date of the Reorganization (prorated according to number of days). Therefore, in certain circumstances, shareholders of a Fund may pay U.S. federal income tax sooner, or pay more U.S. federal income tax, than they would have had the Reorganization not occurred.

In addition, shareholders of a Target Fund will in each case receive a proportionate share of any taxable income and gains realized by the Acquiring Fund and not distributed to its shareholders prior to the Reorganizations when such income and gains are eventually distributed by the Acquiring Fund. Furthermore, any gain the Acquiring Fund realizes after the Reorganizations, including any built-in gain in the portfolio investments of the Target Funds (including gains resulting from the repositioning, if any, of a Target Fund’s investment portfolio) or the Acquiring Fund that was unrealized at the time of the Reorganizations, may result in taxable distributions to shareholders holding shares of the Acquiring Fund (including former shareholders of a Target Fund who hold shares of the Acquiring Fund following a Reorganization). As a result, shareholders of a Target Fund may receive a greater amount of taxable distributions than they would have had the Reorganizations not occurred. In addition, any pre-acquisition losses of a Target Fund remaining after the operation of the limitation rules described above will become available to offset capital gains realized by the Acquiring Fund after the Reorganization and thus may reduce subsequent capital gain distributions to a broader group of shareholders than would have been the case absent such Reorganization, such that the benefit of those losses to Target Fund shareholders may be further reduced relative to what the benefit would have been had the Reorganization not occurred.

The realized and unrealized gains and losses of each Fund at the time of the Reorganization, and the occurrence of the other Reorganization involving the Acquiring Fund, will determine the extent to which the combining Funds’ respective losses will be available to reduce gains realized by the Acquiring Fund following the

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Reorganization, and consequently the extent to which the Acquiring Fund may be required to distribute gains to its shareholders earlier or in greater amounts than would have been the case absent the Reorganization. The effect of the rules described above will depend on the relative sizes of, and the losses and gains (both realized and unrealized) in, each Fund at the time of the Reorganization and thus cannot be calculated precisely prior to the Reorganization.

As of September 30, 2019, Columbia Global Energy and Natural Resources Fund had year-to-date net realized loss equal to about 14.2% of net assets, net unrealized gains equal to about 2.24% of net assets, no net unrealized losses and no net realized gain. Columbia Global Infrastructure Fund had no net realized or unrealized losses, year-to-date net realized gains equal to about 5.9% of net assets and net unrealized gains equal to about 15.4% of net assets. The Acquiring Fund had no net realized or unrealized losses, year-to-date net realized gains equal to about 3.3% of net assets, and net unrealized gains equal to about 12.7% of net assets.

If both Reorganizations had occurred on September 30, 2019, Columbia Global Energy and Natural Resources Fund would have been required to share its proportionately larger net realized losses with the larger combined Fund, thereby creating a potential tax cost to its shareholders and potential tax benefits to shareholders of the other Funds. The loss limitation rules would have limited the combined Fund’s ability to use the net realized losses of Columbia Global Energy and Natural Resources Fund to offset gains recognized, thereby potentially resulting in earlier and larger taxable distributions and therefore adding to the potential tax cost to Columbia Global Energy and Natural Resources shareholders. It would also have enabled both Target Funds to spread their net unrealized gains, if and when realized after the Reorganization, across the larger combined Fund, resulting in a potential tax cost to Acquiring Fund shareholders and a potential tax benefit to Target Fund shareholders.

Board Considerations

Each Reorganization was reviewed by the Board of the Target Fund involved therein, with the advice and assistance of Fund counsel and independent legal counsel to such Board. Columbia Global Infrastructure Fund is overseen by one Board (the “Columbia Funds Board”); Columbia Global Energy and Natural Resources Fund is overseen by a second Board (the “Columbia Atlantic Board”). Information on the members of the Columbia Funds Board and the Columbia Atlantic Board and their respective governance structures can be found in the Statement of Additional Information dated [•] 1, 2020, as supplemented to date, for each Target Fund overseen by the Columbia Funds Board and the Columbia Atlantic Board, respectively. At regular meetings of the Columbia Funds Board or a Committee thereof in December 2019 and February 2020 and of the Columbia Atlantic Board in December 2019 and February 2020, each Board considered the Reorganization of the Target Fund overseen by it, as proposed by Columbia Threadneedle. In connection with those Board or Committee meetings, Columbia Threadneedle and its affiliates provided background materials, analyses and other information to each Board regarding, among other things, the topics discussed below, including responses to specific requests by each Board, and responded to questions raised by each Board or Committee at those meetings.

