STATEMENT OF ADDITIONAL INFORMATION

May 1, 2022

Columbia Funds Series Trust

Columbia California Intermediate Municipal Bond Fund
Class A: NACMX	Class Adv: CCMRX	Class C:CCICX
Class Inst: NCMAX	Class Inst2: CNBRX	ClassInst3: CCBYX
Columbia Capital Allocation Moderate Aggressive Portfolio
Class A: NBIAX	Class Adv: CGBRX	Class C:NBICX
Class Inst: NBGPX	Class Inst2: CLHRX	ClassInst3: CPHNX
Class R: CLBRX	Class V: CGGTX
Columbia Capital Allocation Moderate Conservative Portfolio
Class A: NLGAX	Class Adv: CHWRX	Class C:NIICX
Class Inst: NIPAX	Class Inst2: CLRRX	ClassInst3: CPDGX
Class R: CLIRX
Columbia Convertible Securities Fund
Class A: PACIX	Class Adv: COVRX	Class C:PHIKX
Class Inst: NCIAX	Class Inst2: COCRX	ClassInst3: CSFYX
Class R: CVBRX
Columbia Large Cap Enhanced Core Fund
Class A: NMIAX	Class Adv: CECFX	ClassInst: NMIMX
Class Inst2: CLNCX	Class Inst3: CECYX	Class R:CCERX
Columbia Large Cap Growth Opportunity Fund
Class A: NFEAX	Class Adv: CSFRX	Class C:NFECX
Class Inst: NFEPX	Class Inst2: CADRX	ClassInst3: CLRYX
Class R: CLGPX
Columbia Large Cap Index Fund
Class A: NEIAX	Class Inst: NINDX	ClassInst2: CLXRX
Class Inst3: CLPYX
Columbia Mid Cap Index Fund
Class A: NTIAX	Class Inst: NMPAX	ClassInst2: CPXRX
Class Inst3: CMDYX
Columbia North Carolina Intermediate Municipal Bond Fund
Class A: NNCIX	Class Adv: CNCEX	Class C:NNINX
Class Inst: NNIBX	Class Inst3: CNCYX

Columbia Overseas Value Fund
Class A: COAVX	Class Adv: COSVX	Class C:COCVX
Class Inst: COSZX	Class Inst2: COSSX	ClassInst3: COSYX
Class R: COVUX
Columbia Select Large Cap Equity Fund
Class A: NSGAX	Class Adv: CLSRX	Class C:NSGCX
Class Inst: NSEPX	Class Inst2: CLCRX	ClassInst3: CLEYX
Class R§: —
Columbia Select Mid Cap Value Fund
Class A: CMUAX	Class Adv: CFDRX	Class C:CMUCX
Class Inst: NAMAX	Class Inst2: CVERX	ClassInst3: CMVYX
Class R: CMVRX
Columbia Short Term Bond Fund
Class A: NSTRX	Class Adv: CMDRX	Class C:NSTIX
Class Inst: NSTMX	Class Inst2: CCBRX	ClassInst3: CSBYX
Class R: CSBRX
Columbia Short Term Municipal Bond Fund
Class A: NSMMX	Class Adv: CSMTX	Class C:NSMUX
Class Inst: NSMIX	Class Inst2: CNNRX	ClassInst3: CSMYX
Columbia Small Cap Index Fund
Class A: NMSAX	Class Inst: NMSCX	ClassInst2: CXXRX
Class Inst3: CSPYX
Columbia Small Cap Value Fund II
Class A: COVAX	Class Adv: CLURX	Class C:COVCX
Class Inst: NSVAX	Class Inst2: CRRRX	ClassInst3: CRRYX
Class R: CCTRX
Columbia South Carolina Intermediate Municipal Bond Fund
Class A: NSCIX	Class Adv: CSICX	Class C:NSICX
Class Inst: NSCMX	Class Inst3: CSOYX
Columbia Virginia Intermediate Municipal Bond Fund
Class A: NVAFX	Class Adv: CAIVX	Class C:NVRCX
Class Inst: NVABX	Class Inst3: CVAYX

Columbia Adaptive Retirement 2020 Fund
Class Adv: CARGX	Class Inst3: CARHX
Columbia Adaptive Retirement 2025 Fund
Class Adv: CAAHX	Class Inst3: CAIDX
Columbia Adaptive Retirement 2030 Fund
Class Adv: CARLX	Class Inst3: CARMX
Columbia Adaptive Retirement 2035 Fund
Class Adv: CARJX	Class Inst3: CAIEX
Columbia Adaptive Retirement 2040 Fund
Class Adv: CAROX	Class Inst3: CARQX
Columbia Adaptive Retirement 2045 Fund
Class Adv: CARPX	Class Inst3: CAIHX
Columbia Adaptive Retirement 2050 Fund
Class Adv: CARSX	Class Inst3: CARUX
Columbia Adaptive Retirement 2055 Fund
Class Adv: CARFX	Class Inst3: CAIJX
Columbia Adaptive Retirement 2060 Fund
Class Adv: CARKX	Class Inst3: CARVX
Columbia Adaptive Risk Allocation Fund
Class A: CRAAX	Class Adv: CARRX	Class C:CRACX
Class Inst: CRAZX	Class Inst2: CRDRX	ClassInst3: CARYX
Class R: CRKRX

Columbia Balanced Fund
Class A: CBLAX	Class Adv: CBDRX	Class C:CBLCX
Class Inst: CBALX	Class Inst2: CLREX	ClassInst3: CBDYX
Class R: CBLRX
Columbia Bond Fund
Class A: CNDAX	Class Adv: CNDRX	Class C:CNDCX
Class Inst: UMMGX	Class Inst2: CNFRX	ClassInst3: CBFYX
Class R: CBFRX	Class V: CNDTX
Columbia Connecticut Intermediate Municipal Bond Fund
Class A: LCTAX	Class Adv: CCTMX	Class C:LCTCX
Class Inst: SCTEX	Class Inst3: CCTYX	Class V:GCBAX
Columbia Contrarian Core Fund
Class A: LCCAX	Class Adv: CORRX	Class C:LCCCX
Class Inst: SMGIX	Class Inst2: COFRX	ClassInst3: COFYX
Class R: CCCRX	Class V: SGIEX
Columbia Corporate Income Fund
Class A: LIIAX	Class Adv: CIFRX	Class C:CIOCX
Class Inst: SRINX	Class Inst2: CPIRX	ClassInst3: CRIYX
Columbia Dividend Income Fund
Class A: LBSAX	Class Adv: CVIRX	Class C:LBSCX
Class Inst: GSFTX	Class Inst2: CDDRX	ClassInst3: CDDYX
Class R: CDIRX	Class V: GEQAX

Columbia Emerging Markets Fund
Class A: EEMAX	Class Adv: CEMHX	Class C:EEMCX
Class Inst: UMEMX	Class Inst2: CEKRX	ClassInst3: CEKYX
Class R: CEMRX
Columbia Global Technology Growth Fund
Class A: CTCAX	Class Adv: CTYRX	Class C:CTHCX
Class Inst: CMTFX	Class Inst2: CTHRX	ClassInst3: CGTUX
Columbia Greater China Fund
Class A: NGCAX	Class Adv: CGCHX	Class C:NGCCX
Class Inst: LNGZX	Class Inst2: CGCRX	ClassInst3: CGCYX
Columbia High Yield Municipal Fund
Class A: LHIAX	Class Adv: CHIYX	Class C:CHMCX
Class Inst: SRHMX	Class Inst2: CHMYX	ClassInst3: CHHYX
Columbia Intermediate Municipal Bond Fund
Class A: LITAX	Class Adv: CIMRX	Class C:LITCX
Class Inst: SETMX	Class Inst2: CTMRX	ClassInst3: CIMYX
Class V: GIMAX
Columbia International Dividend Income Fund
Class A: CSVAX	Class Adv: CGOLX	Class C:CSRCX
Class Inst: CSVFX	Class Inst2: CADPX	ClassInst3: CLSYX
Class R: CSGRX
Columbia Large Cap Growth Fund
Class A: LEGAX	Class Adv: CCGRX	Class C:LEGCX
Class E: CLGEX	Class Inst: GEGTX	ClassInst2: CLWFX
Class Inst3: CGFYX	Class R: CGWRX	Class V:GAEGX
Columbia Massachusetts Intermediate Municipal Bond Fund
Class A: LMIAX	Class Adv: CMANX	Class C:LMICX
Class Inst: SEMAX	Class Inst2: CMAUX	ClassInst3: CMMYX
Class V: GMBAX
Columbia Multi Strategy Alternatives Fund
Class A: CLAAX	Class Adv: CLFUX	Class C:CLABX
Class Inst: CLAZX	Class Inst2: CLIVX	ClassInst3: CLAYX
Class R: CRRLX
Columbia New York Intermediate Municipal Bond Fund
Class A: LNYAX	Class Adv: CNYIX	Class C:LNYCX
Class Inst: GNYTX	Class Inst2: CNYUX	ClassInst3: CNYYX
Class V: GANYX
Columbia Oregon Intermediate Municipal Bond Fund
Class A: COEAX	Class Adv: CORMX	Class C:CORCX
Class Inst: CMBFX	Class Inst2: CODRX	ClassInst3: CORYX
Columbia Real Estate Equity Fund
Class A: CREAX	Class Adv: CRERX	Class C:CRECX
Class Inst: CREEX	Class Inst2: CRRVX	ClassInst3: CREYX
Class R: CRSRX
Columbia Select Large Cap Growth Fund
Class A: ELGAX	Class Adv: CSRRX	Class C:ELGCX
Class Inst: UMLGX	Class Inst2: CGTRX	ClassInst3: CCWRX
Class R: URLGX
Columbia Select Mid Cap Growth Fund
Class A: CBSAX	Class Adv: CPGRX	Class C:CMCCX
Class Inst: CLSPX	Class Inst2: CMGVX	ClassInst3: CMGYX
Class R: CMGRX	Class V: CBSTX
Columbia Small Cap Growth Fund
Class A: CGOAX	Class Adv: CHHRX	Class C:CGOCX
Class Inst: CMSCX	Class Inst2: CSCRX	ClassInst3: CSGYX
Class R: CCRIX

