8dd6e0259be493c

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

January

Date of reporting period:

January 31, 2025

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 Income Builder Fund

Class A / RBBAX

Annual Shareholder Report | January 31, 2025

This annual shareholder report contains important information about Columbia Income Builder Fund (the Fund) for the period of February 1, 2024 to January 31, 2025. You can find additional information about the F

d 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	$ 39	0.38 %

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

Strategic allocation

| Strategic allocations to higher-yielding bonds, including high-yield corporates, bank loans, and emerging market debt, contributed materially to Fund performance. Additionally, allocations to dividend-oriented equity contributed.

Tactical allocations

| While tactical allocations overall detracted from performance, some contributions came from high-quality bonds, including an underweight to Treasury exposure and an overweight to investment-grade corporates.

Fund level performance

| Underlying fund performance contributed to performance, mainly driven by outperformance of Columbia Quality Income Fund, Columbia Corporate Income Fund, Columbia Emerging Market Bond Fund and Columbia Mortgage Opportunities Fund versus their respective benchmarks. Also, Columbia Small Cap Value Fund and Columbia Real Estate Equity Fund outperformed their respective benchmarks.

Top Performance Detractors

Strategic allocation

| While strategic allocations overall contributed to performance, some performance detraction came from exposure to real estate and small cap equities.

Tactical allocations

| Tactical allocations detracted from performance, driven by allocations within alternatives and equities. Within alternatives, residential mortgage-related exposure detracted. Within equities, an underweight to dividend-oriented equity exposure detracted.

Fund level performance

| While underlying fund performance overall contributed to performance, some performance detraction came from Columbia Dividend Income Fund and Columbia Dividend Opportunity Fund underperforming their respective benchmarks.

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)	7.20	3.30	4.32
Class A (including sales charges)	2.07	2.30	3.81
Blended Benchmark - 65% Bloomberg U.S. Aggregate Bond Index, 25% Russell 3000® Value Index, 10% FTSE Three-Month U.S. Treasury Bill Index	6.62	2.61	3.47
Russell 3000® Value Index	19.32	10.08	9.32
Bloomberg U.S. Aggregate Bond Index	2.07	(0.60 )	1.19

Past performance does not guarantee future performance

. Performance does not reflect the deduction of t

es that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performanc

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	$ 874,289,380
Total number of portfolio holdings	17
Management services fees (represents 0.02% of Fund average net assets)	$ 192,310
Portfolio turnover for the reporting period	18%

Graphical Representation of Fund

Holdings

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

Top Holdings

Columbia Quality Income Fund, Institutional 3 Class	26.7 %
Columbia High Yield Bond Fund, Institutional 3 Class	9.6 %
Columbia Dividend Income Fund, Institutional 3 Class	7.4 %
Columbia Floating Rate Fund, Institutional 3 Class	6.8 %
Columbia Mortgage Opportunities Fund, Institutional 3 Class	5.8 %
Columbia Corporate Income Fund, Institutional 3 Class	5.8 %
Columbia Emerging Markets Bond Fund, Institutional 3 Class	5.6 %
Columbia Dividend Opportunity Fund, Institutional 3 Class	5.5 %
Columbia Short Duration Bond ETF	5.5 %
Columbia Small Cap Value Fund I, Institutional 3 Class	5.4 %

Asset Categories

Graphical Representation - Allocation 1 Chart

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.

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

Columbia Income Builder Fund

Class C / RBBCX

Annual Shareholder Report | January 31, 2025

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 reportin

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	$ 117	1.13 %

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

Strategic allocation

Tactical allocations

Fund level performance

Top Performance Detractors

Strategic allocation

| While strategic allocations overall contributed to performance, some performance detraction came from exposure to real estate and small cap equities.