After each Board reviewed, evaluated and discussed the materials, analyses and information provided to it that the Board considered relevant to its deliberations, each Board, including the independent Board members thereof voting separately, unanimously approved the Reorganization of the Target Fund overseen by it. Prior to doing so, each Board, including the independent Board members thereof, unanimously determined that participation by the Target Fund overseen by it in its Reorganization was in the best interests of the Target Fund and that the interests of existing shareholders of the Target Fund would not be diluted as a result of the Reorganization.

The general factors considered by each Board in assessing and approving each applicable Reorganization included, among others, in no order of priority:

1. various potential benefits of the Reorganization to the shareholders of the Target Fund;

2. the Reorganization as part of Columbia Threadneedle’s overall commitment to streamline and to improve its fund offerings for the benefit of Fund shareholders;

3. the substantial similarities of the investment objectives and principal investment strategies of the Target Fund and the Acquiring Fund;

4. the operating expenses that shareholders of each class of shares of the Target Fund and Acquiring Fund are expected to experience as shareholders of the Acquiring Fund after the Reorganization relative to the operating expenses currently borne by such shareholders, including that, on a net basis, such expenses are expected to decline as a result of the Reorganization (see “Section A – Proposals 1-2 Reorganizations – Summary – Fees and Expenses”);

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5. the current assets of the Target Fund and the Acquiring Fund, and the anticipated combined pro forma assets of the Acquiring Fund after the Reorganization and potential for economies of scale;

6. the historical performance of the Target Fund and the Acquiring Fund, recognizing that no assurances can be given that the Acquiring Fund will achieve any particular level of performance after the Reorganization;

7. the likelihood that the Target Fund would achieve and/or maintain sufficient size to ensure its continued economic viability absent the Reorganization, and the Acquiring Fund’s relative prospects for attracting additional assets after the Reorganization;

8. the anticipated tax-free nature of the exchange of shares in the Reorganization, and other expected U.S. federal income tax consequences of the Reorganization, including potential limitations on the Acquiring Fund’s use of the Target Fund’s pre-Reorganization losses for U.S. federal income tax purposes after the Reorganization (see “U.S. Federal Income Tax Status of the Reorganizations” above);

9. the potential benefits of the Reorganization to Columbia Threadneedle and its affiliates;

10. that shareholders of the Target Fund will experience no material change in shareholder services as a result of the Reorganization and Columbia Threadneedle’s representation to this effect;

11. brokerage costs resulting from the Reorganization (e.g., the Target Fund’s and/or the Acquiring Fund’s turnover associated with and resulting from the sale of any securities the Acquiring Fund cannot, or does not wish to, acquire or hold for any extended period); and

12. that the direct costs associated with the Reorganization will be borne by the Target Fund only to the extent that Columbia Threadneedle anticipates a reduction in expenses to shareholders of the Target Fund in the first year following the Reorganization.

In their deliberations, the Boards did not identify any single factor that was paramount or controlling and individual Board members may have attributed different weights to various factors. Each Board also evaluated the information available to it on a Target Fund-by-Target Fund basis, and made determinations separately in respect of each Target Fund it oversees. Certain of the factors considered by each Board are discussed in more detail below.

STREAMLINED PRODUCT LINE. Each Board considered that the Reorganizations are part of a larger effort intended, among other things, to streamline Columbia Threadneedle’s product offerings by reducing the number of funds in the Columbia Fund Complex so that management, distribution and other resources can be focused more effectively on a smaller group of Columbia Funds. Reducing the number of funds in the complex is intended to enhance the funds’ prospects for attracting additional assets by better differentiating the funds for potential shareholders (which may lead to a more concentrated selling effort).

CONTINUITY OF INVESTMENT. Each Board took into account the fact that each applicable Target Fund and the Acquiring Fund have substantially similar investment objectives and principal investment strategies. Specifically, the relevant Board noted the following with respect to each Reorganization:

Reorganization 1

Columbia Global Energy and Natural Resources Fund into Columbia Global Equity Value Fund.

Among other factors, the Columbia Atlantic Board considered that both Funds have similar investment objectives. The Board noted that the Funds have similar principal investment strategies as both Funds normally invest at least 80% of their net assets in equity securities. The Board also noted that both Funds, under normal circumstances, invest at least 40% of their net assets in non-U.S. issuers (generally, issuers that maintain their principal place of business or conduct their principal business activities outside the U.S., issuers that have their securities traded on non-U.S. exchanges or issuers that have been formed under the laws of non-U.S. countries), though the Target Fund, unlike the Acquiring Fund, focuses on companies in the energy and natural resources industries.

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Reorganization 2

Columbia Global Infrastructure Fund into Columbia Global Equity Value Fund.