Columbia Small Cap Value Fund I
Class A: CSMIX	Class Adv: CVVRX	Class C:CSSCX
Class Inst: CSCZX	Class Inst2: CUURX	ClassInst3: CSVYX
Class R: CSVRX
Columbia Solutions Aggressive Portfolio
Columbia Solutions Conservative Portfolio
Columbia Strategic California Municipal Income Fund
Class A: CLMPX	Class Adv: CCARX	Class C:CCAOX
Class Inst: CCAZX	Class Inst2: CCAUX	ClassInst3: CCXYX
Columbia Strategic Income Fund
Class A: COSIX	Class Adv: CMNRX	Class C:CLSCX
Class Inst: LSIZX	Class Inst2: CTIVX	ClassInst3: CPHUX
Class R: CSNRX
Columbia Strategic New York Municipal Income Fund
Class A: COLNX	Class Adv: CNYEX	Class C:CNYCX
Class Inst: CNYZX	Class Inst2: CNYRX	ClassInst3: CNTYX
Columbia Tax-Exempt Fund
Class A: COLTX	Class Adv: CTERX	Class C:COLCX
Class Inst: CTEZX	Class Inst2: CADMX	ClassInst3: CTEYX
Columbia Total Return Bond Fund
Class A: LIBAX	Class Adv: CBNRX	Class C:LIBCX
Class Inst: SRBFX	Class Inst2: CTBRX	ClassInst3: CTBYX
Class R: CIBRX
Columbia U.S. Social Bond Fund
Class A: CONAX	Class Adv: CONFX	Class C:CONCX
Class Inst: CONZX	Class Inst2: COVNX	ClassInst3: CONYX
Columbia U.S. Treasury Index Fund
Class A: LUTAX	Class C: LUTCX	ClassInst: IUTIX
Class Inst2: CUTRX	Class Inst3: CUTYX
Columbia Ultra Short Term Bond Fund
Class A: CUSOX	Class Adv: CUSHX	ClassInst: CUSBX
Class Inst3: CMGUX
Multi-Manager Alternative Strategies Fund
Class Inst: CZAMX
Multi-Manager Directional Alternative Strategies Fund
Class Inst: CDAZX
Multi-Manager Growth Strategies Fund
Class Inst: CZMGX	Class Inst3: CABGX
Multi-Manager International Equity Strategies Fund
Class Inst: CMIEX	Class Inst3: CIEEX
Multi-Manager Small Cap Equity Strategies Fund
Class Inst: CZMSX	Class Inst3: CSCLX
Multi-Manager Total Return Bond Strategies Fund
Class Inst: CTRZX	Class Inst3: CTREX
Multisector Bond SMA Completion Portfolio
MBSAX
Overseas SMA Completion Portfolio
OSCBX

Columbia Funds Series Trust II

Columbia Capital Allocation Aggressive Portfolio
Class A: AXBAX	Class Adv: CPDAX	Class C:RBGCX
Class Inst: CPAZX	Class Inst2: CPANX	ClassInst3: CPDIX
Class R: CPARX
Columbia Capital Allocation Conservative Portfolio
Class A: ABDAX	Class Adv: CPCYX	Class C:RPCCX
Class Inst: CBVZX	Class Inst2: CPAOX	ClassInst3: CPDHX
Class R: CBVRX
Columbia Capital Allocation Moderate Portfolio
Class A: ABUAX	Class Adv: CPCZX	Class C:AMTCX
Class Inst: CBMZX	Class Inst2: CPAMX	ClassInst3: CPDMX
Class R: CBMRX
Columbia Commodity Strategy Fund
Class A: CCSAX	Class Adv: CCOMX	Class C:CCSCX
Class Inst: CCSZX	Class Inst2: CADLX	ClassInst3: CCFYX
Class R: CCSRX
Columbia Disciplined Core Fund
Class A: AQEAX	Class Adv: CLCQX	Class C:RDCEX
Class Inst: CCRZX	Class Inst2: RSIPX	ClassInst3: CCQYX
Class R: CLQRX
Columbia Disciplined Growth Fund
Class A: RDLAX	Class Adv: CGQFX	Class C:RDLCX
Class Inst: CLQZX	Class Inst2: CQURX	ClassInst3: CGQYX
Class R: CGQRX
Columbia Disciplined Value Fund
Class A: RLCAX	Class Adv: COLEX	Class C:RDCCX
Class Inst: CVQZX	Class Inst2: COLVX	ClassInst3: COLYX
Class R: RLCOX	Class V: CVQTX
Columbia Dividend Opportunity Fund
Class A: INUTX	Class Adv: CDORX	Class C:ACUIX
Class Inst: CDOZX	Class Inst2: RSDFX	ClassInst3: CDOYX
Class R: RSOOX
Columbia Emerging Markets Bond Fund
Class A: REBAX	Class Adv: CEBSX	Class C:REBCX
Class Inst: CMBZX	Class Inst2: CEBRX	ClassInst3: CEBYX
Class R: CMBRX
Columbia Flexible Capital Income Fund
Class A: CFIAX	Class Adv: CFCRX	Class C:CFIGX
Class Inst: CFIZX	Class Inst2: CFXRX	ClassInst3: CFCYX
Class R: CFIRX
Columbia Floating Rate Fund
Class A: RFRAX	Class Adv: CFLRX	Class C:RFRCX
Class Inst: CFRZX	Class Inst2: RFRFX	ClassInst3: CFRYX
Class R: CFRRX
Columbia Global Opportunities Fund
Class A: IMRFX	Class Adv: CSDRX	Class C:RSSCX
Class Inst: CSAZX	Class Inst2: CLNRX	ClassInst3: CGOYX
Class R: CSARX
Columbia Global Value Fund
Class A: IEVAX	Class Adv: RSEVX	Class C:REVCX
Class Inst: CEVZX	Class Inst2: RSEYX	ClassInst3: CEVYX
Class R: REVRX
Columbia Government Money Market Fund
Class A: IDSXX	Class C: RCCXX	ClassInst: IDYXX
Class Inst2: CMRXX	Class Inst3: CGMXX	Class R:RVRXX
Columbia High Yield Bond Fund
Class A: INEAX	Class Adv: CYLRX	Class C:APECX
Class Inst: CHYZX	Class Inst2: RSHRX	ClassInst3: CHYYX
Class R: CHBRX

