8dce12e3b9609d9

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-21852

Columbia Funds Series Trust II

(Exact name of registrant as specified in charter)

290 Congress Street

Boston, MA 02210

(Address of principal executive offices) (Zip code)

Daniel J. Beckman

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

Ryan C. Larrenaga, Esq.

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

(Name and address of agent for service)

Registrant's telephone number, including area code:

(800) 345-6611

Date of fiscal year end:

July 31

Date of reporting period:

July 31, 2024

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100

F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders

Columbia Minnesota Tax-Exempt Fund

Class A / IMNTX

Annual Shareholder Report | July 31, 2024

This annual shareholder report contains important information about Columbia Minnesota Tax-Exempt Fund (the Fund) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class A	$ 83	0.81 %

Management's Discussion of Fund Performance

The performance of Class A shares for the period presented is shown in the Average Annual Total Returns table.

Top Performance Contributors

Allocations

| Positive contributions to the Fund’s performance relative to the benchmark were driven by overweight allocations to A, BBB, BB, and not-rated bonds, an underweight to higher quality AAA bonds, an overweight to bonds 12 years to maturity and longer, an underweight to bonds 2-12 years to maturity, overweights to continuing care retirement community (CCRC), charter school and nursing bonds, and an underweight to state general obligation (GO) bonds.

Security selection

| Selection in bonds rated AAA and BBB, in bonds across the maturity spectrum (in particular bonds 12 years to maturity and longer), and in electric, education, hospital and local GO bonds added to performance.

Treasury futures

| The use of Treasury futures was beneficial to performance during a period when municipal interest rates rose across most of the curve.

Top Performance Detractors

Allocations

| The Fund’s underweight to AA bonds, bonds less than two years to maturity, and prepay gas and airport bonds detracted from relative performance.

Security selection

| Selection in A and AA bonds detracted from performance.

Fund Performance

The following shows the change in value of a hypothetical $10,000 investment in Class A shares of the Fund during the stated time period.

Growth of $10,000

Average Annual Total Returns (%)	1 year	5 years	10 years
Class A (excluding sales charges)	5.20	0.26	1.88
Class A (including sales charges)	2.04	(0.34 )	1.57
Bloomberg Minnesota Municipal Bond Index	3.19	0.93	2.06
Bloomberg Municipal Bond Index	3.74	1.18	2.47

Past performance does not guarantee future performance

. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit

columbiathreadneedleus.com/investment-products/mutual-funds

for more recent performance information.

Key Fund Statistics

Fund net assets	$ 520,055,015
Total number of portfolio holdings	269
Management services fees (represents 0.47% of Fund average net assets)	$ 2,426,712
Portfolio turnover for the reporting period	10%

Graphical Representation of Fund

Holdings

The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets.

Derivatives

are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

Bond ratings on Fund holdings are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody’s, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated by Moody's, S&P and Fitch, but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as “Not rated.” Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily.

Top Holdings

City of Rochester 11/15/2057 5.000%	2.7 %
Housing & Redevelopment Authority of The City of St. Paul 07/01/2035 4.000%	2.0 %
Roseville Independent School District No. 623 02/01/2038 4.000%	1.9 %
City of Maple Grove 05/01/2037 4.000%	1.9 %
Brainerd Independent School District No. 181 02/01/2037 4.000%	1.9 %
Southern Minnesota Municipal Power Agency 01/01/2026	1.8 %
Minnesota Higher Education Facilities Authority 10/01/2052 5.000%	1.6 %
County of Chippewa 03/01/2037 4.000%	1.4 %
State of Minnesota 08/01/2043 4.000%	1.4 %
Stillwater Independent School District No. 834 02/01/2042 4.000%	1.4 %

Asset Categories

Graphical Representation - Allocation 1 Chart

Credit Quality

Graphical Representation - Allocation 2 Chart

Certain Fund Changes

This is a summary of certain changes to the Fund during the reporting period. For more

complete

information, you may review the Fund’s prospectus, which is available at

columbiathreadneedleus.com/resources/literature

or upon request at 1-800-345-6611.

On July 26, 2024, the

Fund

supplemented its Prospectus’ Principal Investment Strategies to reflect that the Fund may enter into tender option bond (TOB) transactions and may invest in derivatives, such as floating rate municipal securities (floaters) and inverse floating rate municipal securities (inverse floaters) to add incremental income, futures (including interest rate and Treasury bond futures) to manage duration and hedge against changes in interest rates, and swaps, including Municipal Market Data Rate Locks (MMD Rate Locks) to manage duration and hedge against changes in interest rates. In addition, the Fund amended its Prospectus’ Principal Risks to include disclosure of the risks associated with investing in these instruments and derivatives generally. These changes became effective on August 1, 2024.

Availability of Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

Columbia Minnesota Tax-Exempt Fund

Advisor Class / CLONX

Annual Shareholder Report | July 31, 2024

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Advisor Class	$ 58	0.56 %

Management's Discussion of Fund Performance

The performance of Advisor Class shares for the period presented is shown in the Average Annual Total Returns table.

Top Performance Contributors

Allocations

Security selection

Treasury futures

| The use of Treasury futures was beneficial to performance during a period when municipal interest rates rose across most of the curve.

Top Performance Detractors

Allocations

| The Fund’s underweight to AA bonds, bonds less than two years to maturity, and prepay gas and airport bonds detracted from relative performance.

Security selection

| Selection in A and AA bonds detracted from performance.

Fund Performance

The following shows the change in value of a hypothetical $10,000 investment in Advisor Class shares of the Fund during the stated time period.

Growth of $10,000

Average Annual Total Returns (%)	1 year	5 years	10 years
Advisor Class	5.47	0.50	2.13
Bloomberg Minnesota Municipal Bond Index	3.19	0.93	2.06
Bloomberg Municipal Bond Index	3.74	1.18	2.47

Past performance does not guarantee future performance

columbiathreadneedleus.com/investment-products/mutual-funds

for more recent performance information.

Key Fund Statistics

Fund net assets	$ 520,055,015
Total number of portfolio holdings	269
Management services fees (represents 0.47% of Fund average net assets)	$ 2,426,712
Portfolio turnover for the reporting period	10%

Graphical Representation of Fund

Holdings

The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

Top Holdings

City of Rochester 11/15/2057 5.000%	2.7 %
Housing & Redevelopment Authority of The City of St. Paul 07/01/2035 4.000%	2.0 %
Roseville Independent School District No. 623 02/01/2038 4.000%	1.9 %
City of Maple Grove 05/01/2037 4.000%	1.9 %
Brainerd Independent School District No. 181 02/01/2037 4.000%	1.9 %
Southern Minnesota Municipal Power Agency 01/01/2026	1.8 %
Minnesota Higher Education Facilities Authority 10/01/2052 5.000%	1.6 %
County of Chippewa 03/01/2037 4.000%	1.4 %
State of Minnesota 08/01/2043 4.000%	1.4 %
Stillwater Independent School District No. 834 02/01/2042 4.000%	1.4 %

Asset Categories

Credit Quality

Certain Fund Changes

This is a summary of certain changes to the Fund during the reporting period. For more complete information, you may review the Fund’s prospectus, which is available at

columbiathreadneedleus.com/resources/literature

or upon request at 1-800-345-6611.

On July 26, 2024, the Fund supplemented its Prospectus’ Principal Investment Strategies to reflect that the Fund may enter into tender option bond (TOB) transactions and may invest in derivatives, such as floating rate municipal securities (floaters) and inverse floating rate municipal securities (inverse floaters) to add incremental income, futures (including interest rate and Treasury bond futures) to manage duration and hedge against changes in interest rates, and swaps, including Municipal Market Data Rate Locks (MMD Rate Locks) to manage duration and hedge against changes in interest rates. In addition, the Fund amended its Prospectus’ Principal Risks to include disclosure of the risks associated with investing in these instruments and derivatives generally. These changes became effective on August 1, 2024.

Availability of Additional Information

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

Columbia Minnesota Tax-Exempt Fund

Class C / RMTCX

Annual Shareholder Report | July 31, 2024

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class C	$ 159	1.56 %

Management's Discussion of Fund Performance

The performance of Class C shares for the period presented is shown in the Average Annual Total Returns table.

Top Performance Contributors

Allocations

Security selection

Treasury futures

| The use of Treasury futures was beneficial to performance during a period when municipal interest rates rose across most of the curve.

Top Performance Detractors

Allocations

| The Fund’s underweight to AA bonds, bonds less than two years to maturity, and prepay gas and airport bonds detracted from relative performance.

Security selection

| Selection in A and AA bonds detracted from performance.

Fund Performance

The following shows the change in value of a hypothetical $10,000 investment in Class C shares of the Fund during the stated time period.

Growth of $10,000

Average Annual Total Returns (%)	1 year	5 years	10 years
Class C (excluding sales charges)	4.42	(0.49 )	1.12
Class C (including sales charges)	3.42	(0.49 )	1.12
Bloomberg Minnesota Municipal Bond Index	3.19	0.93	2.06
Bloomberg Municipal Bond Index	3.74	1.18	2.47

Past performance does not guarantee future performance

columbiathreadneedleus.com/investment-products/mutual-funds

for more recent performance information.

Key Fund Statistics

Fund net assets	$ 520,055,015
Total number of portfolio holdings	269
Management services fees (represents 0.47% of Fund average net assets)	$ 2,426,712
Portfolio turnover for the reporting period	10%

Graphical Representation of Fund

Holdings

Top Holdings

City of Rochester 11/15/2057 5.000%	2.7 %
Housing & Redevelopment Authority of The City of St. Paul 07/01/2035 4.000%	2.0 %
Roseville Independent School District No. 623 02/01/2038 4.000%	1.9 %
City of Maple Grove 05/01/2037 4.000%	1.9 %
Brainerd Independent School District No. 181 02/01/2037 4.000%	1.9 %
Southern Minnesota Municipal Power Agency 01/01/2026	1.8 %
Minnesota Higher Education Facilities Authority 10/01/2052 5.000%	1.6 %
County of Chippewa 03/01/2037 4.000%	1.4 %
State of Minnesota 08/01/2043 4.000%	1.4 %
Stillwater Independent School District No. 834 02/01/2042 4.000%	1.4 %

Asset Categories

Credit Quality

Certain Fund Changes

This is a summary of certain changes to the Fund during the reporting period. For more complete information, you may review the Fund’s prospectus, which is available at

columbiathreadneedleus.com/resources/literature

or upon request at 1-800-345-6611.