Among other factors, the Columbia Funds Board considered that both Funds have similar investment objectives as both Funds seek to provide their shareholders with growth of capital. The Board noted that the Funds have generally similar principal investment strategies as both Funds invest substantially in equity securities and both Funds, under normal circumstances, invest at least 40% of their net assets in non-U.S. issuers (generally, issuers that maintain their principal place of business or conduct their principal business activities outside the U.S., issuers that have their securities traded on non-U.S. exchanges or issuers that have been formed under the laws of non-U.S. countries), though the Target Fund, unlike the Acquiring Fund, focuses on infrastructure-related companies.

EXPENSE RATIO. Each Board took into account the fact that the total annual operating expense ratio of each applicable Target Fund (net of applicable waivers/reimbursements) is higher than the expected proforma operating expense ratio of the combined Fund following the Reorganization, thus enabling Target Fund shareholders to become shareholders of a slightly lower cost Fund.

INVESTMENT PERFORMANCE. Each Board considered the relative performance record of each Target Fund overseen by it and of the Acquiring Fund, noting, however, that past performance is no guarantee of future results. Specifically, the relevant Board noted the following with respect to each Reorganization:

Reorganization 1

Columbia Global Energy and Natural Resources Fund into Columbia Global Equity Value Fund.

Among other factors, the Columbia Atlantic Board considered the relative performance of the Funds for periods ending December 31, 2019, during which the Acquiring Fund’s performance was stronger for all periods reviewed.

Reorganization 2

Columbia Global Infrastructure Fund into Columbia Global Equity Value Fund.

Among other factors, the Columbia Funds Board considered the relative performance of the Funds for periods ending December 31, 2019, during which the Acquiring Fund’s performance was stronger for the mid- and long-term periods, noting though that the Target Fund’s performance was better for the one-year period.

ECONOMIES OF SCALE. Each Board observed that, in addition to the potential to realize immediate economies associated with consolidating each Target Fund into the larger combined Fund, such as the elimination of duplicative costs, the combined Funds may be able to take advantage of other economies of scale associated with larger funds. For example, a larger fund may benefit from fee breakpoints more quickly, may have an enhanced ability to effect portfolio transactions on favorable terms and may have greater investment flexibility. Each Board also considered the potential benefits to Columbia Threadneedle resulting from the Reorganizations in the long-term, and whether those benefits would be shared with shareholders of the combined Fund. Each Board also considered Columbia Threadneedle’s belief that the combined Fund would be better positioned than each Target Fund is currently positioned to experience growth in assets from investor inflows.

TAX CONSEQUENCES. Each Board examined the relative tax situations of the Target Funds and the Acquiring Fund. Each Board also considered the anticipated tax-free nature of the exchange of shares in the Reorganizations, and other expected U.S. federal income tax consequences of the Reorganizations (such as the resulting tax impact of each proposed Reorganization to the Target Funds’ shareholders, including the considerations concerning the effect of loss and loss carryforward positions of the affected Funds).

THE BOARD UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS

VOTE FOR EACH REORGANIZATION.

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SECTION B — PROPOSAL 3: ELECT TRUSTEES

At the Meeting, shareholders of Columbia Global Energy and Natural Resources Fund, together with all other series of Columbia Funds Series Trust I (“CFST I” or the “Trust”), will be asked to elect ten nominees (the “Nominees”), to constitute the Board of CFST I. For purposes of this Proposal 3 only, all references to the “Board,” “Trustees,” “Independent Trustees,” or “Trust” refer solely to CFST I and “Fund” refers solely to Columbia Global Energy and Natural Resources Fund.

The Board is responsible for overseeing the management of the Trust. If elected to the Board, each Nominee shall hold office until he or she dies, resigns or is removed or, if sooner, until the next meeting of shareholders called for the purpose of electing trustees and until the election and qualification of his or her successor. Each Nominee, with the exception of Christopher O. Petersen, currently serves as a Trustee or a Consultant to the Independent Trustees (defined below).

The 1940 Act and rules adopted thereunder contain provisions requiring that certain percentages of a mutual fund’s Board consist of individuals who are not “interested persons” of the mutual fund or its adviser within the meaning of Section 2(a)(19) of the 1940 Act (the “Independent Trustees”). Current regulations applicable to the Fund require that a majority of the Trust’s Board consist of Independent Trustees. A Nominee is deemed to be “independent” to the extent the Nominee is not an “interested person” of the Funds, as that term is defined in Section 2(a)(19) of the 1940 Act (the “Independent Nominees”). The Independent Nominees are Janet L. Carrig, J. Kevin Connaughton, Olive Darragh, Douglas A. Hacker, Nancy T. Lukitsh, David M. Moffett, John J. Neuhauser, Patrick J. Simpson and Natalie A. Trunow.

