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:

Last Day of October

Date of reporting period:

October 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 Select Global Equity Fund

Class A / IGLGX

Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about Columbia Select Global Equity Fund (the Fund) for the period of November 1, 2023 to October 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.

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	$142	1.21%

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

Stock selection | Selections in the health care, industrials, materials and consumer discretionary sectors boosted the Fund’s results most during the annual period.

Allocations | Larger allocations than the benchmark to the information technology and consumer discretionary sectors and smaller allocations to the energy and consumer staples sectors buoyed Fund results during the annual period.

Individual holdings | Positions in NVIDIA Corp., the leading AI semiconductor chipmaker; Taiwan Semiconductor Manufacturing Co., Ltd., the world’s largest semiconductor manufacturer; Howmet Aerospace, Inc., an American aircraft engine manufacturer; and Schneider Electric SE, a French multinational corporation that specializes in digital automation and energy management, were notable contributors during the period.

Top Performance Detractors

Stock selection | Selections in the financials, real estate and communication services sectors hurt the Fund’s results during the annual period.

Allocations | Large weightings in the materials and health care sectors and a small allocation to the communication services sector detracted.

Individual holdings | Fund positions in Elevance Health, Inc., an American health insurance provider; HDFC Bank Ltd., a large bank based in India.; Synopsys, Inc., an American electronic design automation company; and Ryanair Holdings PLC, an Irish discount airline, were top detractors during the period.

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)	34.06	11.74	11.06
Class A (including sales charges)	26.35	10.43	10.40
MSCI ACWI Index (Net)	32.79	11.08	9.06

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	$722,274,735
Total number of portfolio holdings	50
Management services fees (represents 0.85% of Fund average net assets)	$6,001,103
Portfolio turnover for the reporting period	35%

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.

The Fund may use place of organization/incorporation or other factors in determining whether an issuer is domestic (U.S.) or foreign for purposes of its investment policies. At October 31, 2024, the Fund invested at least 40% of its net assets in foreign companies in accordance with its principal investment strategy.

Top Holdings

Microsoft Corp.	8.2%
NVIDIA Corp.	5.6%
MasterCard, Inc., Class A	5.3%
Amazon.com, Inc.	4.9%
Taiwan Semiconductor Manufacturing Co., Ltd.	4.3%
Linde PLC	3.9%
Alphabet, Inc., Class A	3.6%
Keyence Corp.	3.2%
Visa, Inc., Class A	2.8%
Schneider Electric SE	2.7%

Equity Sector Allocation

Geographic Allocation

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 or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.

© 2024 Columbia Management Investment Advisers, LLC.

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

Columbia Select Global Equity Fund

Advisor Class / CSGVX

Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about Columbia Select Global Equity Fund (the Fund) for the period of November 1, 2023 to October 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.

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	$113	0.96%

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

Stock selection | Selections in the health care, industrials, materials and consumer discretionary sectors boosted the Fund’s results most during the annual period.

Allocations | Larger allocations than the benchmark to the information technology and consumer discretionary sectors and smaller allocations to the energy and consumer staples sectors buoyed Fund results during the annual period.

Individual holdings | Positions in NVIDIA Corp., the leading AI semiconductor chipmaker; Taiwan Semiconductor Manufacturing Co., Ltd., the world’s largest semiconductor manufacturer; Howmet Aerospace, Inc., an American aircraft engine manufacturer; and Schneider Electric SE, a French multinational corporation that specializes in digital automation and energy management, were notable contributors during the period.

Top Performance Detractors

Stock selection | Selections in the financials, real estate and communication services sectors hurt the Fund’s results during the annual period.

Allocations | Large weightings in the materials and health care sectors and a small allocation to the communication services sector detracted.

Individual holdings | Fund positions in Elevance Health, Inc., an American health insurance provider; HDFC Bank Ltd., a large bank based in India.; Synopsys, Inc., an American electronic design automation company; and Ryanair Holdings PLC, an Irish discount airline, were top detractors during the period.

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 (a)	34.45	12.04	11.25
MSCI ACWI Index (Net)	32.79	11.08	9.06

(a) The returns shown for periods prior to March 1, 2018 (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. 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	$722,274,735
Total number of portfolio holdings	50
Management services fees (represents 0.85% of Fund average net assets)	$6,001,103
Portfolio turnover for the reporting period	35%

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.

The Fund may use place of organization/incorporation or other factors in determining whether an issuer is domestic (U.S.) or foreign for purposes of its investment policies. At October 31, 2024, the Fund invested at least 40% of its net assets in foreign companies in accordance with its principal investment strategy.

Top Holdings

Microsoft Corp.	8.2%
NVIDIA Corp.	5.6%
MasterCard, Inc., Class A	5.3%
Amazon.com, Inc.	4.9%
Taiwan Semiconductor Manufacturing Co., Ltd.	4.3%
Linde PLC	3.9%
Alphabet, Inc., Class A	3.6%
Keyence Corp.	3.2%
Visa, Inc., Class A	2.8%
Schneider Electric SE	2.7%

Equity Sector Allocation

Geographic Allocation

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 or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.

© 2024 Columbia Management Investment Advisers, LLC.

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

Columbia Select Global Equity Fund

Class C / RGCEX

Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about Columbia Select Global Equity Fund (the Fund) for the period of November 1, 2023 to October 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.

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	$228	1.96%

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

Stock selection | Selections in the health care, industrials, materials and consumer discretionary sectors boosted the Fund’s results most during the annual period.

Allocations | Larger allocations than the benchmark to the information technology and consumer discretionary sectors and smaller allocations to the energy and consumer staples sectors buoyed Fund results during the annual period.

Individual holdings | Positions in NVIDIA Corp., the leading AI semiconductor chipmaker; Taiwan Semiconductor Manufacturing Co., Ltd., the world’s largest semiconductor manufacturer; Howmet Aerospace, Inc., an American aircraft engine manufacturer; and Schneider Electric SE, a French multinational corporation that specializes in digital automation and energy management, were notable contributors during the period.

Top Performance Detractors

Stock selection | Selections in the financials, real estate and communication services sectors hurt the Fund’s results during the annual period.

Allocations | Large weightings in the materials and health care sectors and a small allocation to the communication services sector detracted.

Individual holdings | Fund positions in Elevance Health, Inc., an American health insurance provider; HDFC Bank Ltd., a large bank based in India.; Synopsys, Inc., an American electronic design automation company; and Ryanair Holdings PLC, an Irish discount airline, were top detractors during the period.