Columbia Income Builder Fund
Class A: RBBAX	Class Adv: CNMRX	Class C:RBBCX
Class Inst: CBUZX	Class Inst2: CKKRX	ClassInst3: CIBYX
Class R: CBURX
Columbia Income Opportunities Fund
Class A: AIOAX	Class Adv: CPPRX	Class C:RIOCX
Class Inst: CIOZX	Class Inst2: CEPRX	ClassInst3: CIOYX
Class R: CIORX
Columbia Large Cap Value Fund
Class A: INDZX	Class Adv: RDERX	Class C:ADECX
Class Inst: CDVZX	Class Inst2: RSEDX	ClassInst3: CDEYX
Class R: RDEIX
Columbia Limited Duration Credit Fund
Class A: ALDAX	Class Adv: CDLRX	Class C:RDCLX
Class Inst: CLDZX	Class Inst2: CTLRX	ClassInst3: CLDYX
Columbia Minnesota Tax-Exempt Fund
Class A: IMNTX	Class Adv: CLONX	Class C:RMTCX
Class Inst: CMNZX	Class Inst2: CADOX	ClassInst3: CMNYX
Columbia Mortgage Opportunities Fund
Class A: CLMAX	Class Adv: CLMFX	Class C:CLMCX
Class Inst: CLMZX	Class Inst2: CLMVX	ClassInst3: CMOYX
Columbia Overseas Core Fund
Class A: COSAX	Class Adv: COSDX	Class C:COSCX
Class Inst: COSNX	Class Inst2: COSTX	ClassInst3: COSOX
Class R: COSRX
Columbia Quality Income Fund
Class A: AUGAX	Class Adv: CUVRX	Class C:AUGCX
Class Inst: CUGZX	Class Inst2: CGVRX	ClassInst3: CUGYX
Class R: CUGUX
Columbia Select Global Equity Fund
Class A: IGLGX	Class Adv: CSGVX	Class C:RGCEX
Class Inst: CGEZX	Class Inst2: RGERX	ClassInst3: CSEYX
Class R: CGERX
Columbia Select Large Cap Value Fund
Class A: SLVAX	Class Adv: CSERX	Class C:SVLCX
Class Inst: CSVZX	Class Inst2: SLVIX	ClassInst3: CSRYX
Class R: SLVRX
Columbia Select Small Cap Value Fund
Class A: SSCVX	Class Adv: CSPRX	Class C:SVMCX
Class Inst: CSSZX	Class Inst2: SSVIX	ClassInst3: CSSYX
Class R: SSVRX
Columbia Seligman Global Technology Fund
Class A: SHGTX	Class Adv: CCHRX	Class C:SHTCX
Class Inst: CSGZX	Class Inst2: SGTTX	ClassInst3: CGTYX
Class R: SGTRX
Columbia Seligman Technology and Information Fund
Class A: SLMCX	Class Adv: SCIOX	Class C:SCICX
Class Inst: CCIZX	Class Inst2: SCMIX	ClassInst3: CCOYX
Class R: SCIRX
Columbia Strategic Municipal Income Fund
Class A: INTAX	Class Adv: CATRX	Class C:RTCEX
Class Inst: CATZX	Class Inst2: CADNX	ClassInst3: CATYX
Multi-Manager Value Strategies Fund
Class Inst: CZMVX	Class Inst3: CVSDX

This Statement of Additional Information (SAI) is not aprospectus, is not a substitute for reading any prospectus and is intended to be read in conjunction with each Fund’s current prospectus (as amended or supplemented), the date of which may be found in the section of this SAI entitled About the Trusts. The most recent annual report for each Fund identified in the table below (as applicable), which includes the Fund’s audited financial statements for itsmost recent fiscal period, is incorporated herein by reference.

Copies of the Funds’ current prospectuses and annual andsemiannual reports (once available, as applicable) may be obtained without charge by writing Columbia Management Investment Services Corp., P.O. Box 219104, Kansas City, MO 64121-9104, by calling Columbia Funds at 800.345.6611 or by visiting theColumbia Funds’ website at columbiathreadneedleus.com.

Shareholder Reports

Trust, Fund Name and Fiscal Year End:	Shareholder Report:
January 31
Columbia Funds Series Trust Columbia Capital Allocation Moderate Aggressive Portfolio Columbia Capital Allocation Moderate Conservative Portfolio	Annual Report
Columbia Funds Series Trust II Columbia Capital Allocation Aggressive Portfolio Columbia Capital Allocation Conservative Portfolio Columbia Capital Allocation Moderate Portfolio Columbia Income BuilderFund	Annual Report
February 28/29
Columbia Funds Series Trust Columbia Convertible Securities Fund Columbia Large Cap Enhanced Core Fund Columbia Large Cap Growth Opportunity Fund Columbia Large Cap Index Fund Columbia Mid Cap IndexFund Columbia Overseas Value Fund Columbia Select Large Cap Equity Fund Columbia Select Mid Cap Value Fund Columbia Small Cap Index Fund Columbia Small Cap Value Fund II	Annual Report
Columbia Funds Series Trust II Columbia Global Value Fund Columbia Overseas Core Fund	Annual Report
March 31
Columbia Funds Series Trust Columbia Short Term Bond Fund	Annual Report
Columbia Funds Series Trust I Columbia Adaptive Retirement 2020 Fund Columbia Adaptive Retirement 2025 Fund Columbia Adaptive Retirement 2030 Fund Columbia Adaptive Retirement 2035 Fund Columbia AdaptiveRetirement 2040 Fund Columbia Adaptive Retirement 2045 Fund Columbia Adaptive Retirement 2050 Fund Columbia Adaptive Retirement 2055 Fund Columbia Adaptive Retirement 2060 Fund Columbia Select Large Cap Growth Fund ColumbiaSolutions Aggressive Portfolio Columbia Solutions Conservative Portfolio Multi-Manager Growth Strategies Fund	Annual Report

Trust, Fund Name and Fiscal Year End:	Shareholder Report:
April 30
Columbia Funds Series Trust Columbia California Intermediate Municipal Bond Fund Columbia North Carolina Intermediate Municipal Bond Fund Columbia Short Term Municipal Bond Fund Columbia South CarolinaIntermediate Municipal Bond Fund Columbia Virginia Intermediate Municipal Bond Fund	Annual Report
Columbia Funds Series Trust I Columbia Bond Fund Columbia Corporate Income Fund Columbia Small Cap Value Fund I Columbia Total Return Bond Fund Columbia U.S. Treasury Index Fund Multi-ManagerDirectional Alternative Strategies Fund	Annual Report
May 31
Columbia Funds Series Trust I Columbia Adaptive Risk Allocation Fund Columbia Dividend Income Fund Columbia High Yield Municipal Fund Columbia Multi Strategy Alternatives Fund	Annual Report
Columbia Funds Series Trust II Columbia Commodity Strategy Fund Columbia Dividend Opportunity Fund Columbia Flexible Capital Income Fund Columbia High Yield Bond Fund Columbia Large Cap Value Fund Columbia Mortgage Opportunities Fund Columbia Quality Income Fund Columbia Select Large Cap Value Fund Columbia Select Small Cap Value Fund Columbia Seligman Technology and Information Fund Multi-Manager Value StrategiesFund	Annual Report
July 31
Columbia Funds Series Trust I Columbia Large Cap Growth Fund Columbia Oregon Intermediate Municipal Bond Fund Columbia Tax-Exempt Fund Columbia Ultra Short Term Bond Fund Columbia U.S. Social BondFund	Annual Report
Columbia Funds Series Trust II Columbia Disciplined Core Fund Columbia Disciplined Growth Fund Columbia Disciplined Value Fund Columbia Floating Rate Fund Columbia Global Opportunities Fund ColumbiaGovernment Money Market Fund Columbia Income Opportunities Fund Columbia Limited Duration Credit Fund Columbia Minnesota Tax-Exempt Fund Columbia Strategic Municipal Fund	Annual Report

Trust, Fund Name and Fiscal Year End:	Shareholder Report:
August 31
Columbia Funds Series Trust I Columbia Balanced Fund Columbia Contrarian Core Fund Columbia Emerging Markets Fund Columbia Global Technology Growth Fund Columbia Greater China Fund ColumbiaInternational Dividend Income Fund Columbia Select Mid Cap Growth Fund Columbia Small Cap Growth Fund Columbia Strategic Income Fund Multi-Manager Alternative Strategies Fund Multi-Manager International Equity Strategies Fund Multi-Manager Small Cap Equity Strategies Fund Multi-Manager Total Return Bond Fund Multisector Bond SMA Completion Portfolio Overseas SMA Completion Portfolio	Annual Report
Columbia Funds Series Trust II Columbia Emerging Markets Bond Fund	Annual Report
October 31
Columbia Funds Series Trust I Columbia Connecticut Intermediate Municipal Bond Fund Columbia Intermediate Municipal Bond Fund Columbia Massachusetts Intermediate Municipal Bond Fund Columbia New YorkIntermediate Municipal Bond Fund Columbia Strategic California Municipal Income Fund Columbia Strategic New York Municipal Income Fund	Annual Report
Columbia Funds Series Trust II Columbia Select Global Equity Fund Columbia Seligman Global Technology Fund	Annual Report
December 31
Columbia Funds Series Trust I Columbia Real Estate Equity Fund	Annual Report