Mses. Darragh and Trunow and Mr. Connaughton currently serve as consultants to the Independent Trustees (the “Consultants to the Independent Trustees” or “Consultants”), and each participates in Board and Committee meetings but does not have the right to vote on matters before the Trustees. If elected, the Consultants to the Independent Trustees will serve as Independent Trustees.

Christopher O. Petersen (the “Interested Nominee”) has been nominated to serve as a Trustee and will be treated as an “interested person” of the Fund due to his positions with Columbia Threadneedle and Ameriprise Financial, Inc. Upon the election and seating of Mr. Petersen, William F. Truscott, a trustee who is currently treated as an “interested person” of the Fund, will resign from the Board.

At a meeting held on December 10, 2019, the Governance Committee (by action of its members who are Independent Trustees) nominated the Independent Nominees and the Interested Nominee. In addition, at a meeting held on December 11, 2019, the Independent Trustees received, accepted and endorsed the nominations presented by the Governance Committee, and voted to present each of the Independent Nominees and the Interested Nominee to shareholders for election as Trustees. The Board currently has no reason to believe that any Nominee will become unable to serve or for good cause will not serve as a Trustee, but if that should occur before the Meeting, the proxies may be voted for such other Nominees as the Trust’s present Governance Committee and/or the Board may select.

If the Nominees are elected by shareholders, at least 75% of the Trustees will continue to be Independent Trustees. Under the Trust’s current retirement policy, each Trustee serves until December 31 of the year such Trustee turns seventy-five (75), unless such service is extended by the Board. The Board has extended the service of Dr. Neuhauser and Mr. Simpson through December 31, 2020.

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Current Status of Trustees/Nominees

Ms. Carrig, Dr. Neuhauser and Messrs. Hacker and Simpson were elected by shareholders to be Trustees most recently in 2010. Ms. Lukitsh and Mr. Moffett were appointed by the Board as Trustees in 2011. Mr. Truscott was appointed by the Board as a Trustee in 2012. Mr. Connaughton and Ms. Trunow were appointed by the Board as Consultants to the Independent Trustees in 2016. Ms. Darragh was appointed by the Board as a Consultant to the Independent Trustees in 2019.

Together, such Trustees, Consultants to the Independent Trustees and the Interested Nominee comprise all Nominees for election to the Board and, except for Mr. Truscott, are standing for election at the Meeting and have agreed to serve if elected. Mr. Truscott will retire in 2020 upon election and qualification of Mr. Petersen (who will be treated as an “interested person” of the Fund). Additionally, the Board has approved the continued service of Dr. Neuhauser and Mr. Simpson on the Board until December 31, 2020, and if re-elected, each is expected to serve until that date, unless the Board determines to extend such service.

Trustee/Nominee Biographical Information and Qualifications

The following provides an overview of the considerations that led the Board to conclude that each individual serving or nominated to serve as a Trustee should so serve. Generally, no one factor was decisive in the selection of an individual to join the Board. Among the factors the Board considered when concluding that an individual should serve on the Board were the following: (i) the individual’s business and professional experience and accomplishments; (ii) the individual’s ability to work effectively with the other Trustees/Nominees; (iii) the individual’s prior experience, if any, serving on the boards of public companies (including, where relevant, other investment companies) and other complex enterprises and organizations; and (iv) how the individual’s skills, experience and attributes would contribute to an appropriate mix of relevant skills and experience on the Board.

In respect of each Trustee/Nominee, the individual’s substantial professional accomplishments and experience, including in fields related to the operations of the Funds, were a significant factor in the determination that, in light of the business and structure of the Trust, the individual should serve as a Trustee. Following is a summary of each Trustee/Nominee’s particular professional experience and additional considerations that contributed to the Board’s conclusion that an individual should serve as a Trustee:

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Janet Langford Carrig — Ms. Carrig was Senior Vice President, General Counsel and Corporate Secretary for ConocoPhillips. Prior to joining ConocoPhillips, Ms. Carrig held senior legal and leadership roles in other large corporations and law firms, including as a partner at the law firms Sidley & Austin and Zelle, Hoffman, Voelbel, Mason and Gette. Ms. Carrig has previously served on the board of directors for a public company and various industry groups and non-profit organizations.

J. Kevin Connaughton — Mr. Connaughton has significant executive and board experience with financial services and investment companies. Mr. Connaughton served as a senior officer of certain Columbia Funds from 2003 through 2015. He served as the managing director and general manager of mutual fund products for Columbia Threadneedle from 2010 through 2015. Mr. Connaughton currently serves on the board of directors of two not-for-profit entities, and the investment committee for a small college endowment. He has previously served on the boards of directors of a separate fund group, Columbia Management Investment Services Corp, Funds’ transfer agent (the “Transfer Agent”), and two offshore groups of funds managed by Columbia Threadneedle and/or affiliates. Mr. Connaughton also serves as an adjunct professor of Finance at Bentley University.