Availability of Additional Information

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

Columbia Minnesota Tax-Exempt Fund

Institutional Class / CMNZX

Annual Shareholder Report | July 31, 2024

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the

reporting

period?

(Based on a hypothetical $10,000 investment)

Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Institutional Class	$ 58	0.56 %

Management's Discussion of Fund Performance

The performance of Institutional Class shares for the period presented is shown in the Average Annual Total Returns table.

Top Performance Contributors

Allocations

Security selection

Treasury futures

| The use of Treasury futures was beneficial to performance during a period when municipal interest rates rose across most of the curve.

Top Performance Detractors

Allocations

| The Fund’s underweight to AA bonds, bonds less than two years to maturity, and prepay gas and airport bonds detracted from relative performance.

Security selection

| Selection in A and AA bonds detracted from performance.

Fund Performance

The following shows the change in value of a hypothetical $10,000 investment in Institutional Class shares of the Fund during the stated time period.

Growth of $10,000

Average Annual Total Returns (%)	1 year	5 years	10 years
Institutional Class	5.47	0.49	2.12
Bloomberg Minnesota Municipal Bond Index	3.19	0.93	2.06
Bloomberg Municipal Bond Index	3.74	1.18	2.47

Past performance does not guarantee future performance

columbiathreadneedleus.com/investment-products/mutual-funds

for more recent performance information.

Key Fund

Statistics

Fund net assets	$ 520,055,015
Total number of portfolio holdings	269
Management services fees (represents 0.47% of Fund average net assets)	$ 2,426,712
Portfolio turnover for the reporting period	10%

Graphical Representation of Fund

Holdings

Top Holdings

City of Rochester 11/15/2057 5.000%	2.7 %
Housing & Redevelopment Authority of The City of St. Paul 07/01/2035 4.000%	2.0 %
Roseville Independent School District No. 623 02/01/2038 4.000%	1.9 %
City of Maple Grove 05/01/2037 4.000%	1.9 %
Brainerd Independent School District No. 181 02/01/2037 4.000%	1.9 %
Southern Minnesota Municipal Power Agency 01/01/2026	1.8 %
Minnesota Higher Education Facilities Authority 10/01/2052 5.000%	1.6 %
County of Chippewa 03/01/2037 4.000%	1.4 %
State of Minnesota 08/01/2043 4.000%	1.4 %
Stillwater Independent School District No. 834 02/01/2042 4.000%	1.4 %

Asset Categories

Credit Quality

Certain Fund Changes

This is a summary of certain changes to the Fund during the reporting period. For more complete information, you may review the Fund’s prospectus, which is available at

columbiathreadneedleus.com/resources/literature

or upon request at 1-800-345-6611.

Availability of Additional Information

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

Columbia Minnesota Tax-Exempt Fund

Institutional 2 Class / CADOX

Annual Shareholder Report | July 31, 2024

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Institutional 2 Class	$ 58	0.56 %

Management's Discussion of Fund Performance

The performance of Institutional 2 Class shares for the period presented is shown in the Average Annual Total Returns table.

Top Performance Contributors

Allocations

Security selection

Treasury futures

| The use of Treasury futures was beneficial to performance during a period when municipal interest rates rose across most of the curve.

Top Performance Detractors

Allocations

| The Fund’s underweight to AA bonds, bonds less than two years to maturity, and prepay gas and airport bonds detracted from relative performance.

Security selection

| Selection in A and AA bonds detracted from performance.

Fund Performance

The following shows the change in value of a hypothetical $10,000 investment in Institutional 2 Class shares of the Fund during the stated time period.

Growth of $10,000

Average Annual Total Returns (%)	1 year	5 years	10 years
Institutional 2 Class	5.47	0.48	2.12
Bloomberg Minnesota Municipal Bond Index	3.19	0.93	2.06
Bloomberg Municipal Bond Index	3.74	1.18	2.47

Past performance does not guarantee future performance

columbiathreadneedleus.com/investment-products/mutual-funds

for more recent performance information.

Key Fund Statistics

Fund net assets	$ 520,055,015
Total number of portfolio holdings	269
Management services fees (represents 0.47% of Fund average net assets)	$ 2,426,712
Portfolio turnover for the reporting period	10%

Graphical Representation of Fund

Holdings

assigned

by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily.

Top Holdings

City of Rochester 11/15/2057 5.000%	2.7 %
Housing & Redevelopment Authority of The City of St. Paul 07/01/2035 4.000%	2.0 %
Roseville Independent School District No. 623 02/01/2038 4.000%	1.9 %
City of Maple Grove 05/01/2037 4.000%	1.9 %
Brainerd Independent School District No. 181 02/01/2037 4.000%	1.9 %
Southern Minnesota Municipal Power Agency 01/01/2026	1.8 %
Minnesota Higher Education Facilities Authority 10/01/2052 5.000%	1.6 %
County of Chippewa 03/01/2037 4.000%	1.4 %
State of Minnesota 08/01/2043 4.000%	1.4 %
Stillwater Independent School District No. 834 02/01/2042 4.000%	1.4 %

Asset Categories

Credit Quality

Certain Fund Changes

This is a summary of certain changes to the Fund during the reporting period. For more complete information, you may review the Fund’s prospectus, which is available at

columbiathreadneedleus.com/resources/literature

or upon request at 1-800-345-6611.

On July 26, 2024, the Fund

supplemented

its Prospectus’ Principal Investment Strategies to reflect that the Fund may enter into tender option bond (TOB) transactions and may invest in derivatives, such as floating rate municipal securities (floaters) and inverse floating rate municipal securities (inverse floaters) to add incremental income, futures (including interest rate and Treasury bond futures) to manage duration and hedge against changes in interest rates, and swaps, including Municipal Market Data Rate Locks (MMD Rate Locks) to manage duration and hedge against changes in interest rates. In addition, the Fund amended its Prospectus’ Principal Risks to include disclosure of the risks associated with investing in these instruments and derivatives generally. These changes became effective on August 1, 2024.

Availability of Additional Information

For additional information about the Fund, including its prospectus, financial

information

, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Not FDIC or NCUA Insured • No Financial

Institution

Guarantee • May Lose Value

Columbia Minnesota Tax-Exempt Fund

Institutional 3 Class / CMNYX

Annual Shareholder Report | July 31, 2024

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Institutional 3 Class	$ 52	0.51 %

Management's Discussion of Fund Performance

The performance of Institutional 3 Class shares for the period presented is shown in the Average Annual Total Returns table.

Top Performance Contributors

Allocations

Security selection

Treasury futures

| The use of Treasury futures was beneficial to performance during a period when municipal interest rates rose across most of the curve.

Top Performance Detractors

Allocations

| The Fund’s underweight to AA bonds, bonds less than two years to maturity, and prepay gas and airport bonds detracted from relative performance.

Security selection

| Selection in A and AA bonds detracted from performance.

Fund Performance

The following shows the change in value of a hypothetical $10,000 investment in Institutional 3 Class shares of the Fund during the stated time period.

Growth of $10,000

Average Annual Total Returns (%)	1 year	5 years	10 years
Institutional 3 Class (a)	5.51	0.53	2.09
Bloomberg Minnesota Municipal Bond Index	3.19	0.93	2.06
Bloomberg Municipal Bond Index	3.74	1.18	2.47

(a)

The returns shown for periods prior to March 1, 2017 (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of Class A. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit

columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance

for more information.

Past performance does not guarantee future performance

columbiathreadneedleus.com/investment-products/mutual-funds

for more recent performance information.

Key Fund Statistics

Fund net assets	$ 520,055,015
Total number of portfolio holdings	269
Management services fees (represents 0.47% of Fund average net assets)	$ 2,426,712
Portfolio turnover for the reporting period	10%

Graphical Representation of Fund

Holdings

Top Holdings

City of Rochester 11/15/2057 5.000%	2.7 %
Housing & Redevelopment Authority of The City of St. Paul 07/01/2035 4.000%	2.0 %
Roseville Independent School District No. 623 02/01/2038 4.000%	1.9 %
City of Maple Grove 05/01/2037 4.000%	1.9 %
Brainerd Independent School District No. 181 02/01/2037 4.000%	1.9 %
Southern Minnesota Municipal Power Agency 01/01/2026	1.8 %
Minnesota Higher Education Facilities Authority 10/01/2052 5.000%	1.6 %
County of Chippewa 03/01/2037 4.000%	1.4 %
State of Minnesota 08/01/2043 4.000%	1.4 %
Stillwater Independent School District No. 834 02/01/2042 4.000%	1.4 %

Asset Categories

Credit Quality

Certain Fund Changes

This is a summary of certain changes to the Fund during the reporting period. For more complete information, you may review the Fund’s prospectus, which is available at

columbiathreadneedleus.com/resources/literature

or upon request at 1-800-345-6611.

Availability of Additional Information

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

Item 4. Principal Accountant Fees and Services.

The Registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for the series of the relevant registrant whose reports to shareholders are included in this annual filing.

	Amount billed to the registrant ($)		Amount billed to the registrant's investment advisor ($)
	July 31, 2024	July 31, 2023	July 31, 2024	July 31, 2023
Audit fees ^(a)	31,493	30,090	0	0
Audit-related fees ^(b)	0	0	0	0
Tax fees ^(c)	13,765	12,850	0	0
All other fees ^(d)	0	0	0	0
Non-audit fees ^(g)	0	0	581,000	577,000

(a) Audit Fees include amounts related to the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Audit-Related Fees include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported in Audit Fees above.

(c) Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice, tax planning and foreign tax filings, if applicable.

(d) All Other Fees include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above and typically include SOC-1 reviews.