Table of Contents

SAIPRIMER	2
ABOUT THETrusts	8
FUNDAMENTAL AND NON-FUNDAMENTAL INVESTMENTPOLICIES	12
ABOUT FUNDINVESTMENTS	26
Types ofInvestments	26
Information RegardingRisks	63
Borrowings	99
Lending of PortfolioSecurities	100
InterfundLending	101
INVESTMENT MANAGEMENT AND OTHERSERVICES	102
The Investment Manager andSubadvisers	102
Potential Conflicts ofInterest	146
Structure ofCompensation	173
TheAdministrator	184
TheDistributor	184
Distribution and/or ServicingPlans	186
Other ServicesProvided	192
ExpenseLimitations	193
Other Roles and Relationships of Ameriprise Financial and Its Affiliates — Certain Conflicts ofInterest	197
Codes ofEthics	201
Proxy Voting Policies andProcedures	201
Organization and Management of Wholly-OwnedSubsidiaries	203
FUNDGOVERNANCE	205
Board of Trustees andOfficers	205
Compensation	226
BROKERAGE ALLOCATION AND RELATEDPRACTICES	236
General Brokerage Policy, Brokerage Transactions and BrokerSelection	236
BrokerageCommissions	239
DirectedBrokerage	243
Securities of RegularBroker-Dealers	246
OTHERPRACTICES	253
PerformanceDisclosure	253
PortfolioTurnover	253
Disclosure of Portfolio HoldingsInformation	254
Additional Shareholder ServicingPayments	261
Additional Payments to FinancialIntermediaries	263
CAPITAL STOCK AND OTHERSECURITIES	265
Description of the Trusts'Shares	265
Conduct of the Trusts'Business	266
Purchase, Redemption and Pricing ofShares	268
Purchase andRedemption	268
OfferingPrice	269
TAXATION	271
CONTROL PERSONS AND PRINCIPAL HOLDERS OFSECURITIES	290
INFORMATION REGARDING PENDING AND SETTLED LEGALPROCEEDINGS	375
APPENDIX A — DESCRIPTION OF CREDITRATINGS	A-1
APPENDIX B — CORPORATE GOVERNANCE AND PROXY VOTINGPRINCIPLES	B-1
APPENDIX C — DESCRIPTION OF STATE RISKFACTORS	C-1
APPENDIX S — MORE INFORMATION ABOUT CHOOSING A SHARECLASS	S-1

Statementof Additional Information – May 1, 2022

1

SAIPRIMER

The SAI is a part of the Funds’registration statement that is filed with the SEC. The registration statement includes the Funds’ prospectuses, the SAI and certain exhibits. The SAI, as supplemented from time to time, can be found online at columbiathreadneedleus.com and/orby accessing the SEC’s website at www.sec.gov.

For purposes of any electronic version of this SAI,all references to websites or universal resource locators (URLs) are intended to be inactive and are not meant to incorporate the contents of any such website or URL into this SAI, with the exception of the most recent annual report for each Fund,as noted on the front cover of this SAI.

TheSAI generally provides additional information about the Funds that is not required to be in the Funds’ prospectuses. The SAI expands discussions of certain matters described in the Funds’ prospectuses and provides certain additionalinformation about the Funds that may be of help or interest to some investors. Among other things, the SAI provides information about:

■	the organizationof each Trust (of which the Funds are series);
■	the Funds’investments;
■	the Funds’investment adviser, investment subadviser(s) (if any) and other service providers, including roles and relationships of Ameriprise Financial and its affiliates, and conflicts of interest;
■	the governance ofthe Funds;
■	the Funds’brokerage practices;
■	the share classesoffered by the Funds;
■	the purchase,redemption and pricing of Fund shares; and
■	the application of U.S. federal income tax laws.

If you have any questions about the Funds, pleasecall Columbia Funds at 800.345.6611 or contact your financial advisor.

Throughout this SAI, the term “financialintermediary” may refer, generally, to one or more of the selling agents and/or servicing agents that are authorized to sell and/or service shares of the Funds, which may include broker-dealers and financial advisors as well as firms thatemploy such broker-dealers and financial advisors, including, for example, brokerage firms, banks, investment advisers, third party administrators and other financial intermediaries.

Each Fund typically updates its registrationstatement approximately four months after the end of its fiscal year, although in certain circumstances a Fund may update its registration statement sooner. Some of the information in this SAI is reported for a Fund as of the end of the Fund’slast fiscal year (or period) or during the Fund’s last fiscal year (or period). This is a reference to the fiscal year (or period) ending prior to the Fund’s last annual update, which may be fifteen months or more prior to the date ofthe SAI. See About the Trusts for each Fund’s fiscal year end and most recent prospectus date (i.e., the date of the Fund’s last annual update).

Before reading the SAI, you should consult theprospectus for the Fund as well as the Glossary below, which defines certain of the terms used in the SAI. Terms not defined in the Glossary below generally have the same meaning as otherwise ascribed in a Fund’s prospectus.

Glossary

1933 Act	Securities Act of 1933, as amended
1934 Act	Securities Exchange Act of 1934, as amended
1940 Act	Investment Company Act of 1940, as amended
Adaptive Retirement Funds	The Funds within the Columbia Funds Complex that include “Adaptive Retirement” within the fund name.
Allspring	Allspring Global Investments, LLC
AlphaSimplex	AlphaSimplex Group, LLC
Ameriprise Financial	Ameriprise Financial, Inc.
AQR	AQR Capital Management, LLC
Arrowstreet	Arrowstreet Capital, Limited Partnership
Baillie Gifford	Baillie Gifford Overseas Limited
Bank of America	Bank of America Corporation
Board	A Trust’s Board of Trustees

Statementof Additional Information – May 1, 2022

2

Boston Partners	Boston Partners Global Investors, Inc.
Business Day	Any day on which the NYSE is open for business. A business day typically ends at the close of regular trading on the NYSE, usually at 4:00 p.m. Eastern time. If the NYSE is scheduled to close early, the business day will be considered to end as of thetime of the NYSE’s scheduled close. The Fund will not treat an intraday unscheduled disruption in NYSE trading or an intraday unscheduled closing as a close of regular trading on the NYSE for these purposes and will price its shares as of theregularly scheduled closing time for that day (typically, 4:00 p.m. Eastern time). Notwithstanding the foregoing, the NAV of Fund shares may be determined at such other time or times (in addition to or in lieu of the time set forth above) as theFund’s Board may approve or ratify. On holidays and other days when the NYSE is closed, the Fund's NAV is not calculated and the Fund does not accept buy or sell orders. However, the value of the Fund's assets may still be affected on suchdays to the extent that the Fund holds foreign securities that trade on days that foreign securities markets are open.
Capital Allocation Portfolios	Collectively, Columbia Capital Allocation Aggressive Portfolio, Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Aggressive Portfolio, Columbia Capital Allocation Moderate Conservative Portfolio and Columbia CapitalAllocation Moderate Portfolio
Causeway	Causeway Capital Management LLC
CEA	Commodity Exchange Act
CFST	Columbia Funds Series Trust
CFST I	Columbia Funds Series Trust I
CFST II	Columbia Funds Series Trust II
CFTC	The United States Commodity Futures Trading Commission
Code	Internal Revenue Code of 1986, as amended
Codes of Ethics	The codes of ethics adopted by the Funds, Columbia Management Investment Advisers, LLC, Columbia Management Investment Distributors, Inc. and/or any sub-adviser, as applicable, pursuant to Rule 17j-1 under the 1940 Act
Columbia Funds or Columbia Funds Complex	The fund complex, including the Funds, that is comprised of the registered investment companies, including traditional mutual funds, closed-end funds, and ETFs, advised by the Investment Manager or its affiliates
Columbia Management	Columbia Management Investment Advisers, LLC
Columbia Threadneedle Investments	The global brand name of the Columbia and Threadneedle group of companies

    

Columbia WAM	Columbia Wanger Asset Management, LLC
Conestoga	Conestoga Capital Advisors, LLC
Crabel	Crabel Capital Management, LLC
Custodian	JPMorgan Chase Bank, N.A.
DBRS	DBRS Morningstar
DFA	Dimensional Fund Advisors LP
Diamond Hill	Diamond Hill Capital Management, Inc.
Distribution Agreement	The Distribution Agreement between a Trust, on behalf of its Funds, and the Distributor
Distribution Plan(s)	One or more of the plans adopted by the Board pursuant to Rule 12b-1 under the 1940 Act for the distribution of the Funds’ shares
Distributor	Columbia Management Investment Distributors, Inc.
DST	DST Asset Manager Solutions, Inc.
FDIC	Federal Deposit Insurance Corporation
FHLMC	The Federal Home Loan Mortgage Corporation

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3

Fitch	Fitch Ratings, Inc.
FNMA	Federal National Mortgage Association
The Fund(s) or a Fund	One or more of the open-end management investment companies listed on the front cover of this SAI
GICS	The Global Industry Classification Standard (GICS®). GICS was developed by and/or is the exclusive property of MSCI, Inc. (MSCI®) and S&P Global Market Intelligence Inc. (S&P Global Market Intelligence). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensedfor use by Columbia Management Investment Advisers, LLC (the Investment Manager). Neither GICS, MSCI, nor S&P Global Market Intelligence are affiliated with the Funds, the Investment Manager or any Columbia entity.
GNMA	Government National Mortgage Association
Hotchkis & Wiley	Hotchkis & Wiley Capital Management, LLC
Independent Trustees	The Trustees of the Board who are not “interested persons” (as defined in the 1940 Act) of the Funds
Interested Trustee	A Trustee of the Board who is currently deemed to be an “interested person” (as defined in the 1940 Act) of the Funds
Investment Manager	Columbia Management Investment Advisers, LLC
IRS	United States Internal Revenue Service

    