Tactical allocations

Fund level performance

Fund Performance

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

Growth of $10,000

Average Annual Total Returns (%)	1 year	5 years	10 years
Class C (excluding sales charges)	6.36	2.53	3.54
Class C (including sales charges)	5.36	2.53	3.54
Blended Benchmark - 65% Bloomberg U.S. Aggregate Bond Index, 25% Russell 3000® Value Index, 10% FTSE Three-Month U.S. Treasury Bill Index	6.62	2.61	3.47
Russell 3000® Value Index	19.32	10.08	9.32
Bloomberg U.S. Aggregate Bond Index	2.07	(0.60 )	1.19

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. Per

for

mance 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	$ 874,289,380
Total number of portfolio holdings	17
Management services fees (represents 0.02% of Fund average net assets)	$ 192,310
Portfolio turnover for the reporting period	18%

Graphical Representation of Fund

Holdings

Top Holdings

Columbia Quality Income Fund, Institutional 3 Class	26.7 %
Columbia High Yield Bond Fund, Institutional 3 Class	9.6 %
Columbia Dividend Income Fund, Institutional 3 Class	7.4 %
Columbia Floating Rate Fund, Institutional 3 Class	6.8 %
Columbia Mortgage Opportunities Fund, Institutional 3 Class	5.8 %
Columbia Corporate Income Fund, Institutional 3 Class	5.8 %
Columbia Emerging Markets Bond Fund, Institutional 3 Class	5.6 %
Columbia Dividend Opportunity Fund, Institutional 3 Class	5.5 %
Columbia Short Duration Bond ETF	5.5 %
Columbia Small Cap Value Fund I, Institutional 3 Class	5.4 %

Asset Categories

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.

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

Columbia Income Builder Fund

Institutional Class / CBUZX

Annual Shareholder Report | January 31, 2025

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	$ 13	0.13 %

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

Strategic allocation

Tactical allocations

Fund level performance

Top Performance Detractors

Strategic allocation

| While strategic allocations overall contributed to performance, some performance detraction came from exposure to real estate and small cap equities.

Tactical allocations

Fund level performance

Fund Performance

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

Growth of $10,000

Average Annual Total Returns (%)	1 year	5 years	10 years
Institutional Class	7.56	3.58	4.59
B lended Benchmark - 65% Bloomberg U.S. Aggregate Bond Index, 25% Russell 3000® Value Index, 10% FTSE Three-Month U.S. Treasury Bill Index	6.62	2.61	3.47
Russell 3000® Value Index	19.32	10.08	9.32
Bloomberg U.S. Aggregate Bond Index	2.07	(0.60 )	1.19

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 St

tistics

Fund net assets	$ 874,289,380
Total number of portfolio holdings	17
Management services fees (represents 0.02% of Fund average net assets)	$ 192,310
Portfolio turnover for the reporting period	18%

Graphical Repr

sentation of Fund

Holdings

Top Holdings

Columbia Quality Income Fund, Institutional 3 Class	26.7 %
Columbia High Yield Bond Fund, Institutional 3 Class	9.6 %
Columbia Dividend Income Fund, Institutional 3 Class	7.4 %
Columbia Floating Rate Fund, Institutional 3 Class	6.8 %
Columbia Mortgage Opportunities Fund, Institutional 3 Class	5.8 %
Columbia Corporate Income Fund, Institutional 3 Class	5.8 %
Columbia Emerging Markets Bond Fund, Institutional 3 Class	5.6 %
Columbia Dividend Opportunity Fund, Institutional 3 Class	5.5 %
Columbia Short Duration Bond ETF	5.5 %
Columbia Small Cap Value Fund I, Institutional 3 Class	5.4 %

Asset Categories

Availability of Additional Information

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

Columbia Income Builder Fund

Institutional 2 Class / CKKRX

Annual Shareholder Report | January 31, 2025

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	$ 11	0.11 %

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

Strategic allocation

Tactical allocations

Fund level performance

Top Performance Detractors

Strategic allocation

| While strategic allocations overall contributed to performance, some performance detraction came from exposure to real estate and small cap equities.

Tactical allocations

Fund level performance

Fund Performance

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

Growth of $10,000

Average Annual Total Returns (%)	1 year	5 years	10 years
Institutional 2 Class	7.55	3.60	4.61
Blended Benchmark - 65% Bloomberg U.S. Aggregate Bond Index, 25% Russell 3000® Value Index, 10% FTSE Three-Month U.S. Treasury Bill Index	6.62	2.61	3.47
Russell 3000® Value Index	19.32	10.08	9.32
Bloomberg U.S. Aggregate Bond Index	2.07	(0.60 )	1.19

Past performance does not guarantee future performance

columbiathreadneedleus.com/investment-products/mutual-funds

for more recent performance information.