(e)(1) Audit Committee Pre-Approval Policies and Procedures
The registrant’s Audit Committee is required to pre-approve the engagement of the registrant’s independent auditors to provide audit and non-audit services to the registrant and non-audit services to its investment adviser (excluding any sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser (the “Adviser”) or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (a “Control Affiliate”) if the engagement relates directly to the operations and financial reporting of the registrant.

The Audit Committee has adopted a Policy for Engagement of Independent Auditors for Audit and Non-Audit Services (the “Policy”). The Policy sets forth the understanding of the Audit Committee regarding the engagement of the registrant’s independent accountants to provide (i) audit and permissible audit-related, tax and other services to the registrant (“Fund Services”); (ii) non-audit services to the registrant’s Adviser and any Control Affiliates, that relates directly to the operations and financial reporting of a Fund (“Fund-related Adviser Services”); and (iii) certain other audit and non-audit services to the registrant’s Adviser and its Control Affiliates. A service will require specific pre-approval by the Audit Committee if it is to be provided by the Fund’s independent auditor; provided, however, that pre-approval of non-audit services to the Fund, the Adviser or Control Affiliates may be waived if certain de minimis requirements set forth in the SEC’s rules are met.

Under the Policy, the Audit Committee may delegate pre-approval authority to any pre-designated member or members who are independent board members. The member(s) to whom such authority is delegated must report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next regular meeting. The Audit Committee's responsibilities with respect to the pre-approval of services performed by the independent auditor may not be delegated to management.

On an annual basis, at a regularly scheduled Audit Committee meeting, the Fund’s Treasurer or other Fund officer shall submit to the Audit Committee a schedule of the types of Fund Services and Fund-related Adviser Services that are subject to specific pre-approval. This schedule will provide a description of each type of service that is subject to specific pre-approval, along with total projected fees for each service. The pre-approval will generally cover a one-year period. The Audit Committee will review and approve the types of services and the projected fees for the next one-year period and may add to, or subtract from, the list of pre-approved services from time to time, based on subsequent determinations. This specific approval acknowledges that the Audit Committee is in agreement with the specific types of services that the independent auditor will be permitted to perform and the projected fees for each service.

The Fund’s Treasurer or other Fund officer shall report to the Audit Committee at each of its regular meetings regarding all Fund Services or Fund-related Adviser Services provided since the last such report was rendered, including a description of the services, by category, with forecasted fees for the annual reporting period, proposed changes requiring specific pre-approval and a description of services provided by the independent auditor, by category, with actual fees during the current reporting period.

(e)(2) None, or 0%, of the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund or affiliated entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

(h) The registrant’s Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant’s independence.

(i) Not applicable.

(j) Not applicable.

Portfolio of Investments

July 31, 2024

(Percentages represent value of investments compared to net assets)

Investments in securities

Municipal Bonds 99.0%
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Airport 2.9%
Minneapolis-St. Paul Metropolitan Airports Commission
Refunding Revenue Bonds
Senior Lien
Series 2016C
01/01/2046	5.000%	3,000,000	3,077,183
Subordinated Series 2019A
01/01/2049	5.000%	2,095,000	2,192,179
Minneapolis-St. Paul Metropolitan Airports Commission(a)
Refunding Revenue Bonds
Subordinated Series 2019B
01/01/2049	5.000%	3,000,000	3,071,780
Subordinated Series 2022B
01/01/2047	5.000%	2,100,000	2,207,687
Minneapolis-St. Paul Metropolitan Airports Commission(a),(b)
Revenue Bonds
Private Activity
Subordinated Series 2024
01/01/2049	5.250%	2,000,000	2,153,267
Minneapolis-St. Paul Metropolitan Airports Commission(b)
Revenue Bonds
Subordinated Series 2024A
01/01/2054	4.000%	2,500,000	2,396,386
Total			15,098,482
Assisted Living 0.4%
St. Cloud Housing & Redevelopment Authority(c)
Revenue Bonds
Sanctuary St. Cloud Project
Series 2016A
08/01/2036	3.806%	3,000,000	2,339,487
Charter Schools 9.2%
City of Bethel
Refunding Revenue Bonds
Spectrum High School Project
Series 2017
07/01/2027	3.500%	925,000	907,498
07/01/2047	4.250%	1,000,000	904,613
07/01/2052	4.375%	2,255,000	2,028,282
City of Cologne
Revenue Bonds
Cologne Academy Charter School Project
Series 2014A
07/01/2034	5.000%	1,000,000	1,000,199
07/01/2045	5.000%	2,070,000	2,048,622

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Deephaven
Refunding Revenue Bonds
Eagle Ridge Academy Project
Series 2015
07/01/2040	5.250%	400,000	402,788
07/01/2050	5.500%	1,500,000	1,507,764
City of Deephaven(d)
Refunding Revenue Bonds
Seven Hills Preparatory Academy Project
Series 2024
06/15/2061	6.125%	1,800,000	1,821,718
City of Forest Lake
Revenue Bonds
Lakes International Language Academy
Series 2019
08/01/2036	5.000%	1,000,000	1,023,805
08/01/2050	5.375%	3,600,000	3,651,070
City of Independence
Revenue Bonds
Global Academy Charter Schools
Series 2021A
07/01/2041	4.000%	1,500,000	1,337,154
Global Academy Project
Series 2021A
07/01/2051	4.000%	1,400,000	1,172,170
07/01/2056	4.000%	1,080,000	884,873
Paladin Career & Technical High School
Series 2021
06/01/2056	4.000%	2,305,000	1,663,609
City of Minneapolis(d)
Revenue Bonds
Friendship Academy of the Arts
Series 2019
12/01/2052	5.250%	2,000,000	1,762,075
City of Minneapolis
Revenue Bonds
Hennepin Schools Project
Series 2021
07/01/2051	4.000%	3,585,000	2,614,148
07/01/2056	4.000%	1,170,000	823,788
Northeast College Prep Project
Series 2020A
07/01/2040	5.000%	435,000	397,816
07/01/2055	5.000%	1,410,000	1,161,660
City of Ramsey
Refunding Revenue Bonds
Pact Charter School Project
Series 2022A
06/01/2032	5.000%	3,000,000	3,041,696

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Minnesota Tax-Exempt Fund | 2024

Portfolio of Investments (continued)

July 31, 2024

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Savage
Revenue Bonds
Aspen Academy
Series 2016A
10/01/2031	4.750%	1,000,000	983,022
City of Spring Lake Park
Revenue Bonds
Academy for Higher Learning Project
Series 2019
06/15/2049	5.000%	2,000,000	1,933,470
06/15/2054	5.000%	1,000,000	956,583
City of Woodbury
Refunding Revenue Bonds
Charter School Lease
Series 2020
12/01/2040	4.000%	400,000	355,644
12/01/2050	4.000%	550,000	453,124
Revenue Bonds
Woodbury Leadership Project
Series 2021
07/01/2056	4.000%	1,725,000	1,271,862
Housing & Redevelopment Authority of The City of St. Paul
Refunding Revenue Bonds
Higher Ground Academy Project
Series 2023
12/01/2057	5.500%	2,000,000	2,063,042
Hmong College Prep Academy Project
Series 2020
09/01/2055	5.000%	1,750,000	1,725,360
Hope Community Academy Project
Series 2015A
12/01/2043	5.000%	1,000,000	803,278
Nova Classical Academy Project
Series 2016
09/01/2036	4.000%	1,000,000	964,289
09/01/2047	4.125%	1,400,000	1,252,667
Series 2021
09/01/2026	2.000%	220,000	209,740
09/01/2031	4.000%	350,000	345,865
St. Paul Conservatory
Series 2013A
03/01/2028	4.000%	165,000	160,037
03/01/2043	4.625%	1,000,000	891,306
Township of Baytown
Refunding Revenue Bonds
Series 2016A
08/01/2041	4.000%	750,000	681,538
08/01/2046	4.250%	2,935,000	2,628,702
Total			47,834,877

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Health Services 0.3%
City of Center City
Refunding Revenue Bonds
Hazelden Betty Ford Foundation Project
Series 2019
11/01/2041	4.000%	1,000,000	942,696
Revenue Bonds
Hazelden Betty Ford Foundation Project
Series 2014
11/01/2044	5.000%	500,000	500,661
Total			1,443,357
Higher Education 8.4%
City of Moorhead
Refunding Revenue Bonds
Concordia College Corp. Project
Series 2016
12/01/2034	5.000%	1,155,000	1,169,154
12/01/2040	5.000%	1,350,000	1,358,872
Minnesota Higher Education Facilities Authority
Refunding Revenue Bonds
Carleton College
Series 2017
03/01/2037	4.000%	500,000	505,169
03/01/2039	4.000%	500,000	502,344
03/01/2040	4.000%	1,000,000	1,003,248
03/01/2047	4.000%	2,500,000	2,457,463
College of St. Scholastica
Series 2019
12/01/2040	4.000%	1,200,000	1,085,530
Gustavus Adolphus College
Series 2017
10/01/2041	4.000%	3,000,000	2,925,007
10/01/2047	5.000%	2,000,000	2,030,503
Macalester College
Series 2017
03/01/2029	5.000%	150,000	157,596
03/01/2030	5.000%	175,000	184,065
03/01/2042	4.000%	900,000	901,702
03/01/2048	4.000%	600,000	578,501
Series 2021
03/01/2040	3.000%	365,000	315,890
03/01/2043	3.000%	325,000	268,527
St. Catherine University
Series 2018
10/01/2037	4.000%	580,000	557,070
10/01/2038	4.000%	920,000	875,440
10/01/2045	5.000%	2,500,000	2,516,458
St. Olaf College
8th Series 2015G
12/01/2031	5.000%	740,000	755,402
12/01/2032	5.000%	1,000,000	1,020,682

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Minnesota Tax-Exempt Fund | 2024

Portfolio of Investments (continued)