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)	33.14	10.92	10.24
Class C (including sales charges)	32.14	10.92	10.24
MSCI ACWI Index (Net)	32.79	11.08	9.06

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	$722,274,735
Total number of portfolio holdings	50
Management services fees (represents 0.85% of Fund average net assets)	$6,001,103
Portfolio turnover for the reporting period	35%

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.

The Fund may use place of organization/incorporation or other factors in determining whether an issuer is domestic (U.S.) or foreign for purposes of its investment policies. At October 31, 2024, the Fund invested at least 40% of its net assets in foreign companies in accordance with its principal investment strategy.

Top Holdings

Microsoft Corp.	8.2%
NVIDIA Corp.	5.6%
MasterCard, Inc., Class A	5.3%
Amazon.com, Inc.	4.9%
Taiwan Semiconductor Manufacturing Co., Ltd.	4.3%
Linde PLC	3.9%
Alphabet, Inc., Class A	3.6%
Keyence Corp.	3.2%
Visa, Inc., Class A	2.8%
Schneider Electric SE	2.7%

Equity Sector Allocation

Geographic Allocation

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 or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.

© 2024 Columbia Management Investment Advisers, LLC.

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

Columbia Select Global Equity Fund

Institutional Class / CGEZX

Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about Columbia Select Global Equity Fund (the Fund) for the period of November 1, 2023 to October 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.

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	$113	0.96%

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

Stock selection | Selections in the health care, industrials, materials and consumer discretionary sectors boosted the Fund’s results most during the annual period.

Allocations | Larger allocations than the benchmark to the information technology and consumer discretionary sectors and smaller allocations to the energy and consumer staples sectors buoyed Fund results during the annual period.

Individual holdings | Positions in NVIDIA Corp., the leading AI semiconductor chipmaker; Taiwan Semiconductor Manufacturing Co., Ltd., the world’s largest semiconductor manufacturer; Howmet Aerospace, Inc., an American aircraft engine manufacturer; and Schneider Electric SE, a French multinational corporation that specializes in digital automation and energy management, were notable contributors during the period.

Top Performance Detractors

Stock selection | Selections in the financials, real estate and communication services sectors hurt the Fund’s results during the annual period.

Allocations | Large weightings in the materials and health care sectors and a small allocation to the communication services sector detracted.

Individual holdings | Fund positions in Elevance Health, Inc., an American health insurance provider; HDFC Bank Ltd., a large bank based in India.; Synopsys, Inc., an American electronic design automation company; and Ryanair Holdings PLC, an Irish discount airline, were top detractors during the period.

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	34.46	12.03	11.34
MSCI ACWI Index (Net)	32.79	11.08	9.06

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	$722,274,735
Total number of portfolio holdings	50
Management services fees (represents 0.85% of Fund average net assets)	$6,001,103
Portfolio turnover for the reporting period	35%

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.

The Fund may use place of organization/incorporation or other factors in determining whether an issuer is domestic (U.S.) or foreign for purposes of its investment policies. At October 31, 2024, the Fund invested at least 40% of its net assets in foreign companies in accordance with its principal investment strategy.

Top Holdings

Microsoft Corp.	8.2%
NVIDIA Corp.	5.6%
MasterCard, Inc., Class A	5.3%
Amazon.com, Inc.	4.9%
Taiwan Semiconductor Manufacturing Co., Ltd.	4.3%
Linde PLC	3.9%
Alphabet, Inc., Class A	3.6%
Keyence Corp.	3.2%
Visa, Inc., Class A	2.8%
Schneider Electric SE	2.7%

Equity Sector Allocation

Geographic Allocation

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 or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.

© 2024 Columbia Management Investment Advisers, LLC.

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

Columbia Select Global Equity Fund

Institutional 2 Class / RGERX

Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about Columbia Select Global Equity Fund (the Fund) for the period of November 1, 2023 to October 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.

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	$108	0.92%

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

Stock selection | Selections in the health care, industrials, materials and consumer discretionary sectors boosted the Fund’s results most during the annual period.

Allocations | Larger allocations than the benchmark to the information technology and consumer discretionary sectors and smaller allocations to the energy and consumer staples sectors buoyed Fund results during the annual period.

Individual holdings | Positions in NVIDIA Corp., the leading AI semiconductor chipmaker; Taiwan Semiconductor Manufacturing Co., Ltd., the world’s largest semiconductor manufacturer; Howmet Aerospace, Inc., an American aircraft engine manufacturer; and Schneider Electric SE, a French multinational corporation that specializes in digital automation and energy management, were notable contributors during the period.

Top Performance Detractors

Stock selection | Selections in the financials, real estate and communication services sectors hurt the Fund’s results during the annual period.

Allocations | Large weightings in the materials and health care sectors and a small allocation to the communication services sector detracted.

Individual holdings | Fund positions in Elevance Health, Inc., an American health insurance provider; HDFC Bank Ltd., a large bank based in India.; Synopsys, Inc., an American electronic design automation company; and Ryanair Holdings PLC, an Irish discount airline, were top detractors during the period.

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	34.48	12.08	11.42
MSCI ACWI Index (Net)	32.79	11.08	9.06

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	$722,274,735
Total number of portfolio holdings	50
Management services fees (represents 0.85% of Fund average net assets)	$6,001,103
Portfolio turnover for the reporting period	35%

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.

The Fund may use place of organization/incorporation or other factors in determining whether an issuer is domestic (U.S.) or foreign for purposes of its investment policies. At October 31, 2024, the Fund invested at least 40% of its net assets in foreign companies in accordance with its principal investment strategy.

Top Holdings

Microsoft Corp.	8.2%
NVIDIA Corp.	5.6%
MasterCard, Inc., Class A	5.3%
Amazon.com, Inc.	4.9%
Taiwan Semiconductor Manufacturing Co., Ltd.	4.3%
Linde PLC	3.9%
Alphabet, Inc., Class A	3.6%
Keyence Corp.	3.2%
Visa, Inc., Class A	2.8%
Schneider Electric SE	2.7%

Equity Sector Allocation

Geographic Allocation

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 or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.

© 2024 Columbia Management Investment Advisers, LLC.

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

Columbia Select Global Equity Fund

Institutional 3 Class / CSEYX

Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about Columbia Select Global Equity Fund (the Fund) for the period of November 1, 2023 to October 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.