Olive Darragh — Ms. Darragh has extensive experience in the investment management industry. She currently serves as Managing Director of Darragh Inc., a strategy and talent management consulting firm that works with investment organizations. Previously, Ms. Darragh was a Partner at Tudor Investments responsible for Strategy and Talent Management. Prior to that, she was a Senior Partner at McKinsey & Company, where she co-founded and led the firm’s global Investment Management practice. Ms. Darragh has experience serving on other boards of directors and is a Certified Public Accountant. Ms. Darragh also founded and runs Zolio Inc., an investment management talent identification platform, and is a visiting professor at the University of Edinburgh Business School.

Douglas A. Hacker — Mr. Hacker has extensive executive experience, having served in various executive roles with United Airlines and more recently as an independent business executive. Mr. Hacker also has experience on other boards of directors. As former chief financial officer of United Airlines, Mr. Hacker has significant experience in accounting and financial management, including in a public company setting.

Nancy T. Lukitsh — Ms. Lukitsh has extensive executive experience in the financial services industries, particularly with respect to the marketing of investment products, having served as Senior Vice President, Partner and Director of Marketing for Wellington Management Company, LLP. Ms. Lukitsh has previously served as Chair of Wellington Management Portfolios (commingled investment pools designed for non-U.S. institutional investors) and as a director of other Wellington affiliates. In addition, she has previously served on the boards of directors of various non-profit organizations. She is also a Chartered Financial Analyst.

David M. Moffett — Mr. Moffett has extensive executive and board of director experience, including serving on audit committees for public companies. Mr. Moffett was selected as CEO when the Federal Home Loan Mortgage Corporation was placed under conservatorship in 2008, and served as a consultant to its interim chief executive officer and the board of directors until 2009. Formerly, Mr. Moffett was the CFO of a large U.S. bank holding company where his responsibilities included trust and wealth management.

John J. Neuhauser — Dr. Neuhauser is an experienced investment company trustee, having served on the Board since 1985 and on the boards of other investment companies. In addition to his board experience, Dr. Neuhauser has extensive executive experience. He was previously the President of Saint Michael’s College and has served in a variety of other leadership roles in higher education.

Christopher O. Petersen — Mr. Petersen has significant experience with financial services and investment companies. Mr. Petersen has served as President of the Columbia Funds since 2015 and as an officer of the Columbia Funds and affiliated funds since 2007. He serves as Vice President and Lead Chief Counsel of Ameriprise Financial, Inc., the parent company of Columbia Threadneedle. In these capacities, he supports the management of the business and legal affairs of the Columbia Funds.

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Patrick J. Simpson — Mr. Simpson is of counsel and formerly a partner in the Portland, Oregon office of Perkins Coie LLP, an international law firm. Mr. Simpson’s practice has included such relevant areas as corporate governance, corporate finance and securities law compliance for private and public companies.

Natalie A. Trunow — Ms. Trunow has extensive executive experience in financial services and with investment companies, including service as Chief Executive Officer at Millennial Portfolio Solutions LLC (asset management and consulting services), as non-executive member of the Investment Committee of Sarona Asset Management (a private equity firm), as Director of Investments at Casey Family Programs Foundation, as Senior Vice President and Chief Investment Officer at Calvert Investments, and as Section Head and Portfolio Manager responsible for alternative and traditional funds at General Motors Asset Management. Ms. Trunow’s responsibilities as Senior Vice President and Chief Investment officer at Calvert Investments included oversight responsibilities for public and private equity investments, in-house and sub-advised funds, asset allocation funds, balanced funds and volatility-managed funds, and investing portfolios. Ms. Trunow also currently serves on the board of non-profit organizations.

William F. Truscott — Mr. Truscott has significant executive and board experience with financial services and investment companies. Mr. Truscott has served on the Board of Trustees of certain Columbia Funds since 2001. He has served as chairman of the board of the Investment Manager since June 2004 and since February 2012 has served as its president. From 2001 to April 2010, Mr. Truscott served as the president, chairman of the board and chief investment officer of Columbia Threadneedle. He has served as chairman of the board of Columbia Management Investment Distributors, Inc. since 2006 and since February 2012 has served as its chief executive officer. From 2008 to April 2010, Mr. Truscott served as chairman of the board and chief executive officer of the Distributor.