July 31, 2024

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2016-8N
10/01/2035	4.000%	500,000	502,187
University of St. Thomas
Series 2016-8-L
04/01/2039	4.000%	2,000,000	1,969,141
Series 2017A
10/01/2035	4.000%	800,000	805,905
10/01/2037	4.000%	750,000	752,800
Revenue Bonds
Carleton College
Series 2023
03/01/2053	5.000%	2,670,000	2,852,679
College of St. Benedict
Series 2016-8-K
03/01/2043	4.000%	1,000,000	903,482
College of St. Scholastica
Series 2012
12/01/2027	4.250%	280,000	280,009
12/01/2032	4.000%	350,000	340,238
St. Catherine University
Series 2023
10/01/2052	5.000%	1,415,000	1,409,390
St. John’s University
Series 2015-8-1
10/01/2031	5.000%	370,000	376,631
10/01/2032	5.000%	645,000	656,330
10/01/2033	5.000%	350,000	356,166
10/01/2034	5.000%	380,000	386,913
University of St. Thomas
Series 2019
10/01/2044	4.000%	2,750,000	2,693,432
Series 2022B
10/01/2052	5.000%	7,895,000	8,265,320
Total			43,719,246
Hospital 21.7%
City of Crookston
Revenue Bonds
Riverview Health Project
Series 2019
05/01/2044	5.000%	500,000	325,474
05/01/2051	5.000%	1,500,000	909,023
City of Glencoe
Refunding Revenue Bonds
Glencoe Regional Health Services Project
Series 2013
04/01/2031	4.000%	1,450,000	1,412,272

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Maple Grove
Refunding Revenue Bonds
Maple Grove Hospital Corp.
Series 2017
05/01/2037	4.000%	10,500,000	9,924,829
North Memorial Health Care
Series 2015
09/01/2032	5.000%	1,000,000	1,007,998
09/01/2035	4.000%	1,500,000	1,430,243
City of Minneapolis
Refunding Revenue Bonds
Fairview Health Services
Series 2015A
11/15/2034	5.000%	2,000,000	2,018,644
11/15/2044	5.000%	6,475,000	6,513,101
Revenue Bonds
Allina Health System
Series 2023B (Mandatory Put 11/15/30)
11/15/2053	5.000%	3,500,000	3,768,950
Fairview Health Services
Series 2018A
11/15/2037	4.000%	7,000,000	6,715,070
11/15/2038	4.000%	1,130,000	1,074,081
City of Plato
Revenue Bonds
Glencoe Regional Health Services
Series 2017
04/01/2037	4.000%	1,810,000	1,719,892
04/01/2041	5.000%	675,000	683,443
City of Rochester
Refunding Revenue Bonds
Mayo Clinic
Series 2016B
11/15/2036	5.000%	5,000,000	5,961,226
Series 2022
11/15/2057	5.000%	13,000,000	13,969,034
City of Shakopee
Refunding Revenue Bonds
St. Francis Regional Medical Center
Series 2014
09/01/2034	5.000%	1,000,000	1,000,281
City of St. Cloud
Refunding Revenue Bonds
CentraCare Health System
Series 2016A
05/01/2037	4.000%	3,175,000	3,136,324
05/01/2046	5.000%	3,875,000	3,909,949
Series 2019
05/01/2048	5.000%	5,000,000	5,183,698

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Minnesota Tax-Exempt Fund | 2024

Portfolio of Investments (continued)

July 31, 2024

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Wadena
Revenue Bonds
Wadena Cancer Center Project
Series 2024
12/01/2045	5.000%	1,900,000	2,033,086
County of Chippewa
Refunding Revenue Bonds
Montevideo Hospital Project
Series 2016
03/01/2037	4.000%	7,660,000	7,417,299
Duluth Economic Development Authority
Refunding Revenue Bonds
Essentia Health Obligation Group
Series 2018
02/15/2043	4.250%	3,000,000	2,918,908
02/15/2043	5.000%	1,615,000	1,654,795
02/15/2048	4.250%	1,000,000	962,422
02/15/2048	5.000%	1,300,000	1,324,554
02/15/2058	5.000%	6,000,000	6,082,046
St. Luke Hospital of Duluth
Series 2022
06/15/2037	4.000%	350,000	363,633
06/15/2038	4.000%	375,000	386,959
06/15/2039	4.000%	225,000	230,704
Revenue Bonds
St. Luke’s Hospital
Series 2022
06/15/2052	5.250%	2,420,000	2,620,123
Housing & Redevelopment Authority of The City of St. Paul
Refunding Revenue Bonds
Fairview Health Services
Series 2017
11/15/2036	4.000%	1,200,000	1,154,142
11/15/2037	4.000%	600,000	575,577
11/15/2043	4.000%	3,000,000	2,754,674
HealthPartners Obligation Group
Series 2015
07/01/2033	5.000%	1,000,000	1,008,657
07/01/2035	4.000%	10,630,000	10,556,659
Total			112,707,770
Joint Power Authority 2.6%
Minnesota Municipal Power Agency
Refunding Revenue Bonds
Series 2014
10/01/2032	5.000%	250,000	250,652
Northern Municipal Power Agency
Refunding Revenue Bonds
Series 2017
01/01/2034	5.000%	210,000	217,683
01/01/2035	5.000%	170,000	176,276
01/01/2036	5.000%	180,000	186,308
01/01/2041	5.000%	400,000	408,842

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Southern Minnesota Municipal Power Agency
Refunding Revenue Bonds
Series 2015A
01/01/2041	5.000%	2,550,000	2,593,744
Southern Minnesota Municipal Power Agency(e)
Revenue Bonds
Capital Appreciation
Series 1994A (NPFGC)
01/01/2026	0.000%	10,000,000	9,472,900
Total			13,306,405
Local Appropriation 2.3%
City of Marshall
Revenue Bonds
Series 2024A
02/01/2041	5.125%	540,000	551,359
02/01/2045	5.375%	725,000	740,479
Northeastern Metropolitan Intermediate School District No. 916
Certificate of Participation
Series 2015B
02/01/2034	5.000%	1,000,000	1,008,357
02/01/2042	4.000%	5,250,000	5,165,113
St. Paul Independent School District No. 625
Certificate of Participation
Series 2019 (School District Credit Enhancement Program)
02/01/2039	3.000%	565,000	502,676
Series 2020C
02/01/2040	2.500%	4,285,000	3,291,549
Zumbro Education District
Certificate of Participation
Series 2021A
02/01/2041	4.000%	635,000	578,667
Total			11,838,200
Local General Obligation 24.7%
Anoka-Hennepin Independent School District No. 11
Unlimited General Obligation Bonds
School District Credit Enhancement Program
Series 2020A
02/01/2045	3.000%	5,000,000	4,110,908
Becker Independent School District No. 726(e)
Unlimited General Obligation Bonds
Series 2022A
02/01/2037	0.000%	1,335,000	793,211
02/01/2038	0.000%	1,335,000	753,250
02/01/2039	0.000%	1,150,000	610,189
Blooming Prairie Independent School District No. 756
Unlimited General Obligation Refunding Bonds
Series 2022A
02/01/2045	2.250%	1,375,000	938,762

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Minnesota Tax-Exempt Fund | 2024

Portfolio of Investments (continued)

July 31, 2024

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Brainerd Independent School District No. 181
Unlimited General Obligation Bonds
School Building
Series 2018A (School District Credit Enhancement Program)
02/01/2037	4.000%	9,800,000	9,896,135
Chisago Lakes Independent School District No. 2144
Unlimited General Obligation Bonds
Minnesota School District Credit Enhancement Program
Series 2017A
02/01/2030	4.000%	3,145,000	3,241,608
City of Elk River
Unlimited General Obligation Bonds
Series 2019A
12/01/2042	3.000%	1,755,000	1,488,536
City of Minneapolis
Unlimited General Obligation Bonds
Series 2022
12/01/2040	4.000%	4,440,000	4,602,559
City of Rosemount
Unlimited General Obligation Bonds
Series 2023A
02/01/2036	5.000%	1,575,000	1,786,257
Dilworth Glyndon Felton Independent School District No. 2164
Unlimited General Obligation Bonds
Series 2020A
02/01/2038	3.000%	1,025,000	906,402
02/01/2040	3.000%	1,000,000	862,424
02/01/2041	3.000%	1,230,000	1,048,670
Duluth Independent School District No. 709(e)
Unlimited General Obligation Bonds
Series 2021C
02/01/2032	0.000%	1,080,000	765,444
02/01/2033	0.000%	1,075,000	724,040
Eden Prairie Independent School District No. 272
Unlimited General Obligation Bonds
Series 2019B (School District Credit Enhancement Program)
02/01/2040	3.000%	3,000,000	2,631,747
Elk River Independent School District No. 728
Unlimited General Obligation Bonds
School District Credit Enhancement Program
Series 2020A
02/01/2034	2.000%	7,000,000	5,818,768
Gibbon Independent School District No. 2365
Unlimited General Obligation Bonds
Series 2023A
02/01/2048	5.000%	2,000,000	2,141,298
Hastings Independent School District No. 200(e)
Unlimited General Obligation Bonds
School Building
Series 2018A (School District Credit Enhancement Program)
02/01/2032	0.000%	1,305,000	968,692
02/01/2033	0.000%	2,140,000	1,518,885

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Lac Qui Parle Valley Independent School District No. 2853
Unlimited General Obligation Bonds
Series 2020A
02/01/2040	2.500%	2,525,000	1,989,850
Litchfield Independent School District No. 465
Unlimited General Obligation Bonds
Series 2020A
02/01/2040	3.000%	2,260,000	1,975,235
MACCRAY Independent School District No. 2180
Unlimited General Obligation Bonds
Series 2020A
02/01/2038	2.250%	2,525,000	2,000,965
02/01/2039	2.250%	2,580,000	1,980,509
Marshall Independent School District No. 413
Unlimited General Obligation Bonds
Series 2019B (School District Credit Enhancement Program)
02/01/2039	3.000%	2,440,000	2,165,720
02/01/2040	3.000%	2,515,000	2,211,471
Metropolitan Council
Unlimited General Obligation Bonds
Minneapolis-Saint Paul Metropolitan Area
Series 2022
03/01/2042	4.000%	3,550,000	3,571,376
Moorhead Independent School District No. 152
Unlimited General Obligation Bonds
Series 2020A
02/01/2041	3.000%	5,600,000	4,825,913
Mounds View Independent School District No. 621
Unlimited General Obligation Bonds
Student Credit Enhancement Program School Building
Series 2018A
02/01/2043	4.000%	6,455,000	6,463,463
North St. Paul-Maplewood-Oakdale Independent School District No. 622
Unlimited General Obligation Bonds
Series 2019A
02/01/2042	3.000%	7,050,000	6,020,836
Norwood Young America Independent School District No. 108
Unlimited General Obligation Bonds
Series 2022A
02/01/2045	2.250%	1,600,000	1,082,798
Richfield Independent School District No. 280
Unlimited General Obligation Bonds
Student Credit Enhancement Program School Building
Series 2018A
02/01/2040	4.000%	5,000,000	5,017,588
Roseville Independent School District No. 623
Unlimited General Obligation Bonds
School Building
Series 2018A
02/01/2038	4.000%	10,000,000	10,106,745