JPMIM	J.P. Morgan Investment Management Inc.
JPMorgan	JPMorgan Chase Bank, N.A., the Funds’ custodian
KBRA	Kroll Bond Rating Agency
LIBOR	London Interbank Offered Rate*
Loomis Sayles	Loomis, Sayles & Company, L.P.
Los Angeles Capital	Los Angeles Capital Management LLC
Management Agreement	The Management Agreements, as amended, if applicable, between a Trust, on behalf of the Funds, and the Investment Manager

    

Manulife	Manulife Investment Management (US) LLC
Moody’s	Moody’s Investors Service, Inc.
Multi-Manager Strategies Funds	Multi-Manager Alternative Strategies Fund, Multi-Manager Directional Alternative Strategies Fund, Multi-Manager Growth Strategies Fund, Multi-Manager International Equity Strategies Fund, Multi-Manager Small Cap Equity Strategies Fund, Multi-Manager Total ReturnBond Strategies Fund and Multi-Manager Value Strategies Fund. Shares of the Multi-Manager Strategies Funds are offered only through certain wrap fee programs sponsored and/or managed by Ameriprise Financial, Inc. or its affiliates.
NASDAQ	National Association of Securities Dealers Automated Quotations system
NAV	Net asset value per share of a Fund
NRSRO	Nationally recognized statistical ratings organization (such as, for example, Moody’s, Fitch or S&P)
NSCC	National Securities Clearing Corporation
NYSE	New York Stock Exchange
PGIM	PGIM, Inc., the asset management arm of Prudential Financial, Inc.
PGIM Quantitative Solutions	PGIM Quantitative Solutions LLC (formerly, QMA LLC)
PwC	PricewaterhouseCoopers LLP
REIT	Real estate investment trust
REMIC	Real estate mortgage investment conduit
RIC	A “regulated investment company,” as such term is used in the Code

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4

S&P	S&P Global Ratings, a division of S&P Global Inc. (“Standard & Poor’s” and “S&P” are trademarks of S&P Global Inc. and have been licensed for use by the Investment Manager. The Columbia Funds are notsponsored, endorsed, sold or promoted by S&P Global Ratings and S&P Global Ratings makes no representation regarding the advisability of investing in the Columbia Funds)
SAI	This Statement of Additional Information, as amended and supplemented from time-to-time
SEC	United States Securities and Exchange Commission
Shares	Shares of a Fund
SOFR	Secured Overnight Financing Rate
Solution Series Funds	Columbia Solutions Aggressive Portfolio, Columbia Solutions Conservative Portfolio, Multisector Bond SMA Completion Portfolio and Overseas SMA Completion Portfolio
Subadvisory Agreement	The Subadvisory Agreement among a Trust on behalf of the Fund(s), the Investment Manager and a Fund’s investment subadviser(s), as the context may require
Subsidiary	One or more wholly-owned subsidiaries of a Fund
TCW	TCW Investment Management Company LLC
Threadneedle	Threadneedle International Limited
Transfer Agency Agreement	The Transfer and Dividend Disbursing Agent Agreement between a Trust, on behalf of its Funds, and the Transfer Agent
Transfer Agent	Columbia Management Investment Services Corp.
Trustee(s)	One or more members of the Board
Trusts	CFST, CFST I and CFST II, which are the registered investment companies in the Columbia Funds Complex to which this SAI relates
Voya	Voya Investment Management Co. LLC
Water Island	Water Island Capital, LLC

*	Please see “LIBOR Replacement Risk” in the Information Regarding Risks section for more information about thephaseout of LIBOR and related reference rates.

Throughout this SAI, the Funds are referred to asfollows:

Fund Name:		Referred to as:
Columbia Adaptive Retirement 2020 Fund		Adaptive Retirement 2020 Fund
Columbia Adaptive Retirement 2025 Fund		Adaptive Retirement 2025 Fund
Columbia Adaptive Retirement 2030 Fund		Adaptive Retirement 2030 Fund
Columbia Adaptive Retirement 2035 Fund		Adaptive Retirement 2035 Fund
Columbia Adaptive Retirement 2040 Fund		Adaptive Retirement 2040 Fund
Columbia Adaptive Retirement 2045 Fund		Adaptive Retirement 2045 Fund
Columbia Adaptive Retirement 2050 Fund		Adaptive Retirement 2050 Fund
Columbia Adaptive Retirement 2055 Fund		Adaptive Retirement 2055 Fund
Columbia Adaptive Retirement 2060 Fund		Adaptive Retirement 2060 Fund
Columbia Adaptive Risk Allocation Fund		Adaptive Risk Allocation Fund
Columbia Balanced Fund		Balanced Fund
Columbia Bond Fund		Bond Fund
Columbia California Intermediate Municipal Bond Fund		CAIntermediate Municipal Bond Fund
Columbia Capital Allocation Aggressive Portfolio		Capital Allocation Aggressive Portfolio
Columbia Capital Allocation Conservative Portfolio		Capital Allocation Conservative Portfolio
Columbia Capital Allocation Moderate Aggressive Portfolio		Capital Allocation Moderate Aggressive Portfolio
Columbia Capital Allocation Moderate Conservative Portfolio		Capital Allocation Moderate Conservative Portfolio

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Fund Name:		Referred to as:
Columbia Capital Allocation Moderate Portfolio		Capital Allocation Moderate Portfolio
Columbia Connecticut Intermediate Municipal Bond Fund		CTIntermediate Municipal Bond Fund
Columbia Contrarian Core Fund		Contrarian Core Fund
Columbia Commodity Strategy Fund		Commodity Strategy Fund
Columbia Convertible Securities Fund		Convertible Securities Fund
Columbia Corporate Income Fund		Corporate Income Fund
Columbia Disciplined Core Fund		Disciplined Core Fund
Columbia Disciplined Growth Fund		Disciplined Growth Fund
Columbia Disciplined Value Fund		Disciplined Value Fund
Columbia Dividend Income Fund		Dividend Income Fund
Columbia Dividend Opportunity Fund		Dividend Opportunity Fund
Columbia Emerging Markets Fund		Emerging Markets Fund
Columbia Emerging Markets Bond Fund		Emerging Markets Bond Fund
Columbia Flexible Capital Income Fund		Flexible Capital Income Fund
Columbia Floating Rate Fund		Floating Rate Fund
Columbia Global Opportunities Fund		Global Opportunities Fund
Columbia Global Technology Growth Fund		Global Technology Growth Fund
Columbia Global Value Fund		Global Value Fund
Columbia Government Money Market Fund		Government Money Market Fund
Columbia Greater China Fund		Greater China Fund
Columbia High Yield Bond Fund		High Yield Bond Fund
Columbia High Yield Municipal Fund		High Yield Municipal Fund
Columbia Income Builder Fund		Income Builder Fund
Columbia Income Opportunities Fund		Income Opportunities Fund
Columbia Intermediate Municipal Bond Fund		Intermediate Municipal Bond Fund
Columbia International Dividend Income Fund		International Dividend Income Fund
Columbia Large Cap Enhanced Core Fund		Large Cap Enhanced Core Fund
Columbia Large Cap Growth Fund		Large Cap Growth Fund
Columbia Large Cap Growth Opportunity Fund		Large Cap Growth Opportunity Fund
Columbia Large Cap Index Fund		Large Cap Index Fund
Columbia Large Cap Value Fund		Large Cap Value Fund
Columbia Limited Duration Credit Fund		Limited Duration Credit Fund
Columbia Massachusetts Intermediate Municipal Bond Fund		MAIntermediate Municipal Bond Fund
Columbia Mid Cap Index Fund		Mid Cap Index Fund
Columbia Minnesota Tax-Exempt Fund		MNTax-Exempt Fund
Columbia Mortgage Opportunities Fund		Mortgage Opportunities Fund
Columbia Multi Strategy Alternatives Fund		Multi Strategy Alternatives Fund
Columbia New York Intermediate Municipal Bond Fund		NYIntermediate Municipal Bond Fund
Columbia North Carolina Intermediate Municipal Bond Fund		NCIntermediate Municipal Bond Fund
Columbia Oregon Intermediate Municipal Bond Fund		ORIntermediate Municipal Bond Fund
Columbia Overseas Core Fund		Overseas Core Fund
Columbia Overseas Value Fund		Overseas Value Fund
Columbia Quality Income Fund		Quality Income Fund
Columbia Real Estate Equity Fund		Real Estate Equity Fund