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	$102	0.87%

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

Stock selection | Selections in the health care, industrials, materials and consumer discretionary sectors boosted the Fund’s results most during the annual period.

Allocations | Larger allocations than the benchmark to the information technology and consumer discretionary sectors and smaller allocations to the energy and consumer staples sectors buoyed Fund results during the annual period.

Individual holdings | Positions in NVIDIA Corp., the leading AI semiconductor chipmaker; Taiwan Semiconductor Manufacturing Co., Ltd., the world’s largest semiconductor manufacturer; Howmet Aerospace, Inc., an American aircraft engine manufacturer; and Schneider Electric SE, a French multinational corporation that specializes in digital automation and energy management, were notable contributors during the period.

Top Performance Detractors

Stock selection | Selections in the financials, real estate and communication services sectors hurt the Fund’s results during the annual period.

Allocations | Large weightings in the materials and health care sectors and a small allocation to the communication services sector detracted.

Individual holdings | Fund positions in Elevance Health, Inc., an American health insurance provider; HDFC Bank Ltd., a large bank based in India.; Synopsys, Inc., an American electronic design automation company; and Ryanair Holdings PLC, an Irish discount airline, were top detractors during the period.

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)	34.54	12.12	11.36
MSCI ACWI Index (Net)	32.79	11.08	9.06

(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. 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	$722,274,735
Total number of portfolio holdings	50
Management services fees (represents 0.85% of Fund average net assets)	$6,001,103
Portfolio turnover for the reporting period	35%

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.

The Fund may use place of organization/incorporation or other factors in determining whether an issuer is domestic (U.S.) or foreign for purposes of its investment policies. At October 31, 2024, the Fund invested at least 40% of its net assets in foreign companies in accordance with its principal investment strategy.

Top Holdings

Microsoft Corp.	8.2%
NVIDIA Corp.	5.6%
MasterCard, Inc., Class A	5.3%
Amazon.com, Inc.	4.9%
Taiwan Semiconductor Manufacturing Co., Ltd.	4.3%
Linde PLC	3.9%
Alphabet, Inc., Class A	3.6%
Keyence Corp.	3.2%
Visa, Inc., Class A	2.8%
Schneider Electric SE	2.7%

Equity Sector Allocation

Geographic Allocation

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 or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.

© 2024 Columbia Management Investment Advisers, LLC.

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

Item 2. Code of Ethics.

The registrant has adopted a code of ethics (the “Code”) that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. During the period covered by this report, there were not any amendments to a provision of the Code that relates to any element of the code of ethics definition enumerated in paragraph (b) of Item 2 of Form N-CSR. During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the Code that relates to one or more of the items set forth in paragraph (b) of Item 2 of Form N-CSR. A copy of the Code is attached hereto.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that J. Kevin Connaughton, Brian J. Gallagher, Douglas A. Hacker, David M. Moffett and Sandra L. Yeager qualify as “audit committee financial experts,” as such term is defined in Form N-CSR. Mr. Connaughton, Mr. Gallagher, Mr. Hacker, Mr. Moffett and Ms. Yeager, are also each “independent” members of the Audit Committee pursuant to paragraph (a)(2) of Item 3 of Form N-CSR.

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 ($)		Amount billed to the registrant's investment advisor ($)
	October 31, 2024	October 31, 2023	October 31, 2024	October 31, 2023
Audit fees (a)	31,493	30,090	0	0
Audit-related fees (b)	0	0	0	0
Tax fees (c)	14,480	12,500	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.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) The registrant’s “Schedule I – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

 

Columbia Select Global Equity Fund

Annual Financial Statements and Additional Information

October 31, 2024 

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

Table of Contents

Portfolio of Investments	3
Statement of Assets and Liabilities	6
Statement of Operations	7
Statement of Changes in Net Assets	8
Financial Highlights	10
Notes to Financial Statements	14
Report of Independent Registered Public Accounting Firm	24
Federal Income Tax Information	25
Approval of Management and Subadvisory Agreements	26

Columbia Select Global Equity Fund | 2024

Portfolio of Investments October 31, 2024

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 99.3%
Issuer	Shares	Value ($)
Brazil 0.9%
MercadoLibre, Inc.(a)	3,148	6,413,043
Denmark 1.1%
Novo Nordisk A/S, Class B	70,338	7,889,463
France 3.7%
Publicis Groupe SA	69,261	7,361,292
Schneider Electric SE	74,880	19,397,571
Total		26,758,863
Germany 1.2%
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares	16,233	8,301,236
India 1.6%
HDFC Bank Ltd.	414,509	8,520,114
Phoenix Mills Ltd. (The)	181,906	3,285,959
Total		11,806,073
Indonesia 0.6%
PT Bank Central Asia Tbk	6,704,600	4,378,601
Ireland 1.8%
Smurfit WestRock PLC	249,056	12,826,384
Japan 4.7%
Disco Corp.	38,300	10,897,683
Keyence Corp.	51,500	23,247,804
Total		34,145,487
Luxembourg 0.3%
CVC Capital Partners PLC(a),(b)	108,777	2,282,435
Spain 1.2%
Industria de Diseno Textil SA	152,881	8,716,461
Switzerland 1.1%
UBS AG	255,319	7,809,694
Taiwan 4.3%
Taiwan Semiconductor Manufacturing Co., Ltd.	996,000	31,234,050
United Kingdom 7.5%
3i Group PLC	241,251	9,893,153
Ashtead Group PLC	100,400	7,510,687
Compass Group PLC	455,027	14,777,650