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Minnesota Tax-Exempt Fund | 2024

Portfolio of Investments (continued)

July 31, 2024

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Russell Tyler Ruthton Independent School District No. 2902
Unlimited General Obligation Bonds
Series 2019A (School District Credit Enhancement Program)
02/01/2035	3.000%	1,950,000	1,850,287
02/01/2036	3.000%	1,000,000	948,858
02/01/2037	3.000%	1,035,000	949,502
Sartell-St. Stephen Independent School District No. 748(e)
Unlimited General Obligation Bonds
School Building
Series 2016B (School District Credit Enhancement Program)
02/01/2032	0.000%	1,565,000	1,146,422
02/01/2033	0.000%	2,585,000	1,807,435
02/01/2034	0.000%	1,500,000	1,002,161
Sauk Rapids-Rice Independent School District No. 47
Unlimited General Obligation Bonds
Series 2020A
02/01/2040	2.625%	2,250,000	1,808,486
South Washington County Independent School District No. 833
Unlimited General Obligation Refunding Bonds
Series 2024A
02/01/2038	5.000%	5,000,000	5,579,999
02/01/2044	4.000%	3,000,000	2,960,471
Stillwater Independent School District No. 834
Unlimited General Obligation Refunding Bonds
Series 2024A
02/01/2042	4.000%	6,960,000	7,067,923
02/01/2043	4.000%	2,275,000	2,300,824
Watertown-Mayer Independent School District No. 111(e)
Unlimited General Obligation Bonds
Capital Appreciation
Series 2020A
02/01/2035	0.000%	2,420,000	1,553,385
02/01/2039	0.000%	2,175,000	1,126,564
Worthington Independent School District No. 518
Unlimited General Obligation Bonds
Series 2020A
02/01/2035	3.000%	700,000	639,151
02/01/2036	3.000%	470,000	422,782
02/01/2037	3.000%	500,000	451,259
02/01/2038	3.000%	1,000,000	895,237
02/01/2039	3.000%	1,000,000	880,728
Total			128,411,728
Multi-Family 3.8%
Anoka Housing & Redevelopment Authority
Revenue Bonds
Woodland Park Apartments Project
Series 2011A
04/01/2027	5.000%	2,500,000	2,503,073

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Coon Rapids
Revenue Bonds
Mississippi View Apartments Project
Series 2023 (FNMA)
12/01/2039	5.600%	1,745,447	1,876,037
City of Crystal
Revenue Bonds
Crystal Leased Housing Association
Series 2014
06/01/2031	5.250%	2,500,000	2,500,292
City of Minneapolis
Revenue Bonds
14th and Central Project
Series 2020A (FNMA)
02/01/2038	2.350%	4,613,771	3,668,905
City of St. Anthony
Revenue Bonds
Multifamily Housing Landings Silver Lake Village
Series 2013
12/01/2030	6.000%	3,000,000	3,001,204
Housing & Redevelopment Authority of The City of St. Paul
Revenue Bonds
848 Payne Ave. Apartments Green Bonds
Series 2020
06/01/2038	2.330%	4,924,723	3,891,798
Northwest Multi-County Housing & Redevelopment Authority
Refunding Revenue Bonds
Pooled Housing Program
Series 2015
07/01/2045	5.500%	2,500,000	2,499,866
Total			19,941,175
Municipal Power 1.3%
City of Rochester Electric Utility
Refunding Revenue Bonds
Series 2015E
12/01/2028	4.000%	950,000	962,878
Guam Power Authority(f)
Refunding Revenue Bonds
Series 2022A
10/01/2044	5.000%	3,000,000	3,160,785
Puerto Rico Electric Power Authority(f),(g)
Revenue Bonds
Series 2012A
07/01/2042	0.000%	5,050,000	2,714,375
Total			6,838,038

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Minnesota Tax-Exempt Fund | 2024

Portfolio of Investments (continued)

July 31, 2024

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Nursing Home 2.5%
City of Chatfield
Refunding Revenue Bonds
Chosen Valley Care Center
Series 2019
09/01/2052	5.000%	1,500,000	1,277,689
City of Oak Park Heights
Refunding Revenue Bonds
Boutwells Landing Care Center
Series 2013
08/01/2025	5.250%	1,125,000	1,123,271
Dakota County Community Development Agency
Revenue Bonds
Ebenezer Ridges Care Center TCU Project
Series 2014S
09/01/2046	5.000%	2,000,000	1,628,614
Duluth Economic Development Authority
Revenue Bonds
Benedictine Health System
Series 2021
07/01/2031	4.000%	1,625,000	1,539,104
Housing & Redevelopment Authority of The City of St. Paul(d)
Refunding Revenue Bonds
Episcopal Homes Obligation Group
Series 2021
11/01/2042	4.000%	1,000,000	849,072
Housing & Redevelopment Authority of The City of St. Paul
Revenue Bonds
Episcopal Homes Project
Series 2013
05/01/2038	5.000%	1,200,000	1,106,574
05/01/2048	5.125%	6,250,000	5,405,977
Total			12,930,301
Other Bond Issue 0.8%
Housing & Redevelopment Authority of The City of St. Paul
Refunding Revenue Bonds
Series 2017A
08/01/2032	3.000%	500,000	467,867
08/01/2033	3.000%	500,000	463,809
08/01/2034	3.125%	850,000	789,038
08/01/2035	3.125%	800,000	739,960
Series 2020A
12/01/2036	5.000%	1,580,000	1,654,037
Total			4,114,711

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Other Utility 1.0%
Housing & Redevelopment Authority of The City of St. Paul
Refunding Revenue Bonds
Series 2017A
10/01/2031	4.000%	875,000	888,022
10/01/2032	4.000%	800,000	809,607
10/01/2033	4.000%	655,000	661,627
Series 2017B
10/01/2037	4.000%	800,000	801,564
St. Paul Port Authority
Revenue Bonds
Series 2017-3
10/01/2042	4.000%	1,360,000	1,277,282
St. Paul Port Authority(a)
Revenue Bonds
Series 2017-4
10/01/2040	4.000%	1,000,000	903,524
Total			5,341,626
Pool / Bond Bank 0.5%
Minnesota Rural Water Finance Authority, Inc.
Revenue Notes
Public Projects Construction
Series 2023
04/01/2025	4.375%	2,420,000	2,421,141
Refunded / Escrowed 1.0%
Centennial Independent School District No. 12(e)
Prerefunded 02/01/25 Unlimited General Obligation Bonds
Series 2015A (School District Credit Enhancement Program)
02/01/2032	0.000%	1,225,000	922,507
02/01/2033	0.000%	750,000	539,895
Housing & Redevelopment Authority of The City of St. Paul
Prerefunded 11/15/25 Revenue Bonds
HealthEast Care System Project
Series 2015
11/15/2027	5.000%	2,500,000	2,556,989
11/15/2044	5.000%	1,000,000	1,022,796
Total			5,042,187
Retirement Communities 6.3%
City of Anoka
Refunding Revenue Bonds
Homestead at Anoka, Inc. Project
Series 2017
11/01/2035	4.750%	1,000,000	943,231
11/01/2046	5.000%	1,500,000	1,349,219
City of Apple Valley
Refunding Revenue Bonds
Apple Valley Senior Housing
Series 2018
09/01/2053	4.500%	3,000,000	2,788,579

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Minnesota Tax-Exempt Fund | 2024

Portfolio of Investments (continued)

July 31, 2024

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Revenue Bonds
Orchard Path Phase II Project
Series 2021
09/01/2051	4.000%	500,000	430,215
09/01/2061	4.000%	870,000	706,397
City of Bethel Housing and Health Care Facilities
Refunding Revenue Bonds
Ecumen Obligated Group
Series 2024
03/01/2054	6.250%	1,250,000	1,255,278
City of Cloquet
Refunding Revenue Bonds
HADC Cloquet LLC Project
Series 2021
08/01/2041	4.000%	500,000	398,444
08/01/2048	4.000%	500,000	367,054
City of Landfall Village
Revenue Bonds
Pines of Richfield Project (The)
Series 2024
08/01/2034	5.250%	1,250,000	1,251,273
City of Maple Plain
Revenue Bonds
Haven Homes, Inc. Project
Series 2019
07/01/2057	4.650%	1,250,000	1,062,412
City of Moorhead
Refunding Revenue Bonds
Evercare Senior Living LLC
Series 2012
09/01/2037	5.125%	1,000,000	886,473
City of North Oaks
Refunding Revenue Bonds
Waverly Gardens Project
Series 2016
10/01/2041	4.250%	5,000,000	4,725,364
10/01/2047	5.000%	2,000,000	2,007,191
City of Red Wing
Revenue Bonds
Benedictine Living Community
Series 2018
08/01/2047	5.000%	1,500,000	1,260,005
08/01/2053	5.000%	600,000	487,185
City of Rochester
Revenue Bonds
Homestead Rochester, Inc. Project
Series 2015
12/01/2049	5.000%	2,400,000	1,927,767