Responsibilities of the Board with respect to Fund Management

The Board consists of seven trustees and three consultants who have varied experience and skills. With respect to Messrs. Truscott and Petersen, the Trustees have concluded that having a senior officer of the Investment Manager serve as a Trustee benefits Fund shareholders by facilitating communication between the Independent Trustees and the senior management of the Investment Manager, and by assisting efforts to align the interests of the Investment Manager more closely with those of Fund shareholders. Further information about the backgrounds and qualifications of the Trustees can be found in the section entitled “Trustee/Nominee Biographical Information and Qualifications” above. The Board has several standing committees, which are an integral part of each Fund’s overall governance and risk oversight structure. The roles of each committee are more fully described in the section entitled “Committees of the Board” below.

The Funds have retained the Investment Manager as the Funds’ investment adviser and administrator. The Investment Manager provides the Funds with investment advisory services, and is responsible for day-to-day administration of the Funds and management of the risks that arise from the Funds’ investments and operations. The Board provides oversight of the services provided by the Investment Manager, including risk management services. In addition, each committee of the Board provides oversight of the Investment Manager’s risk management services with respect to the particular activities within the committee’s purview. In the course of providing oversight, the Board and the committees receive a wide range of reports with respect to the Funds’ activities, including reports regarding each Fund’s investment portfolio, the compliance of the Funds with applicable laws, and the Funds’ financial accounting and reporting. The Board and the relevant committees meet periodically with officers of the Funds and the Investment Manager and with representatives of various of the Funds’ service providers. The Board and certain committees also meet periodically with the Funds’ Chief Compliance Officer to receive reports regarding the compliance of the Funds and the Investment Manager with the federal securities laws and their internal compliance policies and procedures. In addition, the Board meets periodically with the portfolio managers of the Funds to receive reports regarding the management of the Funds, including their investment risks.

The Board recognizes that not all risks that may affect the Funds can be identified in advance; that it may not be practical or cost-effective to eliminate or mitigate certain risks; that it may be necessary to bear certain risks (such as various investment-related risks) in seeking to achieve the Funds’ investment objectives; and that the processes and controls employed to address certain risks may be limited in their effectiveness. As a result of the foregoing and other factors, the Board’s risk management oversight is subject to substantial limitations.

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The Board reviews its leadership structure periodically and believes that its structure is appropriate, in light of the size of the Trust and the nature of its business, to enable the Board to exercise its oversight of the Funds and the other investment companies overseen by the Trustees. In particular, the Board believes that having an Independent Trustee serve as the chair of the Board and having other Independent Trustees serve as chairs of each committee promotes independence from the Investment Manager in setting agendas and conducting meetings. The Board believes that its committee structure makes the oversight process more efficient and more effective by allowing, among other things, smaller groups of Trustees to bring increased focus to matters within the purview of each committee.

Committees of the Board

For purposes of this section, the term Independent Trustees includes Mr. Connaughton and Mses. Darragh and Trunow, as Consultants to the Independent Trustees.

The Board has organized the following standing committees to facilitate its work: the Audit Committee, the Governance Committee, the Advisory Fees & Expenses Committee, the Compliance Committee, the Investment Oversight Committee and the Product and Distribution Committee. These Committees are comprised solely of Independent Trustees. The table above providing background on each Trustee also includes their respective committee assignments. The duties of these committees are described below.

Governance Committee

The Governance Committee’s functions include recommending to the Board nominees for Independent Trustee positions and for appointments to various committees, overseeing the Board’s periodic evaluations of the effectiveness of the Board, reviewing and recommending to the Board governance and other policies and practices to be followed in carrying out the Trustees’ duties and responsibilities, and reviewing and making recommendations to the Board regarding the compensation of the Independent Trustees.

The Governance Committee will consider nominees for Trustee recommended by shareholders provided that, as applicable, such recommendations are submitted by the date disclosed in a Fund’s proxy statement soliciting proxies to be voted at a meeting of shareholders, if such a meeting is held (mutual funds, including ETFs, are not required to hold annual shareholder meetings) and otherwise comply with applicable securities laws, including Rule 14a-8 under the 1934 Act. Such shareholder recommendations must be in writing and should be sent to the attention of Douglas A. Hacker, Chair of the Board, Columbia Funds Complex, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110. Shareholder recommendations should include the proposed nominee’s biographical information (including business experience for the past ten years) and a description of the qualifications of the proposed nominee, along with a statement from the proposed nominee that he or she is willing to serve and meets the requirements to serve as an Independent Trustee, if applicable. All satisfactorily completed information packages regarding a candidate will be forwarded to a member of the Governance Committee for consideration. Recommendations for candidates will be evaluated in light of whether the number of Trustees of the Trust is expected to be increased and anticipated vacancies. All nominations from Fund shareholders will be considered. There may be times when the Governance Committee is not recruiting new Trustees. In that case, shareholder recommendations will be maintained on file pending the active recruitment of Trustees.