Common Stocks (continued)
Issuer	Shares	Value ($)
Pearson PLC	544,896	8,001,431
RELX PLC	311,556	14,287,866
Total		54,470,787
United States 69.3%
Abbott Laboratories	62,690	7,107,165
Alphabet, Inc., Class A	153,826	26,321,167
Amazon.com, Inc.(a)	191,385	35,674,164
Apple, Inc.	37,988	8,581,869
Applied Materials, Inc.	30,456	5,530,200
Boston Scientific Corp.(a)	145,166	12,196,847
Elevance Health, Inc.	16,632	6,748,600
Eli Lilly & Co.	19,175	15,910,264
Hilton Worldwide Holdings, Inc.	31,023	7,285,752
Howmet Aerospace, Inc.	188,131	18,760,423
Insulet Corp.(a)	59,118	13,687,591
Intuit, Inc.	28,750	17,546,125
Intuitive Surgical, Inc.(a)	25,725	12,961,284
Lam Research Corp.	247,660	18,413,521
Linde PLC	62,372	28,450,988
Marsh & McLennan Companies, Inc.	43,451	9,482,746
MasterCard, Inc., Class A	76,951	38,443,950
Microsoft Corp.	145,246	59,020,712
NVIDIA Corp.	303,439	40,284,562
Procter & Gamble Co. (The)	44,695	7,382,720
S&P Global, Inc.	16,828	8,083,498
Synopsys, Inc.(a)	34,155	17,542,350
Thermo Fisher Scientific, Inc.	35,328	19,300,393
Trane Technologies PLC	18,501	6,848,330
Uber Technologies, Inc.(a)	115,275	8,305,564
Union Pacific Corp.	32,965	7,650,188
Visa, Inc., Class A	69,305	20,088,054
Waste Connections, Inc.	85,349	15,085,436
Zoetis, Inc.	42,514	7,600,653
Total		500,295,116
Total Common Stocks (Cost $406,390,299)		717,327,693

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

Columbia Select Global Equity Fund  | 2024

3

Portfolio of Investments (continued) October 31, 2024

Money Market Funds 0.7%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 5.040%(c),(d)	4,589,162	4,588,244
Total Money Market Funds (Cost $4,587,683)		4,588,244
Total Investments in Securities (Cost $410,977,982)		721,915,937
Other Assets & Liabilities, Net		358,798
Net Assets		$722,274,735

Notes to Portfolio of Investments 

(a)	Non-income producing investment.
(b)	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 October 31, 2024, the total value of these securities amounted to $2,282,435, which represents 0.32% of total net assets.
(c)	The rate shown is the seven-day current annualized yield at October 31, 2024.
(d)	As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended October 31, 2024 are as follows:

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Realized gain (loss)($)	Dividends($)	End of period shares
Columbia Short-Term Cash Fund, 5.040%
	7,510,362	152,679,788	(155,602,036 )	130	4,588,244	(715 )	487,094	4,589,162

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.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.

Investments falling into the Level 3 category, if any, 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 accompanying Notes to Financial Statements are an integral part of this statement.

4

Columbia Select Global Equity Fund  | 2024

Portfolio of Investments (continued) October 31, 2024

Fair value measurements   (continued)

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 October 31, 2024: 

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Common Stocks
Brazil	6,413,043	—	—	6,413,043
Denmark	—	7,889,463	—	7,889,463
France	—	26,758,863	—	26,758,863
Germany	—	8,301,236	—	8,301,236
India	—	11,806,073	—	11,806,073
Indonesia	—	4,378,601	—	4,378,601
Ireland	12,826,384	—	—	12,826,384
Japan	—	34,145,487	—	34,145,487
Luxembourg	—	2,282,435	—	2,282,435
Spain	—	8,716,461	—	8,716,461
Switzerland	—	7,809,694	—	7,809,694
Taiwan	—	31,234,050	—	31,234,050
United Kingdom	—	54,470,787	—	54,470,787
United States	500,295,116	—	—	500,295,116
Total Common Stocks	519,534,543	197,793,150	—	717,327,693
Money Market Funds	4,588,244	—	—	4,588,244
Total Investments in Securities	524,122,787	197,793,150	—	721,915,937

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

The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable.

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

Columbia Select Global Equity Fund  | 2024

5

Statement of Assets and Liabilities October 31, 2024

Assets
Investments in securities, at value
Unaffiliated issuers (cost $406,390,299)	$717,327,693
Affiliated issuers (cost $4,587,683)	4,588,244
Receivable for:
Capital shares sold	124,471
Dividends	353,415
Foreign tax reclaims	525,973
Expense reimbursement due from Investment Manager	678
Prepaid expenses	7,626
Total assets	722,928,100
Liabilities
Payable for:
Capital shares redeemed	353,601
Management services fees	17,146
Distribution and/or service fees	3,873
Transfer agent fees	47,333
Compensation of board members	764
Other expenses	37,706
Deferred compensation of board members	192,942
Total liabilities	653,365
Net assets applicable to outstanding capital stock	$722,274,735
Represented by
Paid in capital	367,402,118
Total distributable earnings (loss)	354,872,617
Total - representing net assets applicable to outstanding capital stock	$722,274,735
Class A
Net assets	$506,393,944
Shares outstanding	25,912,881
Net asset value per share	$19.54
Maximum sales charge	5.75%
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)	$20.73
Advisor Class
Net assets	$9,738,796
Shares outstanding	476,662
Net asset value per share	$20.43
Class C
Net assets	$11,877,918
Shares outstanding	738,316
Net asset value per share	$16.09
Institutional Class
Net assets	$154,254,041
Shares outstanding	7,686,365
Net asset value per share	$20.07
Institutional 2 Class
Net assets	$15,714,439
Shares outstanding	777,186
Net asset value per share	$20.22
Institutional 3 Class
Net assets	$24,295,597
Shares outstanding	1,219,811
Net asset value per share	$19.92

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

6

Columbia Select Global Equity Fund  | 2024

Statement of Operations Year Ended October 31, 2024

Net investment income
Income:
Dividends — unaffiliated issuers	$7,350,443
Dividends — affiliated issuers	487,094
European Union tax reclaim	141,526
Foreign taxes withheld	(483,001 )
Total income	7,496,062
Expenses:
Management services fees	6,001,103
Distribution and/or service fees
Class A	1,239,285
Class C	123,121
Class R	10,433
Transfer agent fees
Class A	449,069
Advisor Class	8,756
Class C	11,177
Institutional Class	133,793
Institutional 2 Class	9,336
Institutional 3 Class	1,405
Class R	2,019
Custodian fees	41,919
Printing and postage fees	57,086
Registration fees	101,458
Accounting services fees	57,576
Legal fees	17,849
Compensation of chief compliance officer	122
Compensation of board members	18,076
Deferred compensation of board members	47,336
Other	26,776
Total expenses	8,357,695
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(257,261 )
Expense reduction	(600 )
Total net expenses	8,099,834
Net investment loss	(603,772 )
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	45,064,935
Investments — affiliated issuers	(715 )
Foreign currency translations	40,674
Net realized gain	45,104,894
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	151,471,225
Investments — affiliated issuers	130
Foreign currency translations	4,907
Net change in unrealized appreciation (depreciation)	151,476,262
Net realized and unrealized gain	196,581,156
Net increase in net assets resulting from operations	$195,977,384