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Fund Name:		Referred to as:
Columbia Select Global Equity Fund		Select Global Equity Fund
Columbia Select Large Cap Equity Fund		Select Large Cap Equity Fund
Columbia Select Large Cap Growth Fund		Select Large Cap Growth Fund
Columbia Select Large Cap Value Fund		Select Large Cap Value Fund
Columbia Select Mid Cap Growth Fund		Select Mid Cap Growth Fund
Columbia Select Mid Cap Value Fund		Select Mid Cap Value Fund
Columbia Select Small Cap Value Fund		Select Small Cap Value Fund
Columbia Seligman Global Technology Fund		Seligman Global Technology Fund
Columbia Seligman Technology and Information Fund		Seligman Technology and Information Fund
Columbia Short Term Bond Fund		Short Term Bond Fund
Columbia Short Term Municipal Bond Fund		Short Term Municipal Bond Fund
Columbia Small Cap Growth Fund		Small Cap Growth Fund
Columbia Small Cap Index Fund		Small Cap Index Fund
Columbia Small Cap Value Fund I		Small Cap Value Fund I
Columbia Small Cap Value Fund II		Small Cap Value Fund II
Columbia Solutions Aggressive Portfolio		Solutions Aggressive Portfolio
Columbia Solutions Conservative Portfolio		Solutions Conservative Portfolio
Columbia South Carolina Intermediate Municipal Bond Fund		SCIntermediate Municipal Bond Fund
Columbia Strategic California Municipal Income Fund		Strategic CA Municipal Income Fund
Columbia Strategic Income Fund		Strategic Income Fund
Columbia Strategic Municipal Income Fund		Strategic Municipal Income Fund
Columbia Strategic New York Municipal Income Fund		Strategic NY Municipal Income Fund
Columbia Tax-Exempt Fund		Tax-Exempt Fund
Columbia Total Return Bond Fund		Total Return Bond Fund
Columbia U.S. Social Bond Fund		U.S. Social Bond Fund
Columbia U.S. Treasury Index Fund		U.S. Treasury Index Fund
Columbia Ultra Short Term Bond Fund		Ultra Short Term Bond Fund
Columbia Virginia Intermediate Municipal Bond Fund		VAIntermediate Municipal Bond Fund
Multi-Manager Alternative Strategies Fund		MMAlternative Strategies Fund
Multi-Manager Directional Alternative Strategies Fund		MMDirectional Alternative Strategies Fund
Multi-Manager Growth Strategies Fund		MMGrowth Strategies Fund
Multi-Manager International Equity Strategies Fund		MMInternational Equity Strategies Fund
Multi-Manager Small Cap Equity Strategies Fund		MMSmall Cap Equity Strategies Fund
Multi-Manager Total Return Bond Fund		MMTotal Return Bond Strategies Fund
Multi-Manager Value Strategies Fund		MMValue Strategies Fund
Multisector Bond SMA Completion Portfolio		Multisector Bond SMA Completion Portfolio
Overseas SMA Completion Portfolio		Overseas SMA Completion Portfolio

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ABOUT THETrusts

The Trusts are open-end managementinvestment companies registered with the SEC under the 1940 Act with an address at 290 Congress Street, Boston, MA 02210.

CFST was organized as a Delaware business trust, aform of entity now known as a statutory trust, on October 22, 1999. On September 26, 2005, CFST changed its name from Nations Funds Trust to Columbia Funds Series Trust. CFST I was organized as a Massachusetts business trust on October 6, 1987. OnOctober 13, 2003, CFST I changed its name from Liberty-Stein Roe Funds Municipal Trust to Columbia Funds Trust IX. On September 19, 2005, CFST I changed its name from Columbia Funds Trust IX to its current name. CFST II was organized as aMassachusetts business trust on January 27, 2006. On March 7, 2011, CFST II changed its name from RiverSource Series Trust to Columbia Funds Series Trust II and prior to September 11, 2007 was known as RiverSource Retirement Series Trust. Theoffering of Fund shares is registered under the 1933 Act.

Fund	Fiscal Year End	Prospectus Date	Date Began Operations*	Diversified**	Fund Investment Category***
Adaptive Retirement 2020 Fund	March 31	8/1/2021	10/24/2017	Yes	Fund-of-funds – alternative
Adaptive Retirement 2025 Fund	March 31	8/1/2021	4/4/2018	Yes	Fund-of-funds – alternative
Adaptive Retirement 2030 Fund	March 31	8/1/2021	10/24/2017	Yes	Fund-of-funds – alternative
Adaptive Retirement 2035 Fund	March 31	8/1/2021	4/4/2018	Yes	Fund-of-funds – alternative
Adaptive Retirement 2040 Fund	March 31	8/1/2021	10/24/2017	Yes	Fund-of-funds – alternative
Adaptive Retirement 2045 Fund	March 31	8/1/2021	4/4/2018	Yes	Fund-of-funds – alternative
Adaptive Retirement 2050 Fund	March 31	8/1/2021	10/24/2017	Yes	Fund-of-funds – alternative
Adaptive Retirement 2055 Fund	March 31	8/1/2021	4/4/2018	Yes	Fund-of-funds – alternative
Adaptive Retirement 2060 Fund	March 31	8/1/2021	10/24/2017	Yes	Fund-of-funds – alternative
Adaptive Risk Allocation Fund	May 31	10/1/2021	6/19/2012	Yes	Alternative
Balanced Fund	August 31	1/1/2022	10/1/1991	Yes	Equity/Taxable fixed income
Bond Fund	April 30	9/1/2021	1/9/1986	Yes	Taxable fixed income
CA Intermediate Municipal Bond Fund	April 30	9/1/2021	8/19/2002	Yes	Tax-exempt fixed income
Capital Allocation Aggressive Portfolio	January 31	6/1/2021	3/4/2004	Yes	Fund-of-funds – equity
Capital Allocation Conservative Portfolio	January 31	6/1/2021	3/4/2004	Yes	Fund-of-funds – fixed income
Capital Allocation Moderate Aggressive Portfolio	January 31	6/1/2021	10/15/1996	Yes	Fund-of-funds – equity
Capital Allocation Moderate Conservative Portfolio	January 31	6/1/2021	10/15/1996	Yes	Fund-of-funds – fixed income
Capital Allocation Moderate Portfolio	January 31	6/1/2021	3/4/2004	Yes	Fund-of-funds – equity
Commodity Strategy Fund	May 31	10/1/2021	7/28/2011	Yes	Equity
Contrarian Core Fund	August 31	1/1/2022	12/14/1992	Yes	Equity
Convertible Securities Fund	February 28/29	7/1/2021	9/25/1987	Yes	Equity
Corporate Income Fund	April 30	9/1/2021	3/5/1986	Yes	Taxable fixed income
CT Intermediate Municipal Bond Fund	October 31	3/1/2022	8/1/1994	No	Tax-exempt fixed income
Disciplined Core Fund	July 31	12/1/2021	4/24/2003	Yes	Equity
Disciplined Growth Fund	July 31	12/1/2021	5/17/2007	Yes	Equity
Disciplined Value Fund	July 31	12/1/2021	8/1/2008	Yes	Equity
Dividend Income Fund	May 31	10/1/2021	3/4/1998	Yes	Equity
Dividend Opportunity Fund	May 31	10/1/2021	8/1/1988	Yes	Equity
Emerging Markets Fund	August 31	1/1/2022	1/2/1998	Yes	Equity

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Fund	Fiscal Year End	Prospectus Date	Date Began Operations*	Diversified**	Fund Investment Category***
Emerging Markets Bond Fund	August 31	1/1/2022	2/16/2006	No	Taxable fixed income
Flexible Capital Income Fund	May 31	10/1/2021	7/28/2011	Yes	Flexible
Floating Rate Fund	July 31	12/1/2021	2/16/2006	Yes	Taxable fixed income
Global Opportunities Fund	July 31	12/1/2021	1/28/1985	Yes	Flexible
Global Technology Growth Fund	August 31	1/1/2022	11/9/2000	Yes	Equity
Global Value Fund	February 28/29	7/1/2021	5/14/1984	Yes	Equity
Government Money Market Fund	July 31	12/1/2021	10/6/1975	Yes	Taxable money market
Greater China Fund	August 31	1/1/2022	5/16/1997	No	Equity
High Yield Bond Fund	May 31	10/1/2021	12/8/1983	Yes	Taxable fixed income
High Yield Municipal Fund	May 31	10/1/2021	3/5/1984	Yes	Tax-exempt fixed income
Income Builder Fund	January 31	6/1/2021	2/16/2006	Yes	Fund-of-funds – fixed income
Income Opportunities Fund	July 31	12/1/2021	6/19/2003	Yes	Taxable fixed income
Intermediate Municipal Bond Fund	October 31	3/1/2022	6/14/1993	Yes	Tax-exempt fixed income
International Dividend Income Fund	August 31	1/1/2022	11/9/2000	Yes	Equity
Large Cap Enhanced Core Fund	February 28/29	7/1/2021	7/31/1996	Yes	Equity
Large Cap Growth Fund	July 31	12/1/2021	12/14/1990	Yes	Equity
Large Cap Growth Opportunity Fund	February 28/29	7/1/2021	12/31/1997	Yes	Equity
Large Cap Index Fund	February 28/29	7/1/2021	12/15/1993	Yes	Equity
Large Cap Value Fund	May 31	10/1/2021	10/15/1990	Yes	Equity
Limited Duration Credit Fund	July 31	12/1/2021	6/19/2003	Yes	Taxable fixed income
MA Intermediate Municipal Bond Fund	October 31	3/1/2022	6/14/1993	No	Tax-exempt fixed income
Mid Cap Index Fund	February 28/29	7/1/2021	3/31/2000	Yes	Equity
MM Alternative Strategies Fund	August 31	1/1/2022	4/23/2012	Yes	Alternative
MM Directional Alternative Strategies Fund	April 30	9/1/2021	10/17/2016	Yes	Alternative
MM Growth Strategies Fund	March 31	8/1/2021	4/20/2012	Yes	Equity
MM International Equity Strategies Fund	August 31	1/1/2022	5/17/2018	Yes	Equity
MM Small Cap Equity Strategies Fund	August 31	1/1/2022	4/20/2012	Yes	Equity
MM Total Return Bond Strategies Fund	August 31	1/1/2022	4/20/2012	Yes	Taxable fixed income
MM Value Strategies Fund	May 31	10/1/2021	4/20/2012	Yes	Equity
MN Tax-Exempt Fund	July 31	12/1/2021	8/18/1986	No	Tax-exempt fixed income
Mortgage Opportunities Fund	May 31	10/1/2021	4/30/2014	Yes	Taxable fixed income
Multisector Bond SMA Completion Portfolio	August 31	1/1/2022	10/29/2019	No	Taxable fixed income
Multi Strategy Alternatives Fund	May 31	10/1/2021	1/28/2015	Yes	Alternative
NC Intermediate Municipal Bond Fund	April 30	9/1/2021	12/11/1992	Yes	Tax-exempt fixed income
NY Intermediate Municipal Bond Fund	October 31	3/1/2022	12/31/1991	No	Tax-exempt fixed income