Key Fund St

tistics

Fund net assets	$ 874,289,380
Total number of portfolio holdings	17
Management services fees (represents 0.02% of Fund average net assets)	$ 192,310
Portfolio turnover for the reporting period	18%

Graphical R

presentation of Fund

Holdings

Top Holdings

Columbia Quality Income Fund, Institutional 3 Class	26.7 %
Columbia High Yield Bond Fund, Institutional 3 Class	9.6 %
Columbia Dividend Income Fund, Institutional 3 Class	7.4 %
Columbia Floating Rate Fund, Institutional 3 Class	6.8 %
Columbia Mortgage Opportunities Fund, Institutional 3 Class	5.8 %
Columbia Corporate Income Fund, Institutional 3 Class	5.8 %
Columbia Emerging Markets Bond Fund, Institutional 3 Class	5.6 %
Columbia Dividend Opportunity Fund, Institutional 3 Class	5.5 %
Columbia Short Duration Bond ETF	5.5 %
Columbia Small Cap Value Fund I, Institutional 3 Class	5.4 %

Asset Categories

Availability of Additional Information

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

Columbia Income Builder Fund

Institutional 3 Class / CIBYX

Annual Shareholder Report | January 31, 2025

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	$ 6	0.06 %

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

Strategic allocation

Tactical allocations

Fund level performance

Top Performance Detractors

Strategic allocation

| While strategic allocations overall contributed to performance, some performance detraction came from exposure to real estate and small cap equities.

Tactical allocations

Fund level performance

Fund Performance

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

Growth of $10,000

Average Annual Total Returns (%)	1 year	5 years	10 years
Institutional 3 Class (a)	7.60	3.65	4.59
Blended Benchmark - 65% Bloomberg U.S. Aggregate Bond Index, 25% Russell 3000® Value Index, 10% FTSE Three-Month U.S. Treasury Bill Index	6.62	2.61	3.47
Russell 3000® Value Index	19.32	10.08	9.32
Bloomberg U.S. Aggregate Bond Index	2.07	(0.60 )	1.19

(a)

The returns shown for periods prior to March 1, 2017 (including Since Fund Inception returns, if shown) 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/investment-products/mutual-funds/appended-performance

for more information.

Past performance does not guarantee future performance

columbiathreadneedleus.com/investment-products/mutual-funds

for more recent performance information.

Key Fund St

tistics

Fund net assets	$ 874,289,380
Total number of portfolio holdings	17
Management services fees (represents 0.02% of Fund average net assets)	$ 192,310
Portfolio turnover for the reporting period	18%

Graphical Repres

ntation of Fund

Holdings

Top Holdings

Columbia Quality Income Fund, Institutional 3 Class	26.7 %
Columbia High Yield Bond Fund, Institutional 3 Class	9.6 %
Columbia Dividend Income Fund, Institutional 3 Class	7.4 %
Columbia Floating Rate Fund, Institutional 3 Class	6.8 %
Columbia Mortgage Opportunities Fund, Institutional 3 Class	5.8 %
Columbia Corporate Income Fund, Institutional 3 Class	5.8 %
Columbia Emerging Markets Bond Fund, Institutional 3 Class	5.6 %
Columbia Dividend Opportunity Fund, Institutional 3 Class	5.5 %
Columbia Short Duration Bond ETF	5.5 %
Columbia Small Cap Value Fund I, Institutional 3 Class	5.4 %

Asset Categories

Availability of Additional Information

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

Columbia Income Builder Fund

Class R / CBURX

Annual Shareholder Report | January 31, 2025

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 R	$ 65	0.63 %

Management's Discussion of Fund Performance

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

Top Performance Contributors

Strategic allocation

Tactical allocations

Fund level performance

Top Performance Detractors

Strategic allocation

| While strategic allocations overall contributed to performance, some performance detraction came from exposure to real estate and small cap equities.