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

Columbia Select Global Equity Fund  | 2024

7

Statement of Changes in Net Assets

	Year Ended October 31, 2024	Year Ended October 31, 2023
Operations
Net investment income (loss)	$(603,772 )	$871,152
Net realized gain	45,104,894	30,064,367
Net change in unrealized appreciation (depreciation)	151,476,262	28,295,274
Net increase in net assets resulting from operations	195,977,384	59,230,793
Distributions to shareholders
Net investment income and net realized gains
Class A	(19,934,114 )	—
Advisor Class	(369,796 )	—
Class C	(616,619 )	—
Institutional Class	(5,649,913 )	—
Institutional 2 Class	(816,567 )	—
Institutional 3 Class	(822,498 )	—
Class R	(193,513 )	—
Total distributions to shareholders	(28,403,020 )	—
Decrease in net assets from capital stock activity	(34,630,958 )	(50,661,938 )
Total increase in net assets	132,943,406	8,568,855
Net assets at beginning of year	589,331,329	580,762,474
Net assets at end of year	$722,274,735	$589,331,329

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

8

Columbia Select Global Equity Fund  | 2024

Statement of Changes in Net Assets  (continued)

	Year Ended		Year Ended
	October 31, 2024		October 31, 2023
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Shares sold	898,837	16,605,733	870,020	13,353,053
Distributions reinvested	1,181,122	19,571,186	—	—
Shares redeemed	(3,185,267 )	(58,579,237 )	(3,272,604 )	(49,900,910 )
Net decrease	(1,105,308 )	(22,402,318 )	(2,402,584 )	(36,547,857 )
Advisor Class
Shares sold	108,546	2,071,960	195,232	3,143,365
Distributions reinvested	21,392	369,657	—	—
Shares redeemed	(157,770 )	(3,037,573 )	(158,804 )	(2,514,071 )
Net increase (decrease)	(27,832 )	(595,956 )	36,428	629,294
Class C
Shares sold	108,768	1,642,315	94,719	1,214,880
Distributions reinvested	44,910	616,619	—	—
Shares redeemed	(257,269 )	(3,904,045 )	(392,006 )	(5,042,911 )
Net decrease	(103,591 )	(1,645,111 )	(297,287 )	(3,828,031 )
Institutional Class
Shares sold	1,590,257	30,159,423	1,682,628	26,416,518
Distributions reinvested	322,698	5,479,406	—	—
Shares redeemed	(1,960,535 )	(36,993,668 )	(2,358,268 )	(36,787,461 )
Net decrease	(47,580 )	(1,354,839 )	(675,640 )	(10,370,943 )
Institutional 2 Class
Shares sold	241,670	4,681,549	912,425	14,237,517
Distributions reinvested	47,566	813,373	—	—
Shares redeemed	(614,990 )	(11,377,220 )	(830,043 )	(13,132,112 )
Net increase (decrease)	(325,754 )	(5,882,298 )	82,382	1,105,405
Institutional 3 Class
Shares sold	331,898	6,407,380	412,501	6,460,991
Distributions reinvested	48,822	822,162	—	—
Shares redeemed	(286,819 )	(5,399,415 )	(496,133 )	(7,842,528 )
Net increase (decrease)	93,901	1,830,127	(83,632 )	(1,381,537 )
Class R
Shares sold	18,290	309,882	52,329	799,146
Distributions reinvested	11,802	193,322	—	—
Shares redeemed	(288,236 )	(5,083,767 )	(70,890 )	(1,067,415 )
Net decrease	(258,144 )	(4,580,563 )	(18,561 )	(268,269 )
Total net decrease	(1,774,308 )	(34,630,958 )	(3,358,894 )	(50,661,938 )

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

Columbia Select Global Equity Fund  | 2024

9

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 (loss)	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net realized gains	Total distributions to shareholders
Class A
Year Ended 10/31/2024	$15.23	(0.03 )(c)	5.08	5.05	(0.74 )	(0.74 )
Year Ended 10/31/2023	$13.83	0.01	1.39	1.40	—	—
Year Ended 10/31/2022	$21.19	(0.06 )	(5.51 )	(5.57 )	(1.79 )	(1.79 )
Year Ended 10/31/2021	$16.59	(0.10 )	6.18	6.08	(1.48 )	(1.48 )
Year Ended 10/31/2020	$14.34	(0.06 )	2.76	2.70	(0.45 )	(0.45 )
Advisor Class
Year Ended 10/31/2024	$15.85	0.02 (c)	5.30	5.32	(0.74 )	(0.74 )
Year Ended 10/31/2023	$14.36	0.05	1.44	1.49	—	—
Year Ended 10/31/2022	$21.93	(0.02 )	(5.71 )	(5.73 )	(1.84 )	(1.84 )
Year Ended 10/31/2021	$17.12	(0.05 )	6.38	6.33	(1.52 )	(1.52 )
Year Ended 10/31/2020	$14.74	(0.04 )	2.87	2.83	(0.45 )	(0.45 )
Class C
Year Ended 10/31/2024	$12.74	(0.14 )(c)	4.23	4.09	(0.74 )	(0.74 )
Year Ended 10/31/2023	$11.66	(0.09 )	1.17	1.08	—	—
Year Ended 10/31/2022	$18.13	(0.16 )	(4.67 )	(4.83 )	(1.64 )	(1.64 )
Year Ended 10/31/2021	$14.38	(0.20 )	5.32	5.12	(1.37 )	(1.37 )
Year Ended 10/31/2020	$12.57	(0.16 )	2.42	2.26	(0.45 )	(0.45 )
Institutional Class
Year Ended 10/31/2024	$15.58	0.02 (c)	5.21	5.23	(0.74 )	(0.74 )
Year Ended 10/31/2023	$14.12	0.05	1.41	1.46	—	—
Year Ended 10/31/2022	$21.59	(0.02 )	(5.61 )	(5.63 )	(1.84 )	(1.84 )
Year Ended 10/31/2021	$16.88	(0.05 )	6.28	6.23	(1.52 )	(1.52 )
Year Ended 10/31/2020	$14.54	(0.03 )	2.82	2.79	(0.45 )	(0.45 )
Institutional 2 Class
Year Ended 10/31/2024	$15.69	0.03 (c)	5.24	5.27	(0.74 )	(0.74 )
Year Ended 10/31/2023	$14.21	0.06	1.42	1.48	—	—
Year Ended 10/31/2022	$21.71	(0.03 )	(5.63 )	(5.66 )	(1.84 )	(1.84 )
Year Ended 10/31/2021	$16.97	(0.05 )	6.32	6.27	(1.53 )	(1.53 )
Year Ended 10/31/2020	$14.61	(0.03 )	2.85	2.82	(0.46 )	(0.46 )

