The portfolio managers continually analyze
market and financial data to make buy, sell, and hold decisions. When deciding whether to buy or sell a security, and how and when to implement a trade, the portfolio managers
may consider the expected implementation costs and tax consequences of the trade in an attempt to gain trading efficiencies, avoid unnecessary risk, minimize tax impact, and/or enhance Fund performance.
The last paragraph under the subsection
"The Investment Manager" in the "More Information About the Fund – Primary Service Provider Contracts" section is hereby revised to remove the
information on DFA as a subadviser and to add the
following:
A discussion regarding the basis for the Board’s
approval of the adoption of the investment subadvisory agreement with American Century will be available in the Fund’s Form N-CSR for the fiscal year ending May 31,
2025.
The information under the subsection "Subadvisers" in the "More
Information About the Fund – Primary Service Provider
Contracts" section is hereby revised to remove the information on DFA as a subadviser and to add the following:
American Century, which has served as Subadviser to the Fund since May 27, 2025, is located
at 4500 Main Street, Kansas City, MO 64111. American Century, subject to the supervision of Columbia Management, provides day-to-day management of a portion of the Fund’s portfolio, as well as investment research and statistical information, under a subadvisory agreement with Columbia Management. American Century, founded in 1958, is an independent,
privately-controlled asset management firm dedicated to delivering superior investment performance and building long-term client relationships. American Century manages client portfolios based on various investment strategies,
including, for example, global growth equity, global value equity, fixed income, disciplined equity and multi-asset strategies.
The information under the subsection "Portfolio Managers" in
the "More Information About the Fund – Primary Service Provider Contracts" section is hereby revised to remove the information on DFA as a
subadviser and to add the following:
Subadviser: American Century Investment Management, Inc. (American Century)
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Chief Investment Officer of Avantis Investors, a division of American Century |
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Senior Portfolio Manager of American Century |
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Senior Portfolio Manager of American Century |
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Senior Portfolio Manager of American Century |
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Portfolio Manager of American Century |
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Mr. Repetto, Chief Investment Officer of Avantis Investors, a division of American Century, joined
Avantis Investors in 2019. He has a Diploma de Honor in civil engineering from the Universidad de Buenos Aires, a master’s degree in engineering from Brown University and a Ph.D. in aeronautics from the California Institute of Technology.
Mr. Firestein joined Avantis Investors, a division of American Century, in 2019. He has a bachelor’s degree in finance and
management from Tulane University.
Mr. Ong joined Avantis Investors, a division of American Century, in 2019. He has a bachelor’s degree in economics from
the University of California, Irvine and an MBA in finance and accounting from the University of Chicago Booth School of Business. He is a CFA charterholder.
Mr. Randall joined Avantis Investors, a division of American Century, in 2019. He has a bachelor’s degree in business
administration with a concentration in finance from the University of Southern California and a master’s degree in business administration from the Anderson School of
Management at the University of California, Los Angeles.
Mr. Dubin joined Avantis Investors, a division of American Century, in 2021. Prior to joining Avantis
Investors, he served in investment management roles at Dimensional Fund Advisors from 2017 to 2021, including as an investment associate from 2020 to 2021 and as a portfolio management analyst from 2017 to 2020. He has a
bachelor’s degree in business administration with a concentration in finance from the University of Michigan’s Ross School of Business.
Shareholders should retain this Supplement for future reference.