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Sartell
Refunding Revenue Bonds
Country Manor Campus LLC
Series 2017
09/01/2042	4.500%	2,000,000	1,793,762
09/01/2042	5.000%	875,000	839,750
City of St. Joseph
Revenue Bonds
Woodcrest of Country Manor Project
Series 2019
07/01/2055	5.000%	1,500,000	1,320,568
City of St. Paul Park
Refunding Revenue Bonds
Presbyterian Homes Bloomington
Series 2017
09/01/2036	4.200%	275,000	266,120
09/01/2037	4.250%	300,000	289,182
09/01/2042	5.000%	1,000,000	1,000,041
City of Wayzata
Refunding Revenue Bonds
Folkstone Senior Living Co.
Series 2019
08/01/2033	5.000%	150,000	152,711
08/01/2034	5.000%	125,000	127,139
08/01/2035	5.000%	140,000	142,315
08/01/2054	5.000%	1,625,000	1,631,128
Dakota County Community Development Agency(d)
Refunding Revenue Bonds
Walker Highviews Hills LLC
Series 2016
08/01/2051	5.000%	1,500,000	1,437,851
Woodbury Housing & Redevelopment Authority
Revenue Bonds
St. Therese of Woodbury
Series 2014
12/01/2049	5.250%	2,000,000	1,882,512
Total			32,729,166
Sales Tax 1.0%
Commonwealth of Puerto Rico(e),(f)
Revenue Notes
Series 2022
11/01/2051	0.000%	1,122,857	704,592
Subordinated Series 2022
11/01/2043	0.000%	820,743	502,705
Puerto Rico Sales Tax Financing Corp.(e),(f)
Revenue Bonds
Series 2018A-1
07/01/2046	0.000%	2,501,000	830,389
07/01/2051	0.000%	10,000,000	2,420,595

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Minnesota Tax-Exempt Fund | 2024

Portfolio of Investments (continued)

July 31, 2024

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Puerto Rico Sales Tax Financing Corp.(f)
Revenue Bonds
Series 2019A1
07/01/2058	5.000%	1,000,000	1,004,190
Total			5,462,471
Single Family 4.8%
Minneapolis/St. Paul Housing Finance Board
Mortgage-Backed Revenue Bonds
City Living
Series 2011A (GNMA)
12/01/2027	4.450%	35,000	35,002
Minnesota Housing Finance Agency
Refunding Revenue Bonds
Series 2021D (GNMA)
07/01/2041	2.200%	1,680,000	1,222,217
Revenue Bonds
Mortgage-Backed Securities Pass-Through Program
Series 2019 (GNMA)
03/01/2049	3.450%	535,284	494,481
06/01/2049	3.150%	714,664	644,567
Series 2016 (GNMA / FNMA)
02/01/2046	2.950%	1,757,404	1,490,555
Series 2019F
07/01/2044	2.750%	1,385,000	1,093,773
Series 2020B (GNMA)
01/01/2044	2.800%	2,605,000	2,084,998
Series 2020E (GNMA)
07/01/2044	2.700%	1,295,000	1,012,286
Series 2021B (GNMA)
07/01/2046	2.450%	2,510,000	1,753,601
07/01/2051	2.500%	3,445,000	2,382,633
Social Bonds
Series 2021F
07/01/2046	2.400%	4,380,000	3,024,205
Series 2021H
01/01/2046	2.550%	2,715,000	1,977,248
Series 2022A (GNMA)
07/01/2042	2.750%	2,230,000	1,803,320
Series 2023B (GNMA)
07/01/2043	4.300%	2,900,000	2,904,831

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2023D (GNMA)
07/01/2043	4.500%	3,015,000	3,031,963
Total			24,955,680
State General Obligation 2.8%
State of Minnesota
Unlimited General Obligation Bonds
Series 2018A
08/01/2038	5.000%	1,400,000	1,500,204
Series 2021B
09/01/2040	2.000%	5,000,000	3,548,931
Series 2023A
08/01/2041	5.000%	2,000,000	2,264,133
Series 2023B
08/01/2043	4.000%	7,000,000	7,132,368
Total			14,445,636
Student Loan 0.7%
Minnesota Office of Higher Education(a)
Refunding Revenue Bonds
Series 2020
11/01/2038	2.650%	1,605,000	1,399,906
Supplemental Student Loan Program
Series 2023
11/01/2042	4.000%	2,300,000	2,211,030
Total			3,610,936
Total Municipal Bonds (Cost $554,030,763)			514,532,620

Money Market Funds 0.8%
	Shares	Value ($)
BlackRock Liquidity Funds MuniCash, Institutional Shares, 3.467%(h)	4,285,159	4,285,587
Total Money Market Funds (Cost $4,285,159)		4,285,587
Total Investments in Securities (Cost: $558,315,922)		518,818,207
Other Assets & Liabilities, Net		1,236,808
Net Assets		520,055,015

Notes to Portfolio of Investments

(a)	Income from this security may be subject to alternative minimum tax.
(b)	Represents a security purchased on a when-issued basis.
(c)	Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of July 31, 2024.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Minnesota Tax-Exempt Fund | 2024

Portfolio of Investments (continued)

July 31, 2024

Notes to Portfolio of Investments (continued)

(d)	Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At July 31, 2024, the total value of these securities amounted to $5,870,716, which represents 1.13% of total net assets.
(e)	Zero coupon bond.
(f)	Municipal obligations include debt obligations issued by or on behalf of territories, possessions, or sovereign nations within the territorial boundaries of the United States. At July 31, 2024, the total value of these securities amounted to $11,337,631, which represents 2.18% of total net assets.
(g)	Represents a security in default.
(h)	The rate shown is the seven-day current annualized yield at July 31, 2024.

Abbreviation Legend

FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
NPFGC	National Public Finance Guarantee Corporation

Fair value measurements

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■

Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund’s investments at July 31, 2024:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Municipal Bonds	—	514,532,620	—	514,532,620
Money Market Funds	4,285,587	—	—	4,285,587
Total Investments in Securities	4,285,587	514,532,620	—	518,818,207

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Minnesota Tax-Exempt Fund | 2024

Statement of Assets and Liabilities

July 31, 2024

Assets
Investments in securities, at value
Unaffiliated issuers (cost $558,315,922)	$518,818,207
Receivable for:
Capital shares sold	1,836,526
Dividends	6,887
Interest	6,498,497
Prepaid expenses	8,915
Total assets	527,169,032
Liabilities
Due to custodian	16,781
Payable for:
Investments purchased on a delayed delivery basis	4,530,590
Capital shares redeemed	1,054,182
Distributions to shareholders	1,350,855
Management services fees	6,591
Distribution and/or service fees	2,453
Transfer agent fees	21,706
Compensation of board members	636
Other expenses	28,778
Deferred compensation of board members	101,445
Total liabilities	7,114,017
Net assets applicable to outstanding capital stock	$520,055,015
Represented by
Paid in capital	590,212,292
Total distributable earnings (loss)	(70,157,277 )
Total - representing net assets applicable to outstanding capital stock	$520,055,015
Class A
Net assets	$267,947,601
Shares outstanding	13,601,592
Net asset value per share	$19.70
Maximum sales charge	3.00%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$20.31
Advisor Class
Net assets	$25,989,866
Shares outstanding	1,319,847
Net asset value per share	$19.69
Class C
Net assets	$23,082,795
Shares outstanding	1,171,699
Net asset value per share	$19.70
Institutional Class
Net assets	$172,891,250
Shares outstanding	8,783,436
Net asset value per share	$19.68
Institutional 2 Class
Net assets	$18,232,906
Shares outstanding	926,849
Net asset value per share	$19.67
Institutional 3 Class
Net assets	$11,910,597
Shares outstanding	604,228
Net asset value per share	$19.71

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Minnesota Tax-Exempt Fund | 2024

Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	July 31, 2024		July 31, 2023
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Shares sold	1,445,936	27,764,063	3,684,799	71,456,993
Distributions reinvested	451,767	8,647,369	476,060	9,178,888
Shares redeemed	(3,920,708 )	(74,556,789 )	(6,134,704 )	(118,119,110 )
Net decrease	(2,023,005 )	(38,145,357 )	(1,973,845 )	(37,483,229 )
Advisor Class
Shares sold	670,470	12,633,598	529,513	10,225,629
Distributions reinvested	40,127	770,440	30,350	585,226
Shares redeemed	(396,918 )	(7,500,531 )	(602,010 )	(11,560,961 )
Net increase (decrease)	313,679	5,903,507	(42,147 )	(750,106 )
Class C
Shares sold	131,000	2,525,586	280,824	5,456,528
Distributions reinvested	31,606	604,507	38,735	746,669
Shares redeemed	(521,840 )	(9,960,604 )	(750,255 )	(14,538,527 )
Net decrease	(359,234 )	(6,830,511 )	(430,696 )	(8,335,330 )
Institutional Class
Shares sold	3,726,826	71,633,160	6,081,194	117,227,630
Distributions reinvested	295,306	5,650,808	297,813	5,739,596
Shares redeemed	(4,376,478 )	(83,106,189 )	(7,868,143 )	(152,166,292 )
Net decrease	(354,346 )	(5,822,221 )	(1,489,136 )	(29,199,066 )
Institutional 2 Class
Shares sold	943,713	17,824,420	247,829	4,793,841
Distributions reinvested	32,552	622,261	12,764	245,695
Shares redeemed	(507,861 )	(9,565,028 )	(242,333 )	(4,674,799 )
Net increase	468,404	8,881,653	18,260	364,737
Institutional 3 Class
Shares sold	311,677	5,930,217	272,461	5,273,763
Distributions reinvested	20,090	384,910	20,008	385,942
Shares redeemed	(316,007 )	(5,999,464 )	(409,517 )	(7,896,853 )
Net increase (decrease)	15,760	315,663	(117,048 )	(2,237,148 )
Total net decrease	(1,938,742 )	(35,697,266 )	(4,034,612 )	(77,640,142 )

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Minnesota Tax-Exempt Fund | 2024