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

10

Columbia Select Global Equity 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 (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 10/31/2024	$19.54	34.06%	1.24%	1.21% (d)	(0.14% )(c)	35%	$506,394
Year Ended 10/31/2023	$15.23	10.12%	1.27% (e)	1.24% (d),(e)	0.08%	55%	$411,470
Year Ended 10/31/2022	$13.83	(28.71% )	1.25%	1.25% (d)	(0.38% )	61%	$406,840
Year Ended 10/31/2021	$21.19	38.90%	1.24%	1.24% (d)	(0.51% )	47%	$618,703
Year Ended 10/31/2020	$16.59	19.16%	1.28% (e)	1.28% (d),(e)	(0.40% )	55%	$461,888
Advisor Class
Year Ended 10/31/2024	$20.43	34.45%	0.99%	0.96% (d)	0.11% (c)	35%	$9,739
Year Ended 10/31/2023	$15.85	10.38%	1.02% (e)	0.99% (d),(e)	0.31%	55%	$7,998
Year Ended 10/31/2022	$14.36	(28.53% )	1.00%	1.00% (d)	(0.12% )	61%	$6,721
Year Ended 10/31/2021	$21.93	39.24%	0.99%	0.99% (d)	(0.25% )	47%	$11,711
Year Ended 10/31/2020	$17.12	19.53%	1.03% (e)	1.02% (d),(e)	(0.24% )	55%	$13,365
Class C
Year Ended 10/31/2024	$16.09	33.14%	1.99%	1.96% (d)	(0.89% )(c)	35%	$11,878
Year Ended 10/31/2023	$12.74	9.26%	2.02% (e)	2.00% (d),(e)	(0.67% )	55%	$10,729
Year Ended 10/31/2022	$11.66	(29.26% )	2.00%	2.00% (d)	(1.14% )	61%	$13,282
Year Ended 10/31/2021	$18.13	37.88%	1.99%	1.99% (d)	(1.26% )	47%	$22,320
Year Ended 10/31/2020	$14.38	18.33%	2.03% (e)	2.03% (d),(e)	(1.19% )	55%	$21,140
Institutional Class
Year Ended 10/31/2024	$20.07	34.46%	0.99%	0.96% (d)	0.10% (c)	35%	$154,254
Year Ended 10/31/2023	$15.58	10.34%	1.02% (e)	0.99% (d),(e)	0.33%	55%	$120,530
Year Ended 10/31/2022	$14.12	(28.52% )	1.00%	1.00% (d)	(0.13% )	61%	$118,704
Year Ended 10/31/2021	$21.59	39.20%	0.99%	0.99% (d)	(0.26% )	47%	$172,899
Year Ended 10/31/2020	$16.88	19.54%	1.03% (e)	1.03% (d),(e)	(0.17% )	55%	$109,949
Institutional 2 Class
Year Ended 10/31/2024	$20.22	34.48%	0.96%	0.92%	0.13% (c)	35%	$15,714
Year Ended 10/31/2023	$15.69	10.42%	0.97% (e)	0.95% (e)	0.39%	55%	$17,308
Year Ended 10/31/2022	$14.21	(28.48% )	0.95%	0.95%	(0.17% )	61%	$14,500
Year Ended 10/31/2021	$21.71	39.22%	0.96%	0.96%	(0.26% )	47%	$23,449
Year Ended 10/31/2020	$16.97	19.64%	0.99% (e)	0.98% (e)	(0.16% )	55%	$5,019

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

Columbia Select Global Equity Fund  | 2024

11

Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net realized gains	Total distributions to shareholders
Institutional 3 Class
Year Ended 10/31/2024	$15.46	0.03 (c)	5.17	5.20	(0.74 )	(0.74 )
Year Ended 10/31/2023	$13.99	0.07	1.40	1.47	—	—
Year Ended 10/31/2022	$21.41	(0.01 )	(5.56 )	(5.57 )	(1.85 )	(1.85 )
Year Ended 10/31/2021	$16.75	(0.03 )	6.23	6.20	(1.54 )	(1.54 )
Year Ended 10/31/2020	$14.44	0.00 (f)	2.77	2.77	(0.46 )	(0.46 )

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)	Includes income resulting from European Union tax reclaims. The effect of these amounted to:

Class	Net Investment income per share ($)	Net Investment income ratio (%)
Year Ended 10/31/2024
Class A	lessthan  0.01	0.02
Advisor Class	lessthan  0.01	0.02
Class C	lessthan  0.01	0.02
Institutional Class	lessthan  0.01	0.02
Institutional 2 Class	lessthan  0.01	0.02
Institutional 3 Class	lessthan  0.01	0.02

(d)	The benefits derived from expense reductions had an impact of less than 0.01%.
(e)	Ratios include interfund lending expense which is less than 0.01%.
(f)	Rounds to zero.

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

12

Columbia Select Global Equity 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 (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Institutional 3 Class
Year Ended 10/31/2024	$19.92	34.54%	0.91%	0.87%	0.18% (c)	35%	$24,296
Year Ended 10/31/2023	$15.46	10.51%	0.92% (e)	0.90% (e)	0.43%	55%	$17,406
Year Ended 10/31/2022	$13.99	(28.46% )	0.90%	0.90%	(0.05% )	61%	$16,920
Year Ended 10/31/2021	$21.41	39.33%	0.90%	0.90%	(0.18% )	47%	$29,128
Year Ended 10/31/2020	$16.75	19.59%	0.93% (e)	0.93% (e)	0.01%	55%	$18,257

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

Columbia Select Global Equity Fund  | 2024

13

Notes to Financial Statements October 31, 2024

Note 1. Organization

Columbia Select Global Equity Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a 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. 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 Fund’s Board of Trustees approved a proposal to liquidate Class R shares of the Fund. Effective on March 11, 2024, Class R shares of the Fund were closed to new and existing investors and effective on April 19, 2024, Class R shares of the Fund were liquidated. For federal tax purposes, this liquidation was treated as a redemption of fund shares.