Tactical allocations

Fund level performance

Fund Performance

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

Growth of $10,000

Average Annual Total Returns (%)	1 year	5 years	10 years
Class R	6.97	3.06	4.06
Blended Benchmark - 65% Bloomberg U.S. Aggregate Bond Index, 25% Russell 3000® Value Index, 10% FTSE Three-Month U.S. Treasury Bill Index	6.62	2.61	3.47
Russell 3000® Value Index	19.32	10.08	9.32
Bloomberg U.S. Aggregate Bond Index	2.07	(0.60 )	1.19

Past performance does not guarantee future performance

columbiathreadneedleus.com/investment-products/mutual-funds

for more recent performance information.

Key Fund St

tistics

Fund net assets	$ 874,289,380
Total number of portfolio holdings	17
Management services fees (represents 0.02% of Fund average net assets)	$ 192,310
Portfolio turnover for the reporting period	18%

Graphical Repre

entation of Fund

Holdings

Top Holdings

Columbia Quality Income Fund, Institutional 3 Class	26.7 %
Columbia High Yield Bond Fund, Institutional 3 Class	9.6 %
Columbia Dividend Income Fund, Institutional 3 Class	7.4 %
Columbia Floating Rate Fund, Institutional 3 Class	6.8 %
Columbia Mortgage Opportunities Fund, Institutional 3 Class	5.8 %
Columbia Corporate Income Fund, Institutional 3 Class	5.8 %
Columbia Emerging Markets Bond Fund, Institutional 3 Class	5.6 %
Columbia Dividend Opportunity Fund, Institutional 3 Class	5.5 %
Columbia Short Duration Bond ETF	5.5 %
Columbia Small Cap Value Fund I, Institutional 3 Class	5.4 %

Asset Categories

Availability of Additional Information

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

Item 4. Principal Accountant Fees and Services.

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

	Amount billed to the registrant ($)		Amount billed to the registrant's investment advisor ($)
	January 31, 2025	January 31, 2024	January 31, 2025	January 31, 2024
Audit fees ^(a)	12,404	11,557	0	0
Audit-related fees ^(b)	0	0	0	0
Tax fees ^(c)	13,795	12,850	0	0
All other fees ^(d)	0	0	0	0
Non-audit fees ^(g)	0	0	587,000	581,000

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

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

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

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

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

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

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

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

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

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

(f) Not applicable.

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

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

(i) Not applicable.

(j) Not applicable.

Portfolio of Investments

January 31, 2025

(Percentages represent value of investments compared to net assets)

Investments in securities

Equity Funds 28.9%
	Shares	Value ($)
Convertible 2.7%
Columbia Convertible Securities Fund, Institutional 3 Class(a)	1,042,490	24,029,389
Dividend Income 18.1%
Columbia Dividend Income Fund, Institutional 3 Class(a)	1,826,227	64,100,584
Columbia Dividend Opportunity Fund, Institutional 3 Class(a)	1,194,859	48,164,757
Columbia International Dividend Income Fund, Institutional 3 Class(a)	2,361,044	45,615,375
Total		157,880,716
Global Real Estate 2.7%
Columbia Real Estate Equity Fund, Institutional 3 Class(a)	2,335,290	23,563,073
U.S. Small Cap 5.4%
Columbia Small Cap Value Fund I, Institutional 3 Class(a)	889,298	47,372,881
Total Equity Funds (Cost $203,360,449)		252,846,059

Exchange-Traded Fixed Income Funds 8.8%

Multisector 8.8%
Columbia Diversified Fixed Income Allocation ETF(a)	1,633,929	28,936,883
Columbia Short Duration Bond ETF(a)	2,586,343	48,093,048
Total		77,029,931
Total Exchange-Traded Fixed Income Funds (Cost $83,363,913)		77,029,931

Fixed Income Funds 62.3%

Emerging Markets 5.6%
Columbia Emerging Markets Bond Fund, Institutional 3 Class(a)	5,143,913	49,072,933