Financial Highlights

The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Year Ended 7/31/2024	$19.33	0.60	0.38	0.98	(0.61 )	—	(0.61 )
Year Ended 7/31/2023	$20.33	0.57	(1.00 )	(0.43 )	(0.57 )	—	(0.57 )
Year Ended 7/31/2022	$22.88	0.48	(2.51 )	(2.03 )	(0.48 )	(0.04 )	(0.52 )
Year Ended 7/31/2021(e)	$22.56	0.48	0.34	0.82	(0.49 )	(0.01 )	(0.50 )
Year Ended 7/31/2020(e)	$22.22	0.56	0.34	0.90	(0.56 )	—	(0.56 )
Advisor Class
Year Ended 7/31/2024	$19.32	0.65	0.38	1.03	(0.66 )	—	(0.66 )
Year Ended 7/31/2023	$20.32	0.62	(1.00 )	(0.38 )	(0.62 )	—	(0.62 )
Year Ended 7/31/2022	$22.87	0.53	(2.51 )	(1.98 )	(0.53 )	(0.04 )	(0.57 )
Year Ended 7/31/2021(e)	$22.55	0.54	0.34	0.88	(0.55 )	(0.01 )	(0.56 )
Year Ended 7/31/2020(e)	$22.21	0.60	0.34	0.94	(0.60 )	—	(0.60 )
Class C
Year Ended 7/31/2024	$19.33	0.45	0.39	0.84	(0.47 )	—	(0.47 )
Year Ended 7/31/2023	$20.33	0.42	(0.99 )	(0.57 )	(0.43 )	—	(0.43 )
Year Ended 7/31/2022	$22.88	0.31	(2.50 )	(2.19 )	(0.32 )	(0.04 )	(0.36 )
Year Ended 7/31/2021(e)	$22.56	0.32	0.33	0.65	(0.32 )	(0.01 )	(0.33 )
Year Ended 7/31/2020(e)	$22.22	0.40	0.34	0.74	(0.40 )	—	(0.40 )
Institutional Class
Year Ended 7/31/2024	$19.31	0.64	0.39	1.03	(0.66 )	—	(0.66 )
Year Ended 7/31/2023	$20.32	0.62	(1.01 )	(0.39 )	(0.62 )	—	(0.62 )
Year Ended 7/31/2022	$22.86	0.53	(2.50 )	(1.97 )	(0.53 )	(0.04 )	(0.57 )
Year Ended 7/31/2021(e)	$22.54	0.54	0.34	0.88	(0.55 )	(0.01 )	(0.56 )
Year Ended 7/31/2020(e)	$22.20	0.60	0.34	0.94	(0.60 )	—	(0.60 )

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Minnesota Tax-Exempt Fund | 2024

Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets(a)	Total net expense ratio to average net assets(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 7/31/2024	$19.70	5.20%	0.81% (c)	0.81% (c),(d)	3.11%	10%	$267,948
Year Ended 7/31/2023	$19.33	(2.06% )	0.80% (c)	0.80% (c),(d)	2.92%	12%	$301,959
Year Ended 7/31/2022	$20.33	(8.97% )	0.77% (c)	0.77% (c),(d)	2.20%	19%	$357,808
Year Ended 7/31/2021 (e)	$22.88	3.69%	0.77%	0.77% (d)	2.15%	7%	$457,218
Year Ended 7/31/2020 (e)	$22.56	4.17%	0.77%	0.77% (d)	2.49%	25%	$421,457
Advisor Class
Year Ended 7/31/2024	$19.69	5.47%	0.56% (c)	0.56% (c),(d)	3.36%	10%	$25,990
Year Ended 7/31/2023	$19.32	(1.81% )	0.55% (c)	0.55% (c),(d)	3.17%	12%	$19,437
Year Ended 7/31/2022	$20.32	(8.74% )	0.52% (c)	0.52% (c),(d)	2.48%	19%	$21,305
Year Ended 7/31/2021 (e)	$22.87	3.90%	0.52%	0.52% (d)	2.39%	7%	$21,987
Year Ended 7/31/2020 (e)	$22.55	4.44%	0.52%	0.52% (d)	2.74%	25%	$13,938
Class C
Year Ended 7/31/2024	$19.70	4.42%	1.56% (c)	1.56% (c),(d)	2.36%	10%	$23,083
Year Ended 7/31/2023	$19.33	(2.79% )	1.55% (c)	1.55% (c),(d)	2.16%	12%	$29,587
Year Ended 7/31/2022	$20.33	(9.65% )	1.52% (c)	1.52% (c),(d)	1.45%	19%	$39,886
Year Ended 7/31/2021 (e)	$22.88	2.91%	1.52%	1.52% (d)	1.41%	7%	$49,588
Year Ended 7/31/2020 (e)	$22.56	3.40%	1.53%	1.53% (d)	1.74%	25%	$58,885
Institutional Class
Year Ended 7/31/2024	$19.68	5.47%	0.56% (c)	0.56% (c),(d)	3.36%	10%	$172,891
Year Ended 7/31/2023	$19.31	(1.86% )	0.55% (c)	0.55% (c),(d)	3.17%	12%	$176,454
Year Ended 7/31/2022	$20.32	(8.70% )	0.52% (c)	0.52% (c),(d)	2.45%	19%	$215,892
Year Ended 7/31/2021 (e)	$22.86	3.86%	0.52%	0.52% (d)	2.39%	7%	$262,778
Year Ended 7/31/2020 (e)	$22.54	4.44%	0.52%	0.52% (d)	2.74%	25%	$208,340

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Minnesota Tax-Exempt Fund | 2024

Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Institutional 2 Class
Year Ended 7/31/2024	$19.30	0.64	0.39	1.03	(0.66 )	—	(0.66 )
Year Ended 7/31/2023	$20.30	0.62	(1.00 )	(0.38 )	(0.62 )	—	(0.62 )
Year Ended 7/31/2022	$22.85	0.53	(2.51 )	(1.98 )	(0.53 )	(0.04 )	(0.57 )
Year Ended 7/31/2021(e)	$22.53	0.54	0.33	0.87	(0.54 )	(0.01 )	(0.55 )
Year Ended 7/31/2020(e)	$22.18	0.60	0.35	0.95	(0.60 )	—	(0.60 )
Institutional 3 Class
Year Ended 7/31/2024	$19.34	0.65	0.39	1.04	(0.67 )	—	(0.67 )
Year Ended 7/31/2023	$20.34	0.63	(1.00 )	(0.37 )	(0.63 )	—	(0.63 )
Year Ended 7/31/2022	$22.90	0.54	(2.52 )	(1.98 )	(0.54 )	(0.04 )	(0.58 )
Year Ended 7/31/2021(e)	$22.58	0.55	0.34	0.89	(0.56 )	(0.01 )	(0.57 )
Year Ended 7/31/2020(e)	$22.23	0.60	0.35	0.95	(0.60 )	—	(0.60 )

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	Ratios include interfund lending expense which is less than 0.01%.
(d)	The benefits derived from expense reductions had an impact of less than 0.01%.
(e)	Per share amounts have been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Minnesota Tax-Exempt Fund | 2024

Notes to Financial Statements

July 31, 2024

Note 1. Organization

Columbia Minnesota Tax-Exempt Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a non-diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different net investment income distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.

As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Class C shares automatically convert to Class A shares after 8 years. Advisor Class, Institutional Class, Institutional 2 Class and Institutional 3 Class shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.

The Board of Trustees of the Fund approved the conversion of all Advisor Class shares of the Fund to Institutional Class shares of the Fund and the subsequent elimination of Advisor Class shares. Effective on November 22, 2024, Advisor Class shares of the Fund will be converted to Institutional Class shares of the Fund. This will be a tax-free transaction for existing Advisor Class shareholders.

Note 2. Summary of significant accounting policies

Basis of preparation

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security valuation

Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

Columbia Minnesota Tax-Exempt Fund | 2024

Notes to Financial Statements (continued)

July 31, 2024

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.

Derivative instruments

The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in individual markets. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty provides some protection in the case of clearing member default. The clearinghouse or central counterparty stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or central counterparty may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the central counterparty or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker’s customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or central counterparty for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well.

Columbia Minnesota Tax-Exempt Fund | 2024

Notes to Financial Statements (continued)

July 31, 2024

For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker or receive interest income on cash collateral pledged to the broker. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

Futures contracts

Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Effects of derivative transactions in the financial statements

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended July 31, 2024:

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Interest rate risk	646,086

Columbia Minnesota Tax-Exempt Fund | 2024

Notes to Financial Statements (continued)

July 31, 2024

The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended July 31, 2024:

Derivative instrument	Average notional amounts ($)
Futures contracts — short	3,634,335

Delayed delivery securities

The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a “when-issued” or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

Security transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income recognition

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Dividend income is recorded on the ex-dividend date.

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of class net asset value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal income tax status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its net tax-exempt and investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Distributions to shareholders

Distributions from net investment income, if any, are declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Columbia Minnesota Tax-Exempt Fund | 2024

Notes to Financial Statements (continued)

July 31, 2024

Guarantees and indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Note 3. Fees and other transactions with affiliates

Management services fees

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.47% to 0.31% as the Fund’s net assets increase. The effective management services fee rate for the year ended July 31, 2024 was 0.47% of the Fund’s average daily net assets.

Compensation of Board members

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

Compensation of Chief Compliance Officer

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

Transfer agency fees

Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. The Transfer Agent pays the fees of SS&C GIDS for services as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class.

Columbia Minnesota Tax-Exempt Fund | 2024

Notes to Financial Statements (continued)

July 31, 2024

For the year ended July 31, 2024, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Class A	0.06
Advisor Class	0.06
Class C	0.06
Institutional Class	0.06
Institutional 2 Class	0.06
Institutional 3 Class	0.01

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended July 31, 2024, these minimum account balance fees reduced total expenses of the Fund by $40.

Distribution and service fees

The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution, the Fund pays a fee at the maximum annual rates of up to 0.25% and 1.00% of the Fund’s average daily net assets attributable to Class A and Class C shares, respectively. For Class C shares, of the 1.00% fee, up to 0.75% can be reimbursed for distribution expenses and up to an additional 0.25% can be reimbursed for shareholder servicing expenses.

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $444,000 for Class C shares. This amount is based on the most recent information available as of June 30, 2024, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.

