Supplement dated October
1, 2026
to the Prospectus and Summary Prospectus, of the following fund (the
Fund):
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Prospectus and Summary Prospectus Dated |
Columbia Funds Series Trust II |
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Multi-Manager Value Strategies Fund |
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As previously announced, on September 17, 2026, the Fund’s Board of Trustees
approved certain changes to the Fund’s subadvisers and principal investment strategies effective on or about October 26, 2026 (the Effective Date). As a
result, from and after the Effective Date, Newton Investment Management North America, LLC (Newton) will assume day-to-day management of a portion of the Fund’s portfolio. Accordingly, the changes described in this Supplement are hereby made to the Fund’s Prospectus and Summary Prospectus.
The fifth paragraph under the heading
“Principal Investment Strategies” in the Summary Prospectus and in the “Summary of the Fund” section of the Prospectus is hereby superseded
and replaced with the following:
Columbia Management Investment Advisers,
LLC (Columbia Management or the Investment Manager) serves as the investment manager for the Fund and attempts to achieve the Fund’s objective by managing a portion of the
Fund’s assets and selecting one or more subadvisers to manage other portions of the Fund’s assets independently of each other and Columbia Management. The
Fund’s subadvisers are American Century Investment Management, Inc. (American Century) and Newton Investment Management North America, LLC (Newton).
The rest of the section remains the same.
The third paragraph under the heading “Performance Information” in the
Summary Prospectus and in the “Summary of the Fund” section of the Prospectus is hereby superseded and replaced with the following:
The Fund’s performance prior to October 2026 reflects returns achieved by one or more
different subadviser(s) that managed the Fund according to different principal investment strategies. If the Fund’s current subadvisers and strategies had been in place for the prior periods, results shown may have been different.
The rest of the section remains the same.
The information under the heading “Fund Management” in the Summary Prospectus and in the
“Summary of the Fund” section of the Prospectus is hereby revised to add the following:
Subadviser: Newton Investment Management North America, LLC (Newton)
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Portfolio Manager of Newton |
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Deputy Head of Equity Income and Portfolio Manager of Newton |
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Portfolio Manager of Newton |
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The rest of the section remains the same.
The sixth paragraph under the heading “Principal Investment Strategies” in the “More Information About the Fund” section of the Prospectus is hereby superseded and replaced with the following:
The Investment Manager is responsible for providing day-to-day portfolio management of two sleeves of the Fund and is also responsible for oversight of the subadvisers. The Fund’s subadvisers are American Century Investment
Management, Inc. (American Century) and Newton Investment Management North America, LLC (Newton).
The information under the heading “Principal Investment Strategies” in
the “More Information About the Fund” section of the Prospectus is hereby revised to add the following:
Newton invests principally in common stocks. Newton identifies potential investments through extensive quantitative and
fundamental research. Utilizing a bottom-up approach, Newton emphasizes three key factors: value, sound business fundamentals and positive business momentum. Stocks are typically
sold when Newton believes there are more attractive alternatives, the stock’s valuation is excessive or there are deteriorating fundamentals.
The rest of the section remains the same.
The sixth paragraph under the subsection “Primary Service Provider Contracts – The Investment Manager” in the “More Information About the Fund” section of the Prospectus is hereby revised to add the following:
A discussion regarding the basis for the Board’s approval of the adoption of the investment subadvisory agreement with Newton will be available in the Fund’s Form N-CSR for the fiscal period ending November 30, 2026.