Fixed Income Funds (continued)
	Shares	Value ($)
Floating Rate 6.8%
Columbia Floating Rate Fund, Institutional 3 Class(a)	1,771,386	59,536,284
High Yield 9.6%
Columbia High Yield Bond Fund, Institutional 3 Class(a)	7,582,139	83,555,177
Investment Grade 40.3%
Columbia Corporate Income Fund, Institutional 3 Class(a)	5,598,229	50,663,973
Columbia Limited Duration Credit Fund, Institutional 3 Class(a)	1,305,879	12,849,845
Columbia Mortgage Opportunities Fund, Institutional 3 Class(a)	6,281,879	51,008,860
Columbia Quality Income Fund, Institutional 3 Class(a)	13,369,516	233,699,138
Columbia U.S. Treasury Index Fund, Institutional 3 Class(a)	426,169	4,193,500
Total		352,415,316
Total Fixed Income Funds (Cost $605,014,656)		544,579,710

Money Market Funds 0.0%

Columbia Government Money Market Fund, Institutional 3 Class, 4.180%(a),(b)	48,789	48,789
Total Money Market Funds (Cost $48,755)		48,789
Total Investments in Securities (Cost: $891,787,773)		874,504,489
Other Assets & Liabilities, Net		(215,109 )
Net Assets		874,289,380

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

Columbia Income Builder Fund | 2025

Portfolio of Investments (continued)

January 31, 2025

Notes to Portfolio of Investments

(a)

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 January 31, 2025 are as follows:

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Capital gain distributions($)	Realized gain (loss)($)	Dividends — affiliated issuers ($)	End of period shares
Columbia Convertible Securities Fund, Institutional 3 Class
	29,292,808	635,116	(8,300,694 )	2,402,159	24,029,389	—	512,160	635,116	1,042,490
Columbia Corporate Income Fund, Institutional 3 Class
	122,599,825	10,117,419	(87,801,976 )	5,748,705	50,663,973	—	(7,181,828 )	3,117,419	5,598,229
Columbia Diversified Fixed Income Allocation ETF
	29,222,820	—	—	(285,937 )	28,936,883	—	—	1,337,600	1,633,929
Columbia Dividend Income Fund, Institutional 3 Class
	37,074,966	28,027,725	(4,450,909 )	3,448,802	64,100,584	2,476,719	1,927,116	1,024,695	1,826,227
Columbia Dividend Opportunity Fund, Institutional 3 Class
	22,717,012	25,862,588	(4,177,280 )	3,762,437	48,164,757	2,213,204	216,704	1,269,005	1,194,859
Columbia Emerging Markets Bond Fund, Institutional 3 Class
	94,620,489	3,929,129	(60,041,741 )	10,565,056	49,072,933	—	(8,059,104 )	3,929,129	5,143,913
Columbia Floating Rate Fund, Institutional 3 Class
	4,307,834	59,491,419	(4,129,593 )	(133,376 )	59,536,284	—	76,881	3,861,995	1,771,386
Columbia Government Money Market Fund, Institutional 3 Class, 4.180%
	710,392	19,069	(680,256 )	(416 )	48,789	—	415	19,069	48,789
Columbia High Yield Bond Fund, Institutional 3 Class
	90,575,162	5,397,771	(14,703,782 )	2,286,026	83,555,177	—	(309,798 )	4,987,395	7,582,139
Columbia International Dividend Income Fund, Institutional 3 Class
	43,803,631	3,073,191	(1,732,465 )	471,018	45,615,375	1,860,898	2,070	1,211,431	2,361,044
Columbia Limited Duration Credit Fund, Institutional 3 Class
	13,024,446	545,206	(845,321 )	125,514	12,849,845	—	(6,064 )	497,957	1,305,879
Columbia Mortgage Opportunities Fund, Institutional 3 Class
	100,753,381	4,476,504	(64,810,426 )	10,589,401	51,008,860	—	(10,773,533 )	4,476,504	6,281,879
Columbia Quality Income Fund, Institutional 3 Class
	281,361,123	19,755,350	(73,388,847 )	5,971,512	233,699,138	—	(10,474,942 )	10,755,350	13,369,516
Columbia Real Estate Equity Fund, Institutional 3 Class
	41,040,096	2,502,139	(25,242,204 )	5,263,042	23,563,073	1,606,038	(3,685,018 )	896,101	2,335,290
Columbia Short Duration Bond ETF
	47,821,482	—	—	271,566	48,093,048	—	—	2,186,339	2,586,343
Columbia Small Cap Value Fund I, Institutional 3 Class
	83,021,430	3,007,744	(40,787,434 )	2,131,141	47,372,881	2,646,033	3,713,788	361,711	889,298
Columbia U.S. Treasury Index Fund, Institutional 3 Class
	12,592,242	7,892,754	(17,192,881 )	901,385	4,193,500	—	(899,656 )	391,622	426,169
Total	1,054,539,139			53,518,035	874,504,489	10,802,892	(34,940,809 )	40,958,438