When considering candidates for Trustee, the Governance Committee considers, among other things, whether prospective nominees have distinguished records in their primary careers, personal and professional integrity, and substantive knowledge in areas important to the Board’s operations, such as background or education in finance, auditing, securities law, the workings of the securities markets, or investment advice. For candidates to serve as Independent Trustees, independence from the Funds’ investment adviser, its affiliates and other principal service providers is critical, as is an independent and questioning mind-set. In each case, the Governance Committee will evaluate whether a candidate is an “interested person” under the 1940 Act. The Governance Committee also considers whether a prospective candidate’s workload would be consistent with regular attendance at Board meetings and would allow him or her to be available for service on Board committees, and devote the additional time and effort necessary to stay apprised of Board matters and the rapidly changing regulatory environment in which the Funds operate. Different substantive areas may assume greater or lesser significance at particular times, in light of a Board’s present composition and its perceptions about future issues and needs.

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The Governance Committee may use any process it deems appropriate for identifying and evaluating candidates for service as a Trustee, which may include, without limitation, personal interviews, background checks, written submissions by the candidates, third party references and the use of consultants, including professional recruiting firms. The Governance Committee will evaluate nominees for a particular vacancy using the same process regardless of whether the nominee is submitted by a shareholder or identified by some other means. On an annual basis, the Board conducts a self-evaluation that considers, among other matters, the contributions of individual Trustees, whether the Board has an appropriate size and the right mix of characteristics, experiences and skills, and whether the age distribution and diversity among the Trustees is appropriate.

The Governance Committee initially evaluates prospective candidates on the basis of their resumes, considered in light of the criteria discussed above. Those prospective candidates that appear likely to be able to fill a significant need of the Board would be contacted by a Governance Committee member by telephone to discuss the position; if there appeared to be sufficient interest, an in-person meeting with one or more of the Governance Committee members would be arranged. If a Governance Committee member, based on the results of these contacts, believes he or she has identified a viable candidate, he or she would air the matter with the other Governance Committee members for input. Any request by Fund management to meet with the prospective candidate would be given appropriate consideration. To assist with the identification and vetting of potential trustee nominees, the Governance Committee has engaged the services of third party recruiting firms.

The Governance Committee has a charter, which is provided in Exhibit C. The Governance Committee’s charter is not available on the Funds’ website. The Governance Committee held five meetings during the fiscal year ended August 31, 2019.

Compliance Committee

The Compliance Committee’s functions include, among other things, monitoring, supervising and assessing the performance of the Funds’ Chief Compliance Officer and reviewing his compensation, reviewing periodically and recommending changes to the codes of ethics and compliance policies of the Funds and its service providers, and reviewing each Fund’s portfolio execution. The Compliance Committee held five meetings during the fiscal year ended August 31, 2019.

Advisory Fees & Expenses Committee

The Advisory Fees & Expenses Committee’s functions include reviewing and making recommendations to the Board as to contracts requiring approval of a majority of the Independent Trustees and as to any other contracts or fee proposals that may be referred to the Advisory Fees & Expenses Committee by the Board. The committee held six meetings during the fiscal year ended August 31, 2019.

Investment Oversight Committee

Each Independent Trustee also serves on one or more sub-committees of the Investment Oversight Committee (each, an “IOC”). Each IOC is responsible for monitoring, on an ongoing basis, a select group of Columbia Funds overseen by the Board and gives particular consideration to such matters as each Fund’s adherence to its investment mandates, historical performance, changes in investment processes and personnel, and proposed changes to investment objectives. Investment personnel who manage the Funds attend IOC meetings from time to time to assist each IOC in its review of the Funds. During the fiscal year ended August 31, 2019, IOC 1, IOC 2 and IOC 3 collectively held twelve meetings.

Audit Committee

The Audit Committee’s functions include making recommendations to the Board regarding the selection and performance of the independent registered public accounting firm, and reviewing matters relating to accounting and auditing practices and procedures, accounting records and the internal accounting controls of the Funds and certain service providers. The Audit Committee is comprised entirely of Independent Trustees. The Board has adopted a written charter for the Audit Committee. The Audit Committee held five meetings during the fiscal year ended August 31, 2019.

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Product and Distribution Committee

The Product and Distribution Committee’s functions include, among other things, reviewing such matters relating to the marketing of the Funds and the distribution of the Fund’s shares, including matters relating to the design and positioning of Funds, marketing and distribution strategies for the Funds and the effectiveness and competitiveness of such strategies, as the Committee may deem appropriate. The Product and Distribution Committee held five meetings during the fiscal year ended August  31, 2019.