In addition, 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 were converted to Institutional Class shares of the Fund. This was 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

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by

14

Columbia Select Global Equity Fund  | 2024

Notes to Financial Statements (continued) October 31, 2024

the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

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.

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.

Foreign currency transactions and translations

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

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

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Columbia Select Global Equity Fund  | 2024

15

Notes to Financial Statements (continued) October 31, 2024

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

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 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.

Foreign taxes

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

The Fund may file withholding tax reclaims in certain European Union countries to recover a portion of foreign taxes previously withheld on dividends earned, which may be reclaimable based upon certain provisions in the Treaty on the Functioning of the European Union (EU) and subsequent rulings by the European Court of Justice. The Fund may record a reclaim receivable when the amount is known, the Fund has received notice of a pending refund, and there are no significant uncertainties on collectability. Income received from EU reclaims is included in the Statement of Operations.

Distributions to shareholders

Distributions from net investment income, if any, are declared and paid annually. 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.

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.

16

Columbia Select Global Equity Fund  | 2024

Notes to Financial Statements (continued) October 31, 2024

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 0.87% to 0.62% as the Fund’s net assets increase. The effective management services fee rate for the year ended October 31, 2024 was 0.85% of the Fund’s average daily net assets.

Subadvisory agreement

The Fund’s Board of Trustees has approved a Subadvisory Agreement between the Investment Manager and Threadneedle International Limited (Threadneedle), an affiliate of the Investment Manager and an indirect wholly-owned subsidiary of Ameriprise Financial. As of October 31, 2024, Threadneedle is not providing services to the Fund pursuant to the Subadvisory Agreement.

Participating Affiliates

The Investment Manager and its investment advisory affiliates (Participating Affiliates) around the world may coordinate in providing services to their clients. From time to time the Investment Manager (or any affiliated investment subadviser to the Fund, as the case may be) may engage its Participating Affiliates to provide a variety of services such as investment research, investment monitoring, trading and discretionary investment management (including portfolio management) to certain accounts managed by the Investment Manager, including the Fund. These Participating Affiliates provide services to the Investment Manager (or any affiliated investment subadviser to the Fund, as the case may be) either pursuant to subadvisory agreements, delegation agreements, personnel-sharing agreements or similar inter-company or other arrangements or relationships, and the Fund pays no additional fees and expenses as a result of any such arrangements.

These Participating Affiliates, like the Investment Manager, are direct or indirect subsidiaries of Ameriprise Financial and are registered with the appropriate respective regulators in their home jurisdictions and, where required, the Securities and Exchange Commission and the Commodity Futures Trading Commission in the United States.

Pursuant to some of these arrangements or relationships, certain personnel of these Participating Affiliates may serve as "associated persons" of the Investment Manager and, in this capacity, subject to the oversight and supervision of the Investment Manager and consistent with the investment objectives, policies and limitations set forth in the Fund’s prospectus and Statement of Additional Information (SAI), provide such services to the Fund.

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.

Columbia Select Global Equity Fund  | 2024

17

Notes to Financial Statements (continued) October 31, 2024

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.

For the year ended October 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	0.09
Advisor Class	0.09
Class C	0.09
Institutional Class	0.09
Institutional 2 Class	0.06
Institutional 3 Class	0.01
Class R	0.05 (a)

(a) Unannualized.

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 October 31, 2024, these minimum account balance fees reduced total expenses of the Fund by $600.

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%, 1.00% and 0.50% of the Fund’s average daily net assets attributable to Class A, Class C and Class R 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. For Class R shares, of the 0.50% fee, up to 0.25% can be reimbursed for shareholder servicing expenses. As a result of Class R shares of the Fund being liquidated, April 19, 2024 was the last day the Fund paid a distribution and service fee for Class R shares.

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $1,138,000 for Class C shares. This amount is based on the most recent information available as of September 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.

18

Columbia Select Global Equity Fund  | 2024

Notes to Financial Statements (continued) October 31, 2024

Sales charges (unaudited)

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

	Front End (%)	CDSC (%)	Amount ($)
Class A	5.75	0.50 - 1.00 (a)	203,729
Class C	—	1.00 (b)	909

(a)	This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
(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.

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: 

	March 1, 2024 through February 28, 2025 (%)	Prior to March 1, 2024 (%)
Class A	1.22	1.25
Advisor Class	0.97	1.00
Class C	1.97	2.00
Institutional Class	0.97	1.00
Institutional 2 Class	0.92	0.94
Institutional 3 Class	0.87	0.89

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. In addition to the contractual agreement, the Investment Manager and certain of its affiliates have voluntarily agreed to waive fees and/or reimburse Fund expenses (excluding certain fees and expenses described above) so that Fund level expenses (expenses directly attributable to the Fund and not to a specific share class) are waived proportionately across all share classes. This arrangement may be revised or discontinued at any time. 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 October 31, 2024, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, passive foreign investment company (pfic) holdings, late-year ordinary losses, trustees’ deferred compensation, foreign currency transactions and foreign capital gains tax. 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.

Columbia Select Global Equity Fund  | 2024

19

Notes to Financial Statements (continued) October 31, 2024

The following reclassifications were made: 

Excess of distributions over net investment income ($)	Accumulated net realized gain ($)	Paid in capital ($)
38,205	(38,205 )	—

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

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

Year Ended October 31, 2024			Year Ended October 31, 2023
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
—	28,403,020	28,403,020	—	—	—

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

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

Undistributed ordinary income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized appreciation ($)
—	44,655,581	—	310,624,264

At October 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) ($)	Net unrealized appreciation ($)
411,291,673	312,242,506	(1,618,242 )	310,624,264

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

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. As of October 31, 2024, the Fund will elect to treat the following late-year ordinary losses and post-October capital losses as arising on November 1, 2024. 

Late year ordinary losses ($)	Post-October capital losses ($)
216,725	—

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 $243,082,117 and $303,376,342, respectively, for the year ended October 31, 2024. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

20

Columbia Select Global Equity Fund  | 2024

Notes to Financial Statements (continued) October 31, 2024

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 7. 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 did not borrow or lend money under the Interfund Program during the year ended October 31, 2024.

Note 8. 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 24, 2024 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 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 1.00% in each case. 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 24, 2024 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 $900 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 1.00% in each case.