(b)	The rate shown is the seven-day current annualized yield at January 31, 2025.

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

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

Columbia Income Builder Fund | 2025

Portfolio of Investments (continued)

January 31, 2025

Fair value measurements (continued)

pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

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

■

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

■

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

■

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

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

Investments falling into the Level 3 category, 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 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 January 31, 2025:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Equity Funds	252,846,059	—	—	252,846,059
Exchange-Traded Fixed Income Funds	77,029,931	—	—	77,029,931
Fixed Income Funds	544,579,710	—	—	544,579,710
Money Market Funds	48,789	—	—	48,789
Total Investments in Securities	874,504,489	—	—	874,504,489

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

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

Columbia Income Builder Fund | 2025

Statement of Assets and Liabilities

January 31, 2025

Assets
Investments in securities, at value
Affiliated issuers (cost $891,787,773)	$874,504,489
Receivable for:
Investments sold	780,081
Capital shares sold	36,431
Dividends	1,834,951
Prepaid expenses	7,333
Total assets	877,163,285
Liabilities
Payable for:
Investments purchased	1,834,951
Capital shares redeemed	816,512
Management services fees	483
Distribution and/or service fees	6,225
Transfer agent fees	55,871
Compensation of chief compliance officer	167
Compensation of board members	1,704
Other expenses	29,112
Deferred compensation of board members	128,880
Total liabilities	2,873,905
Net assets applicable to outstanding capital stock	$874,289,380
Represented by
Paid in capital	943,482,694
Total distributable earnings (loss)	(69,193,314 )
Total - representing net assets applicable to outstanding capital stock	$874,289,380
Class A
Net assets	$586,979,164
Shares outstanding	50,198,610
Net asset value per share	$11.69
Maximum sales charge	4.75%
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)	$12.27
Class C
Net assets	$74,455,093
Shares outstanding	6,334,621
Net asset value per share	$11.75
Institutional Class
Net assets	$172,954,464
Shares outstanding	14,788,417
Net asset value per share	$11.70
Institutional 2 Class
Net assets	$17,201,090
Shares outstanding	1,463,833
Net asset value per share	$11.75
Institutional 3 Class
Net assets	$13,811,594
Shares outstanding	1,176,705
Net asset value per share	$11.74
Class R
Net assets	$8,887,975
Shares outstanding	754,232
Net asset value per share	$11.78

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

Columbia Income Builder Fund | 2025

Statement of Operations

Year Ended January 31, 2025

Net investment income
Income:
Dividends — affiliated issuers	$40,958,438
Total income	40,958,438
Expenses:
Management services fees	192,310
Distribution and/or service fees
Class A	1,558,998
Class C	871,294
Class R	46,204
Transfer agent fees
Class A	496,263
Advisor Class	6,336
Class C	69,388
Institutional Class	155,233
Institutional 2 Class	12,641
Institutional 3 Class	2,202
Class R	7,355
Custodian fees	8,848
Printing and postage fees	55,259
Registration fees	120,423
Accounting services fees	12,404
Legal fees	23,334
Compensation of chief compliance officer	164
Compensation of board members	20,667
Deferred compensation of board members	23,946
Other	23,950
Total expenses	3,707,219
Expense reduction	(60 )
Total net expenses	3,707,159
Net investment income	37,251,279
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — affiliated issuers	(34,940,809 )
Capital gain distributions from underlying affiliated funds	10,802,892
Increase from payment by affiliate (Note 6)	285,841
Net realized loss	(23,852,076 )
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated issuers	53,518,035
Net change in unrealized appreciation (depreciation)	53,518,035
Net realized and unrealized gain	29,665,959
Net increase in net assets resulting from operations	$66,917,238

