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COLUMBIA FUNDS SERIES TRUST

Date Filed : Apr 14, 2022

4971d342238d497.htm497497
Supplement dated April 14, 2022
to the Prospectuses, each as supplemented, of the followingfunds:
Fund Prospectus Dated
Columbia Funds Series Trust  
  Columbia Capital Allocation Moderate Aggressive Portfolio 6/1/2021
  Columbia Capital Allocation Moderate Conservative Portfolio 6/1/2021
Columbia Funds Series Trust II  
  Columbia Capital Allocation Conservative Portfolio 6/1/2021
  Columbia Capital Allocation Moderate Portfolio 6/1/2021
  Columbia Capital Allocation Aggressive Portfolio 6/1/2021
  Columbia Income Builder Fund 6/1/2021
Columbia Mid Cap GrowthFund has changed its name to Columbia Select Mid Cap Growth Fund, and accordingly all references to Columbia Mid Cap Growth Fund in each fund's prospectus are hereby changed to Columbia Select Mid Cap Growth Fund. Inaddition, the disclosure for Columbia Select Mid Cap Growth Fund in each fund's Appendix B - Underlying Funds - Investment Objectives and Strategies is deleted and replaced with the following:
Columbia Select Mid Cap Growth Fund (formerly known as ColumbiaMid Cap Growth Fund)
Columbia Select Mid Cap Growth Fund(the Fund) seeks significant capital appreciation by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of companies with a market capitalization, at the time of initialpurchase, equal to or less than the largest stock in the Russell Midcap Index.
Under normal circumstances, the Fund invests at least 80% ofits net assets (including the amount of any borrowings for investment purposes) in equity securities (including, but not limited to, common stocks, preferred stocks and securities convertible into common or preferred stocks) of companies that havemarket capitalizations in the range of the companies in the Russell Midcap Index (the Index) at the time of purchase (between $331.8 million and $60.4 billion as of November 30, 2020). The market capitalization range and composition of the companiesin the Index are subject to change.
The Fund investstypically in common stocks of companies believed to have the potential for long-term, above-average earnings growth but may invest in companies for their short, medium or long-term prospects. The Fund may from time to time emphasize one or moresectors in selecting its investments, including the health care and information technology sectors.
The Fund may invest up to 20% of its total assets in foreignsecurities. The Fund may invest directly in foreign securities or indirectly through depositary receipts.
The Fund may invest in special situations, such as companiesinvolved in initial public offerings, tender offers, mergers and other corporate restructurings, and in companies involved in management changes or companies developing new technologies.
The Fund typically employs a focused portfolio investingstyle, which results in fewer holdings than a fund that seeks to achieve its investment objective by investing in a greater number of issuers.
The informationunder Geographic Focus Risk - Greater China in each fund's Appendix C - Underlying Funds - Principal Risks is hereby superseded and replaced with the following:
Greater China. The Greater China region consists of Hong Kong, The People's Republic of China and Taiwan, among other countries, and the Fund's investments in the region are particularly susceptible to risks in thatregion. These economies can be significantly affected by currency fluctuations and increasing competition from other emerging economies. Adverse events in the region will generally have a greater effect on the Fund than if the Fund were moregeographically diversified, which could result in greater volatility in the Fund’s NAV and losses. Markets in the Greater China region can experience significant volatility due to social, economic, regulatory and political uncertainties. ManyChinese companies to which the Fund seeks investment exposure use a structure known as a variable interest entity (a VIE) to address Chinese restrictions on direct foreign investment in Chinese companies operating in certain sectors. TheFund’s investment exposure to VIEs may pose additional risks because the Fund’s investment is in a holding company domiciled outside of China (a Holding Company) whose interests in the business of the underlying Chinese operating company(the VIE) are established through contracts rather than equity ownership. The VIE structure is a longstanding practice in China but, until recently, was not acknowledged by the Chinese government, creating uncertainty over the possibility that theChinese government might cease to tolerate VIE structures at any time or impose new restrictions on the structure. In such a scenario, the Chinese operating company could be subject to penalties, including revocation of its business and operatinglicense, or the Holding Company could forfeit its interest in the business of the Chinese operating company. Further, in case of a dispute, the remedies and rights of the Fund may be limited, and legal uncertainty may be exploited against theinterests of the Fund. Control over a VIE may also be jeopardized if a natural person who holds the equity interest
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  in the VIE breaches theterms of the contractual arrangements, is subject to legal proceedings, or if any physical instruments or property of the VIE, such as seals, business registration certificates, financial data and licensing arrangements (sometimes referred to as“chops”), are used without authorization. In the event of such an occurrence, the Fund, as a foreign investor, may have little or no legal recourse. In addition to the risk of government intervention, investments through a VIE structureare subject to the risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach the contractual arrangements, that Chinese law changes in a way that adversely affects the enforceability of the arrangements,that the contracts are otherwise not enforceable under Chinese law, in which case a Fund may suffer significant losses on its investments through a VIE structure with little or no recourse available. Further, the Fund is not a VIE owner/shareholderand cannot exert influence through proxy voting or other means. Foreign companies listed on stock exchanges in the United States, including companies using the VIE structure, could also face delisting or other ramifications for failure to meet theexpectations and/or requirements of U.S. regulators. Recently, however, China has proposed the adoption of rules which would affirm that VIEs are legally permissible, though there remains significant uncertainty over how these rules will operate.Any of these risks could reduce the liquidity and  value of the Fund’s investments in Holding Companies or render them valueless.
The rest of the section remains the same.
Shareholders should retain this Supplement for futurereference.
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