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Fund	Fiscal Year End	Prospectus Date	Date Began Operations*	Diversified**	Fund Investment Category***
OR Intermediate Municipal Bond Fund	July 31	12/1/2021	7/2/1984	Yes	Tax-exempt fixed income
Overseas Core Fund	February 28/29	7/1/2021	3/5/2018	Yes	Equity
Overseas SMA Completion Portfolio	August 31	1/1/2022	9/12/2019	No	Equity
Overseas Value Fund	February 28/29	7/1/2021	3/31/2008	Yes	Equity
Quality Income Fund	May 31	10/1/2021	2/14/2002	Yes	Taxable fixed income
Real Estate Equity Fund	December 31	5/1/2022	4/1/1994	No	Equity
SC Intermediate Municipal Bond Fund	April 30	9/1/2021	1/6/1992	Yes	Tax-exempt fixed income
Select Global Equity Fund	October 31	3/1/2022	5/29/1990	Yes	Equity
Select Large Cap Equity Fund	February 28/29	7/1/2021	10/2/1998	Yes	Equity
Select Large Cap Growth Fund	March 31	8/1/2021	10/1/1997	Yes	Equity
Select Large Cap Value Fund	May 31	10/1/2021	4/25/1997	Yes	Equity
Select Mid Cap Growth Fund	August 31	1/1/2022	11/20/1985	Yes	Equity
Select Mid Cap Value Fund	February 28/29	7/1/2021	11/20/2001	Yes	Equity
Select Small Cap Value Fund	May 31	10/1/2021	4/25/1997	Yes	Equity
Seligman Global Technology Fund	October 31	3/1/2022	5/23/1994	No	Equity
Seligman Technology and Information Fund	May 31	10/1/2021	6/23/1983	No	Equity
Short Term Bond Fund	March 31	8/1/2021	9/30/1992	Yes	Taxable fixed income
Short Term Municipal Bond Fund	April 30	9/1/2021	10/7/1993	Yes	Tax-exempt fixed income
Small Cap Growth Fund	August 31	1/1/2022	10/1/1996	Yes	Equity
Small Cap Index Fund	February 28/29	7/1/2021	10/15/1996	Yes	Equity
Small Cap Value Fund I	April 30	9/1/2021	7/25/1986	Yes	Equity
Small Cap Value Fund II	February 28/29	7/1/2021	5/1/2002	Yes	Equity
Solutions Aggressive Portfolio	March 31	8/1/2021	10/24/2017	Yes	Alternative
Solutions Conservative Portfolio	March 31	8/1/2021	10/24/2017	Yes	Alternative
Strategic CA Municipal Income Fund	October 31	3/1/2022	6/16/1986	Yes	Tax-exempt fixed income
Strategic Income Fund	August 31	1/1/2022	4/21/1977	Yes	Taxable fixed income
Strategic Municipal Income Fund	July 31	12/1/2021	11/24/1976	Yes	Tax-exempt fixed income
Strategic NY Municipal Income Fund	October 31	3/1/2022	9/26/1986	No	Tax-exempt fixed income
Tax-Exempt Fund	July 31	12/1/2021	11/21/1978	Yes	Tax-exempt fixed income
Total Return Bond Fund	April 30	9/1/2021	12/5/1978	Yes	Taxable fixed income
U.S. Social Bond Fund	July 31	12/1/2021	3/26/2015	Yes	Tax-exempt fixed income
U.S. Treasury Index Fund	April 30	9/1/2021	6/4/1991	Yes	Taxable fixed income
Ultra Short Term Bond Fund	July 31	12/1/2021	3/8/2004	Yes	Taxable fixed income
VA Intermediate Municipal Bond Fund	April 30	9/1/2021	9/20/1989	Yes	Tax-exempt fixed income

*	Certain Funds reorganized intoseries of a Trust. The date of operations for these Funds represents the date on which the predecessor funds began operations.

**	A “diversified”Fund may not, with respect to 75% of its total assets, invest more than 5% of its total assets in securities of any one issuer or purchase more than 10% of the outstanding voting securities of any one issuer, except obligations issued or guaranteedby the U.S.

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Government, its agencies orinstrumentalities and except securities of other investment companies. A “non-diversified” Fund may invest a greater percentage of its total assets in the securities of fewer issuers than a “diversified” fund, which increasesthe risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a “diversified” fund holding a greater number of investments. Accordingly, a“non-diversified” Fund’s value will likely be more volatile than the value of a more diversified fund.

***	The Fund Investment Category isused as a convenient way to describe Funds in this SAI and should not be deemed a description of the Fund’s principal investment strategies, which are described in the Fund’s prospectus.

Name Changes. The table below identifies the Funds whose names have changed in the past five years, the effective date of the name change and the former name.

Fund	Effective Date of Name Change	Previous Fund Name
CA Intermediate Municipal Bond Fund	May 14, 2019	Columbia AMT-Free California Intermediate Muni Bond Fund
CT Intermediate Municipal Bond Fund	May 14, 2019	Columbia AMT-Free Connecticut Intermediate Muni Bond Fund
Global Value Fund	June 9, 2021	Columbia Global Equity Value Fund
Intermediate Municipal Bond Fund	May 14, 2019	Columbia AMT-Free Intermediate Muni Bond Fund
International Dividend Income Fund	September 2, 2020	Columbia Global Dividend Opportunity Fund
Large Cap Growth Opportunity Fund	January 10, 2020	Large Cap Growth Fund III
Large Cap Value Fund	February 28, 2018	Columbia Diversified Equity Income Fund
MA Intermediate Municipal Bond Fund	May 14, 2019	Columbia AMT-Free Massachusetts Intermediate Muni Bond Fund
Multi Strategy Alternatives Fund	August 1, 2019	Columbia Alternative Beta Fund
NC Intermediate Municipal Bond Fund	May 14, 2019	Columbia AMT-Free North Carolina Intermediate Muni Bond Fund
NY Intermediate Municipal Bond Fund	May 14, 2019	Columbia AMT-Free New York Intermediate Muni Bond Fund
OR Intermediate Municipal Bond Fund	May 14, 2019	Columbia AMT-Free Oregon Intermediate Muni Bond Fund
Quality Income Fund	April 20, 2018	Columbia U.S. Government Mortgage Fund
SC Intermediate Municipal Bond Fund	May 14, 2019	Columbia AMT-Free South Carolina Intermediate Muni Bond Fund
Select Large Cap Value Fund	October 1, 2018	Columbia Select Large-Cap Value Fund
Select Mid Cap Growth Fund	March 1, 2022	Columbia Mid Cap Growth Fund
Select Mid Cap Value Fund	July 1, 2018	Columbia Mid Cap Value Fund
Select Small Cap Value Fund	October 1, 2018	Columbia Select Smaller-Cap Value Fund
Seligman Technology and Information Fund	June 9, 2021	Columbia Seligman Communications and Information Fund
Small Cap Growth Fund	June 9, 2021	Columbia Small Cap Growth Fund I
Strategic CA Municipal Income Fund	January 22, 2018	Columbia California Tax-Exempt Fund
Strategic NY Municipal Income Fund	January 22, 2018	Columbia New York Tax-Exempt Fund
Ultra Short Term Bond Fund	December 1, 2018	CMG Ultra Short Term Bond Fund
VA Intermediate Municipal Bond Fund	May 14, 2019	Columbia AMT-Free Virginia Intermediate Muni Bond Fund

Statementof Additional Information – May 1, 2022

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FUNDAMENTAL AND NON-FUNDAMENTAL INVESTMENTPOLICIES

The following discussion of“fundamental” and “non-fundamental” investment policies and limitations for each Fund supplements the discussion of investment policies in the Funds’ prospectuses. A fundamental policy may be changed only with Board andshareholder approval. A non-fundamental policy may be changed only with Board approval and does not require shareholder approval.