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

Columbia Income Builder Fund | 2025

Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	January 31, 2025		January 31, 2024
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Shares sold	2,309,893	26,627,192	3,034,975	33,487,546
Distributions reinvested	2,076,660	23,864,422	2,467,392	27,010,404
Shares redeemed	(12,205,531 )	(140,664,312 )	(15,171,037 )	(166,459,400 )
Net decrease	(7,818,978 )	(90,172,698 )	(9,668,670 )	(105,961,450 )
Advisor Class
Shares sold	65,738	763,495	478,895	5,297,359
Distributions reinvested	24,120	276,098	58,728	645,447
Shares redeemed	(1,195,649 )	(13,952,840 )	(920,829 )	(10,115,610 )
Net decrease	(1,105,791 )	(12,913,247 )	(383,206 )	(4,172,804 )
Class C
Shares sold	299,868	3,478,228	450,736	4,991,470
Distributions reinvested	231,077	2,665,659	330,869	3,638,926
Shares redeemed	(3,168,349 )	(36,572,808 )	(3,821,103 )	(42,103,298 )
Net decrease	(2,637,404 )	(30,428,921 )	(3,039,498 )	(33,472,902 )
Institutional Class
Shares sold	3,151,046	36,514,795	4,650,114	51,301,521
Distributions reinvested	664,024	7,624,473	948,903	10,385,439
Shares redeemed	(8,874,971 )	(102,090,792 )	(12,560,466 )	(137,458,592 )
Net decrease	(5,059,901 )	(57,951,524 )	(6,961,449 )	(75,771,632 )
Institutional 2 Class
Shares sold	296,547	3,405,982	413,927	4,610,912
Distributions reinvested	79,618	917,968	126,825	1,394,526
Shares redeemed	(1,312,894 )	(15,144,248 )	(1,971,278 )	(21,821,500 )
Net decrease	(936,729 )	(10,820,298 )	(1,430,526 )	(15,816,062 )
Institutional 3 Class
Shares sold	204,534	2,344,065	267,605	2,964,181
Distributions reinvested	58,346	672,371	88,244	969,116
Shares redeemed	(807,190 )	(9,306,825 )	(1,058,442 )	(11,638,700 )
Net decrease	(544,310 )	(6,290,389 )	(702,593 )	(7,705,403 )
Class R
Shares sold	107,642	1,242,203	109,203	1,207,376
Distributions reinvested	29,000	335,711	34,958	385,475
Shares redeemed	(218,477 )	(2,532,514 )	(332,793 )	(3,672,498 )
Net decrease	(81,835 )	(954,600 )	(188,632 )	(2,079,647 )
Total net decrease	(18,184,948 )	(209,531,677 )	(22,374,574 )	(244,979,900 )