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

Note 9. Significant risks

Foreign securities and emerging market countries risk

Investing in foreign securities may involve heightened risks relative to investments in U.S. securities. Investing in foreign securities subjects the Fund to the risks associated with the issuer’s country of organization and places of business operations, including risks associated with political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, which may result in significant market volatility. In addition, certain foreign securities may be more volatile and less liquid than U.S. securities. Investing in emerging markets may increase these risks and expose the Fund to elevated risks associated with increased inflation, deflation or currency devaluation. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the

Columbia Select Global Equity Fund  | 2024

21

Notes to Financial Statements (continued) October 31, 2024

risks associated with the conditions, events or other factors impacting those countries or regions and may, therefore, have a greater risk than that of a fund that is more geographically diversified. The financial information and disclosure made available by issuers of emerging market securities may be considerably less reliable than publicly available information about other foreign securities. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.

Information technology sector risk

The Fund is vulnerable to the particular risks that may affect companies in the information technology sector. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies’ securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.

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.

Shareholder concentration risk

At October 31, 2024, affiliated shareholders of record owned 65.7% 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 10. 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 above, there were no items requiring adjustment of the financial statements or additional disclosure.

22

Columbia Select Global Equity Fund  | 2024

Notes to Financial Statements (continued) October 31, 2024

Note 11. 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 Select Global Equity Fund  | 2024

23

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Select Global Equity Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Select Global Equity Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of October 31, 2024, the related statement of operations for the year ended October 31, 2024, the statement of changes in net assets for each of the two years in the period ended October 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended October 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 October 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 October 31, 2024 and the financial highlights for each of the five years in the period ended October 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 October 31, 2024 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

December 20, 2024

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

24

Columbia Select Global Equity Fund  | 2024

 Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended October 31, 2024. Shareholders will be notified in early 2025 of the amounts for use in preparing 2024 income tax returns.  

Capital

gain

dividend

$47,077,827

Capital gain dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.

Columbia Select Global Equity Fund  | 2024

25

 Approval of Management and Subadvisory
Agreements

(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 Select Global Equity 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). In addition, under a Subadvisory Agreement (the Subadvisory Agreement) between the Investment Manager and Threadneedle International Limited (the Subadviser), an affiliate of the Investment Manager, the Investment Manager has retained the Subadviser to perform portfolio management and related services for the Fund. Although the Subadviser is not currently providing such services, the Investment Manager may in the future reallocate Fund assets to be managed by the Subadviser.

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 and the Subadvisory Agreement (together, the Advisory Agreements).  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 Advisory Agreements.

The Board, at its June 27, 2024 Board meeting (the June Meeting), considered the renewal of each of the Advisory Agreements for additional one-year terms.  At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory and subadvisory 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 each of the Advisory Agreements.  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 Advisory Agreements;

•

Subadvisory fees payable by the Investment Manager under the Subadvisory 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 and the Subadviser under the Advisory Agreements, 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;

26

Columbia Select Global Equity Fund  | 2024

Approval of Management and Subadvisory Agreements (continued) (Unaudited) 

•

Information regarding the resources of the Investment Manager and the Subadviser, 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).

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 and the Subadvisory Agreement.

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

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

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager, including, in particular, detailed information regarding the process employed for selecting and overseeing affiliated and unaffiliated subadvisers.  With respect to the Investment Manager, the Board also 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 each subadvised 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 Advisory Agreements, 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 (including the relatively broad scope of services required to be performed by the Investment Manager in addition to monitoring the Subadviser), noting that no changes were proposed from the forms of agreements previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

The Board considered the Subadviser’s organizational strength and resources, portfolio management team depth and capabilities and investment process.  The Board also considered the Subadviser’s capability and wherewithal to carry out its responsibilities under the Subadvisory Agreement.  In addition, the Board discussed the acceptability of the terms of the Subadvisory Agreement, including the scope of services required to be performed.  The Board noted that the terms of the Subadvisory Agreement are generally consistent with the terms of other subadvisory agreements for subadvisers who manage other funds managed by the Investment Manager.  It was observed that no changes were recommended to the Subadvisory Agreement. The Board took into account the Investment Manager’s representation that the Subadviser was in a position to provide quality services to the Fund. In this regard, the Board further observed the various services provided by the Investment Manager’s subadvisory oversight team.

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 Advisory Agreements supported the continuation of the Management Agreement and the Subadvisory Agreement.

Columbia Select Global Equity Fund  | 2024

27

Approval of Management and Subadvisory Agreements (continued) (Unaudited) 

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 the Fund’s performance for certain periods ranked above median based on information provided by Broadridge.

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 and Subadviser’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, the Investment Manager and the Subadviser, in light of other considerations, supported the continuation of the Management Agreement and the Subadvisory 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 each of the Advisory Agreements.  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.

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. 

Additionally, the Board reviewed the level of subadvisory fees paid to the Subadviser, noting that the fees are paid by the Investment Manager and do not impact the fees paid by the Fund.  After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees, subadvisory fees and expenses of the Fund, in light of other considerations, supported the continuation of each of the Management Agreement and the Subadvisory 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.  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 and the Subadvisory Agreement.

28

Columbia Select Global Equity Fund  | 2024

Approval of Management and Subadvisory Agreements (continued) (Unaudited) 

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 and the Subadvisory 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 each of the Advisory Agreements were fair and reasonable in light of the extent and quality of services provided and approved the renewal of each of the Advisory Agreements.

Columbia Select Global Equity Fund  | 2024

29

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[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Select Global Equity Fund

P.O. Box 219104

Kansas City, MO 64121-9104

 

Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.

© 2024 Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

ANN155_10_P01_(12/24)

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies is included in Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Statement regarding basis for approval of Investment Advisory Contract is included in Item 7 of this Form N-CSR.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors implemented since the registrant last provided disclosure as to such procedures in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K or Item 15 of Form N-CSR.

Item 16. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b) There was no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE ETH.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant)	Columbia Funds Series Trust II
By (Signature and Title)	/s/ Daniel J. Beckman
	Daniel J. Beckman, President and Principal Executive Officer
Date	December 20, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Daniel J. Beckman
	Daniel J. Beckman, President and Principal Executive Officer
Date	December 20, 2024
By (Signature and Title)	/s/ Michael G. Clarke
	Michael G. Clarke, Chief Financial Officer,
	Principal Financial Officer and Senior Vice President
Date	December 20, 2024
By (Signature and Title)	/s/ Charles H. Chiesa
	Charles H. Chiesa, Treasurer, Chief Accounting
	Officer and Principal Financial Officer
Date	December 20, 2024