Unless otherwise noted in a Fund’s prospectusor this SAI, whenever an investment policy or limitation states a maximum percentage of a Fund’s assets that may be invested in any security or other asset, or sets forth a policy regarding an investment standard, compliance with suchpercentage limitation or standard will be determined solely at the time of the Fund’s acquisition of such security or asset (Time of Purchase Standard). Thus, a Fund may continue to hold a security, even though it causes the Fund to exceed apercentage limitation or not meet a standard, because of post-acquisition changes, including fluctuation in the value of the Fund’s assets.

In adhering to the fundamental and non-fundamentalinvestment restrictions and policies applicable to each of Commodity Strategy Fund, MM Alternative Strategies Fund and Multi Strategy Alternatives Fund, each such Fund will, to the extent possible, treat any assets of its Subsidiary generally as ifthe assets were held directly by the Fund.

Notwithstanding the policies set forth in this SAIfor Government Money Market Fund, the Fund will comply with the applicable provisions of Rule 2a-7 under the 1940 Act (Rule 2a-7).

Fundamental Policies

The table below shows Fund-specific policies thatmay be changed only with a “vote of a majority of the outstanding voting securities” of the Fund, which means the affirmative vote of the lesser of (1) more than 50% of the outstanding shares of the Fund, or (2) 67% or more of the sharespresent at a meeting if more than 50% of the outstanding shares are represented at the meeting in person or by proxy. The table indicates whether or not a fund has a policy on a particular topic. A dash indicates that the Fund does not have aFundamental policy on a particular topic. The specific policy is stated in the paragraphs that follow the table.

Fund	A Buy or sell real estate	B Buy or sell commodities	C Issuer Diversification	D Concentrate in any one industry	E Invest 80%	F Act as an underwriter	G Lending	H Borrow money	I Issue senior securities	J Buy on margin/ sell short
Adaptive Retirement 2020 Fund	A6	B9	C6	D14	—	F5	G5	H4	I1	—
Adaptive Retirement 2025 Fund	A6	B9	C6	D14	—	F5	G5	H4	I1	—
Adaptive Retirement 2030 Fund	A6	B9	C6	D14	—	F5	G5	H4	I1	—
Adaptive Retirement 2035 Fund	A6	B9	C6	D14	—	F5	G5	H4	I1	—
Adaptive Retirement 2040 Fund	A6	B9	C6	D14	—	F5	G5	H4	I1	—
Adaptive Retirement 2045 Fund	A6	B9	C6	D14	—	F5	G5	H4	I1	—
Adaptive Retirement 2050 Fund	A6	B9	C6	D14	—	F5	G5	H4	I1	—
Adaptive Retirement 2055 Fund	A6	B9	C6	D14	—	F5	G5	H4	I1	—
Adaptive Retirement 2060 Fund	A6	B9	C6	D14	—	F5	G5	H4	I1	—
Adaptive Risk Allocation Fund	A7	B10	C6	D15	—	F6	G4	H3	I6	—
Balanced Fund	A7	B10	C7	D15	—	F6	G4	H3	I6	—
Bond Fund	A7	B10	C7	D15	—	F6	G4	H3	I6	—
CA Intermediate Municipal Bond Fund	A4	B5	C2	D6	E3	F3	G3	H2	I3	—
Capital Allocation Aggressive Portfolio	A1	B1	C5	D2	—	F1	G1	H1	I1	—
Capital Allocation Conservative Portfolio	A1	B1	C5	D2	—	F1	G1	H1	I1	—
Capital Allocation Moderate Aggressive Portfolio	A4	B5	C2	D6	—	F3	G3	H2	I3	—
Capital Allocation Moderate Conservative Portfolio	A4	B5	C2	D6	—	F3	G3	H2	I3	—
Capital Allocation Moderate Portfolio	A1	B1	C5	D2	—	F1	G1	H1	I1	—
Commodity Strategy Fund	A1	B8	C5	D5	—	F1	G1	H1	I1	—
Contrarian Core Fund	A7	B10	C7	D15	—	F6	G4	H3	I6	—

Statementof Additional Information – May 1, 2022

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Fund	A Buy or sell real estate	B Buy or sell commodities	C Issuer Diversification	D Concentrate in any one industry	E Invest 80%	F Act as an underwriter	G Lending	H Borrow money	I Issue senior securities	J Buy on margin/ sell short
Convertible Securities Fund	A4	B5	C2	D6	—	F3	G3	H2	I3	—
Corporate Income Fund	A7	B10	C7	D15	—	F6	G4	H3	I6	—
CT Intermediate Municipal Bond Fund	A7	B10	—	D15	E6	F6	G4	H3	I6	—
Disciplined Core Fund	A1	B1	C1	D1	—	F1	G1	H1	I1	—
Disciplined Growth Fund	A1	B2	C1	D1	—	F1	G1	H1	I1	—
Disciplined Value Fund	A1	B2	C5	D1	—	F1	G1	H1	I1	—
Dividend Income Fund	A7	B10	C7	D15	—	F6	G4	H3	I6	—
Dividend Opportunity Fund	A1	B1	C1	D1	—	F1	G1	H1	I1	—
Emerging Markets Fund	A7	B10	C7	D15	—	F6	G4	H3	I6	—
Emerging Markets Bond Fund	A1	B3	—	D3	—	F1	G1	H1	I1	—
Flexible Capital Income Fund	A1	B8	C5	D5	—	F1	G1	H1	I1	—
Floating Rate Fund	A1	B3	C1	D4	—	F1	G1	H1	I1	—
Global Opportunities Fund	A1	B1	C1	D1	—	F1	G1	H1	I1	—
Global Technology Growth Fund	A7	B10	C6	D8	E13	F6	G4	H3	I6	—
Global Value Fund	A1	B1	C1	D1	—	F1	G1	H1	I1	—
Government Money Market Fund	A2	A2	C1	D13	—	F1	G1	H1	I1	J1
Greater China Fund	A7	B10	C8	D15	—	F6	G4	H3	I6	—
High Yield Bond Fund	A1	B1	C1	D1	—	F1	G1	H1	I1	—
High Yield Municipal Fund	A7	B10	C7	D15	—	F6	G4	H3	I6	—
Income Builder Fund	A1	B3	C5	D2	—	F1	G1	H1	I1	—
Income Opportunities Fund	A1	B1	C1	D1	—	F1	G1	H1	I1	—
Intermediate Municipal Bond Fund	A7	B10	C7	D15	E7	F6	G4	H3	I6	—
International Dividend Income Fund	A7	B10	C7	D15	—	F6	G4	H3	I6	—
Large Cap Enhanced Core Fund	A4	B5	C2	D6	—	F3	G3	H2	I3	—
Large Cap Growth Fund	A7	B10	C7	D15	—	F6	G4	H3	I6	—
Large Cap Growth Opportunity Fund	A4	B5	C2	D6	—	F3	G3	H2	I3	—
Large Cap Index Fund	A4	B5	C2	D6	—	F3	G3	H2	I3	—
Large Cap Value Fund	A1	B1	C1	D1	—	F1	G1	H1	I1	—
Limited Duration Credit Fund	A1	B1	C1	D1	—	F1	G1	H1	I1	—
MA Intermediate Municipal Bond Fund	A7	B10	—	D15	E8	F6	G4	H3	I6	—
Mid Cap Index Fund	A4	B5	C2	D6	—	F3	G3	H2	I3	—
MM Alternative Strategies Fund	A7	B11	C6	D15	—	F6	G4	H3	I6	—
MM Directional Alternative Strategies Fund	A6	B9	C6	D14	—	F5	G5	H4	I1	—
MM Growth Strategies Fund	A7	B10	C7	D15	—	F6	G4	H3	I6	—
MM International Equity Strategies Fund	A6	B9	C5	D14	—	F5	G5	H4	I1	—
MM Small Cap Equity Strategies Fund	A7	B10	C7	D15	—	F6	G4	H3	I6	—
MM Total Return Bond Strategies Fund	A7	B10	C7	D15	—	F6	G4	H3	I6	—
MM Value Strategies Fund	A1	B7	C5	D12	—	F1	G1	H1	I1	—
MN Tax-Exempt Fund	A1	B1	—	D7	E1	F1	G1	H1	I1	—
Mortgage Opportunities Fund	A1	B1	C6	D11	—	F1	G1	H1	I1	—
Multisector Bond SMA Completion Portfolio	A6	B9	—	D14	—	F5	G5	H4	I1	—
Multi Strategy Alternatives Fund	A6	B9	C6	D17	—	F5	G6	H5	I5	—

Statementof Additional Information – May 1, 2022

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