Sales charges (unaudited)

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the year ended July 31, 2024, if any, are listed below:

	Front End (%)	CDSC (%)	Amount ($)
Class A	3.00	0.75 (a)	70,634
Class C	—	1.00 (b)	1,133

(a)	This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase.
(b)	This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.

The Fund’s other share classes are not subject to sales charges.

Columbia Minnesota Tax-Exempt Fund | 2024

Notes to Financial Statements (continued)

July 31, 2024

Expenses waived/reimbursed by the Investment Manager and its affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:

	December 1, 2023 through November 30, 2024 (%)	Prior to December 1, 2023 (%)
Class A	0.84	0.84
Advisor Class	0.59	0.59
Class C	1.59	1.59
Institutional Class	0.59	0.59
Institutional 2 Class	0.59	0.58
Institutional 3 Class	0.54	0.54

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At July 31, 2024, these differences were primarily due to differing treatment for tax straddles, principal and/or interest from fixed income securities, defaulted securities/troubled debt, capital loss carryforwards, trustees’ deferred compensation and distributions. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

The Fund did not have any permanent differences; therefore, no reclassifications were made.

The tax character of distributions paid during the years indicated was as follows:

Year Ended July 31, 2024				Year Ended July 31, 2023
Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)
5,860	16,895,718	—	16,901,578	9,735	17,136,462	—	17,146,197

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At July 31, 2024, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed tax- exempt income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized (depreciation) ($)
—	1,947,369	—	(30,260,139 )	(40,392,207 )

Columbia Minnesota Tax-Exempt Fund | 2024

Notes to Financial Statements (continued)

July 31, 2024

At July 31, 2024, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized (depreciation) ($)
559,210,414	765,453	(41,157,660 )	(40,392,207 )

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

The following capital loss carryforwards, determined at July 31, 2024, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended July 31, 2024, capital loss carryforwards utilized, if any, were as follows:

No expiration short-term ($)	No expiration long-term ($)	Total ($)	Utilized ($)
(5,805,590 )	(24,454,549 )	(30,260,139 )	—

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $52,546,890 and $85,103,189, respectively, for the year ended July 31, 2024. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.

The Fund’s activity in the Interfund Program during the year ended July 31, 2024 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Borrower	1,475,000	5.86	12

Interest expense incurred by the Fund is recorded as Interest on interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at July 31, 2024.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 26, 2023 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment

Columbia Minnesota Tax-Exempt Fund | 2024

Notes to Financial Statements (continued)

July 31, 2024

manager, severally and not jointly, permits aggregate borrowings up to $900 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate plus, in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 26, 2023 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate plus, in each case, 1.00%.

The Fund had no borrowings during the year ended July 31, 2024.

Note 8. Significant risks

Credit risk

Credit risk is the risk that the value of debt instruments in the Fund’s portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.

High-yield investments risk

Securities and other debt instruments held by the Fund that are rated below investment grade (commonly called "high-yield" or "junk" bonds) and unrated debt instruments of comparable quality expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade debt instruments. In addition, these investments have greater price fluctuations, are less liquid and are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.

Interest rate risk

Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.

Liquidity risk

Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

Columbia Minnesota Tax-Exempt Fund | 2024

Notes to Financial Statements (continued)

July 31, 2024

Market risk

The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

Municipal securities risk

Municipal securities are debt obligations generally issued to obtain funds for various public purposes, including general financing for state and local governments, or financing for a specific project or public facility, and include obligations of the governments of the U.S. territories, commonwealths and possessions such as Guam, Puerto Rico and the U.S. Virgin Islands to the extent such obligations are exempt from state and U.S. federal income taxes. The value of municipal securities can be significantly affected by actual or expected political and legislative changes at the federal or state level. Municipal securities may be fully or partially backed by the taxing authority of the local government, by the credit of a private issuer, by the current or anticipated revenues from a specific project or specific assets or by domestic or foreign entities providing credit support, such as letters of credit, guarantees or insurance, and are generally classified into general obligation bonds and special revenue obligations. Because many municipal securities are issued to finance projects in sectors such as education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market.

Issuers in a state, territory, commonwealth or possession in which the Fund invests may experience significant financial difficulties for various reasons, including as the result of events that cannot be reasonably anticipated or controlled such as economic downturns or similar periods of economic stress, social conflict or unrest, labor disruption and natural disasters. Such financial difficulties may lead to credit rating downgrades or defaults of such issuers which in turn, could affect the market values and marketability of many or all municipal obligations of issuers in such state, territory, commonwealth or possession. The value of the Fund’s shares will be negatively impacted to the extent it invests in such securities. The Fund’s annual and semiannual reports show the Fund’s investment exposures at a point in time. The risk of investing in the Fund is directly correlated to the Fund’s investment exposures.

Because the Fund invests substantially in municipal securities issued by the state identified in the Fund’s name and political sub-divisions of that state, the Fund will be particularly affected by adverse tax, legislative, regulatory, demographic or political changes as well as changes impacting the state’s financial, economic or other condition and prospects. In addition, because of the relatively small number of issuers of tax-exempt securities in the state, the Fund may invest a higher percentage of assets in a single issuer and, therefore, be more exposed to the risk of loss than a fund that invests more broadly. The value of municipal and other securities owned by the Fund also may be adversely affected by future changes in federal or state income tax laws.

Non-diversification risk

A non-diversified fund is permitted to invest a greater percentage of its total assets in fewer issuers than a diversified fund. This increases the 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, the Fund’s value will likely be more volatile than the value of a more diversified fund.

Columbia Minnesota Tax-Exempt Fund | 2024

Notes to Financial Statements (continued)

July 31, 2024

Shareholder concentration risk

At July 31, 2024, affiliated shareholders of record owned 63.9% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than as noted in Note 1 and below, there were no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Minnesota Tax-Exempt Fund | 2024

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Minnesota Tax-Exempt Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Minnesota Tax-Exempt Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of July 31, 2024, the related statement of operations for the year ended July 31, 2024, the statement of changes in net assets for each of the two years in the period ended July 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2024 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2024 and the financial highlights for each of the five years in the period ended July 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2024 by correspondence with the custodian and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

September 20, 2024

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

Columbia Minnesota Tax-Exempt Fund | 2024

Approval of Management Agreement

(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Minnesota Tax-Exempt Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds).

On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April, May and June 2024, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Management Agreement.

The Board, at its June 27, 2024 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory agreements and the Board’s legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:

•

Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

•

Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;

•

The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;

•

Terms of the Management Agreement;

•

Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

•

Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

•

Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

•

Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

•

Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

•

The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

•

Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).

Columbia Minnesota Tax-Exempt Fund | 2024

Approval of Management Agreement (continued)

(Unaudited)

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.

Nature, extent and quality of services provided by the Investment Manager

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.

In connection with the Board’s evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2023 in the performance of administrative services, and noted the various enhancements anticipated for 2024. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.

Investment performance

The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund’s performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed that Fund performance was well within the range of that of its peers.

The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.

The Board also considered the Investment Manager’s performance and reputation generally. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund’s expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to the Investment Manager’s profitability.

Columbia Minnesota Tax-Exempt Fund | 2024

Approval of Management Agreement (continued)

(Unaudited)

The Board considered the reports of JDL, which assisted in the Board’s analysis of the Funds’ performance and expenses and the reasonableness of the Funds’ fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current “pricing philosophy” such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) approximated the peer universe’s median expense ratio.

After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2023 had declined from 2022 levels, due to a variety of factors, including the decreased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund’s net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

On June 27, 2024, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.

Columbia Minnesota Tax-Exempt Fund | 2024

Portfolio of Investments	3
Statement of Assets and Liabilities	14
Statement of Operations	15
Statement of Changes in Net Assets	16
Financial Highlights	18
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	33
Federal Income Tax Information	34
Approval of Management Agreement	35

Net investment income
Income:
Dividends — unaffiliated issuers	$81,027
Interest	20,347,553
Total income	20,428,580
Expenses:
Management services fees	2,426,712
Distribution and/or service fees
Class A	692,460
Class C	253,232
Transfer agent fees
Class A	152,655
Advisor Class	12,362
Class C	13,964
Institutional Class	92,087
Institutional 2 Class	10,242
Institutional 3 Class	745
Custodian fees	11,564
Printing and postage fees	24,905
Registration fees	18,679
Accounting services fees	30,993
Legal fees	51,292
Interest on interfund lending	2,881
Compensation of chief compliance officer	97
Compensation of board members	16,535
Deferred compensation of board members	19,832
Other	20,407
Total expenses	3,851,644
Expense reduction	(40 )
Total net expenses	3,851,604
Net investment income	16,576,976
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(6,283,631 )
Futures contracts	646,086
Net realized loss	(5,637,545 )
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	14,049,376
Net change in unrealized appreciation (depreciation)	14,049,376
Net realized and unrealized gain	8,411,831
Net increase in net assets resulting from operations	$24,988,807

	Year Ended July 31, 2024	Year Ended July 31, 2023
Operations
Net investment income	$16,576,976	$17,100,352
Net realized loss	(5,637,545 )	(10,876,677 )
Net change in unrealized appreciation (depreciation)	14,049,376	(21,953,318 )
Net increase (decrease) in net assets resulting from operations	24,988,807	(15,729,643 )
Distributions to shareholders
Net investment income and net realized gains
Class A	(8,784,463 )	(9,329,497 )
Advisor Class	(770,441 )	(585,535 )
Class C	(612,449 )	(752,866 )
Institutional Class	(5,721,541 )	(5,841,540 )
Institutional 2 Class	(627,439 )	(249,836 )
Institutional 3 Class	(385,245 )	(386,923 )
Total distributions to shareholders	(16,901,578 )	(17,146,197 )
Decrease in net assets from capital stock activity	(35,697,266 )	(77,640,142 )
Total decrease in net assets	(27,610,037 )	(110,515,982 )
Net assets at beginning of year	547,665,052	658,181,034
Net assets at end of year	$520,055,015	$547,665,052

(registrant)	Columbia Funds Series Trust II

By (Signature and Title)	/s/ Daniel J. Beckman
	Daniel J. Beckman, President and Principal Executive Officer

Date	September 20, 2024