Trustee Meeting Attendance

The Board held six meetings during the fiscal year ended August 31, 2019. During the last fiscal year, each Nominee attended 75% or more of the Board meetings and the committee meetings (if a member thereof) held during the period. The Trust does not have a formal policy on Trustee attendance at Board and committee meetings. The Trust does not hold annual shareholders meetings and therefore the Board does not have a policy with regard to Trustee attendance at such meetings.

Beneficial Ownership of Shares of Each Fund

The following table sets forth, for each Trustee/Nominee, the dollar range of shares owned in each Fund as of December 31, 2019, as well as the aggregate dollar range of shares owned in the Funds’ “Family of Investment Companies” (as defined in Item 22(a)(1)(iv) of Rule 14a- 101 under the Exchange Act) as of the same date, including notional amounts through the Deferred Compensation Plan, where noted, stated as one of the following ranges: A = $0; B = $1-$10,000; C = $10,001-$50,000; D = $50,001-$100,000; and E = over $100,000.

Remuneration for Trustees and Officers

No Trustee/Nominee, other than Messrs. Truscott and Petersen, is an employee of Columbia Threadneedle or its affiliates. Each Independent Trustee receives an annual retainer fee of $190,000. The Board chair, the Audit Committee chair, Compliance Committee chair, Product and Distribution Committee chair, Advisory Fees & Expenses Committee chair and Governance Committee chair receive an additional annual retainer of $135,000, $25,000, $25,000, $25,000, $25,000 and $15,000, respectively. Each Independent Trustee also receives a fee for each Board or committee meeting attended. Independent Trustees receive a fee of $15,000 per meeting for attending an in-person or telephone Board meeting and a fee of $2,500 per meeting for attending an in-person or telephone committee meeting. Independent Trustees also are reimbursed for the expenses of attending meetings. Compensation for Consultants to the Independent Trustees is fixed at $295,000 per year. Independent Trustees may also be compensated up to $5,000 per day for participation in special activities on behalf of the Trust if approved by the Governance Committee or the Board. Mr. Truscott receives no compensation for his service as a Trustee.

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Under the terms of the Deferred Fee Agreement (the “Deferred Compensation Plan”), each eligible Independent Trustee or Consultant to the Independent Trustees may elect, on an annual basis, to defer receipt of all or a portion of compensation payable to him or her for service as an Independent Trustee for that calendar year (expressly, an Independent Trustee may elect to defer his/her annual retainer, his/her attendance fees, or both components, which together comprise total compensation for service). Fees deferred by an Independent Trustee or Consultant are credited to a book reserve account (the “Deferral Account”) established by the Columbia Funds, the value of which is derived from the rate of return of one or more Columbia Funds selected by the Independent Trustee or Consultant (with accruals to the Deferral Account beginning at such time as an Independent Trustee’s or Consultant’s fund elections having been established, and proceeds for service having been paid into such account, and terminating at such time as when proceeds become payable to such Independent Trustee or Consultant under the Deferred Compensation Plan). Independent Trustees or Consultants may change their fund elections only in accordance with the provisions of the Deferred Compensation Plan.

Distributions from an Independent Trustee’s or Consultant’s Deferral Account will be paid by check, either in a lump sum or in annual installments. Payments made in annual installments are disbursed over a period of up to ten years, following such time as an Independent Trustee or Consultant may qualify to receive such payments. If a deferring Independent Trustee or Consultant dies prior to or after the commencement of the disbursement of amounts accrued in his/her Deferral Account, the balance of the account will be distributed to his/her designated beneficiary either in lump sum or in annual payments as established by such Independent Trustee or Consultant himself/herself, his/her beneficiary or his/her estate. Amounts payable under the Deferred Compensation Plan are not funded or secured in any way, and each deferring Independent Trustee or Consultant has the status of a general unsecured creditor of the Columbia Fund(s) from which compensation has been deferred.

Total Trustees’ and Consultant fees paid by the Fund and the Columbia Funds to the Trustees and Consultants to the Independent Trustees are listed below for the Fund’s last fiscal year. No Trustee (or Consultant to the Independent Trustees) listed below received pension or retirement benefits accrued as part of the Fund’s expenses in the Fund’s last fiscal year. All Trustees (or Consultants to the Independent Trustees) receive reimbursements for reasonable expenses related to their attendance at meetings of the Board or standing committees, which are not included in the amounts shown. Messrs. Petersen and Truscott are treated as “interested person” of the Fund, and therefore are not compensated for their services on the Boards.

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