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

Columbia Income Builder Fund | 2025

Financial Highlights

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

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Increase from payment by affiliate	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Year Ended 1/31/2025	$11.34	0.45	0.35	0.00 (c)	0.80	(0.45 )	—	(0.45 )
Year Ended 1/31/2024	$11.34	0.42	0.02 (f)	—	0.44	(0.44 )	—	(0.44 )
Year Ended 1/31/2023	$12.82	0.37	(1.30 )	—	(0.93 )	(0.38 )	(0.17 )	(0.55 )
Year Ended 1/31/2022	$13.01	0.30	0.13	—	0.43	(0.35 )	(0.27 )	(0.62 )
Year Ended 1/31/2021	$12.35	0.34	0.85	—	1.19	(0.42 )	(0.11 )	(0.53 )
Class C
Year Ended 1/31/2025	$11.40	0.36	0.35	0.00 (c)	0.71	(0.36 )	—	(0.36 )
Year Ended 1/31/2024	$11.39	0.34	0.03 (f)	—	0.37	(0.36 )	—	(0.36 )
Year Ended 1/31/2023	$12.88	0.28	(1.31 )	—	(1.03 )	(0.29 )	(0.17 )	(0.46 )
Year Ended 1/31/2022	$13.07	0.21	0.12	—	0.33	(0.25 )	(0.27 )	(0.52 )
Year Ended 1/31/2021	$12.40	0.25	0.86	—	1.11	(0.33 )	(0.11 )	(0.44 )
Institutional Class
Year Ended 1/31/2025	$11.34	0.48	0.36	0.00 (c)	0.84	(0.48 )	—	(0.48 )
Year Ended 1/31/2024	$11.34	0.45	0.02 (f)	—	0.47	(0.47 )	—	(0.47 )
Year Ended 1/31/2023	$12.82	0.39	(1.30 )	—	(0.91 )	(0.40 )	(0.17 )	(0.57 )
Year Ended 1/31/2022	$13.01	0.34	0.12	—	0.46	(0.38 )	(0.27 )	(0.65 )
Year Ended 1/31/2021	$12.35	0.37	0.85	—	1.22	(0.45 )	(0.11 )	(0.56 )
Institutional 2 Class
Year Ended 1/31/2025	$11.39	0.48	0.36	0.00 (c)	0.84	(0.48 )	—	(0.48 )
Year Ended 1/31/2024	$11.39	0.45	0.02 (f)	—	0.47	(0.47 )	—	(0.47 )
Year Ended 1/31/2023	$12.88	0.40	(1.31 )	—	(0.91 )	(0.41 )	(0.17 )	(0.58 )
Year Ended 1/31/2022	$13.06	0.34	0.14	—	0.48	(0.39 )	(0.27 )	(0.66 )
Year Ended 1/31/2021	$12.39	0.38	0.86	—	1.24	(0.46 )	(0.11 )	(0.57 )

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

Columbia Income Builder Fund | 2025

Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets(a)	Total net expense ratio to average net assets(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 1/31/2025	$11.69	7.20% (d)	0.38%	0.38% (e)	3.88%	18%	$586,979
Year Ended 1/31/2024	$11.34	4.11%	0.38%	0.38% (e)	3.81%	22%	$657,792
Year Ended 1/31/2023	$11.34	(7.20% )	0.37%	0.37% (e)	3.18%	24%	$767,458
Year Ended 1/31/2022	$12.82	3.26%	0.37%	0.37% (e)	2.28%	10%	$959,012
Year Ended 1/31/2021	$13.01	10.00%	0.38%	0.38% (e)	2.83%	22%	$882,861
Class C
Year Ended 1/31/2025	$11.75	6.36% (d)	1.13%	1.13% (e)	3.13%	18%	$74,455
Year Ended 1/31/2024	$11.40	3.40%	1.13%	1.13% (e)	3.05%	22%	$102,241
Year Ended 1/31/2023	$11.39	(7.94% )	1.12%	1.12% (e)	2.39%	24%	$136,860
Year Ended 1/31/2022	$12.88	2.48%	1.12%	1.12% (e)	1.53%	10%	$193,954
Year Ended 1/31/2021	$13.07	9.22%	1.13%	1.13% (e)	2.06%	22%	$178,448
Institutional Class
Year Ended 1/31/2025	$11.70	7.56% (d)	0.13%	0.13% (e)	4.13%	18%	$172,954
Year Ended 1/31/2024	$11.34	4.37%	0.13%	0.13% (e)	4.05%	22%	$225,073
Year Ended 1/31/2023	$11.34	(6.96% )	0.12%	0.12% (e)	3.39%	24%	$304,024
Year Ended 1/31/2022	$12.82	3.52%	0.12%	0.12% (e)	2.53%	10%	$445,488
Year Ended 1/31/2021	$13.01	10.28%	0.13%	0.13% (e)	3.08%	22%	$313,565
Institutional 2 Class
Year Ended 1/31/2025	$11.75	7.55% (d)	0.11%	0.11%	4.14%	18%	$17,201
Year Ended 1/31/2024	$11.39	4.37%	0.10%	0.10%	4.05%	22%	$27,345
Year Ended 1/31/2023	$11.39	(6.99% )	0.10%	0.10%	3.46%	24%	$43,634
Year Ended 1/31/2022	$12.88	3.60%	0.10%	0.10%	2.57%	10%	$52,219
Year Ended 1/31/2021	$13.06	10.35%	0.11%	0.11%	3.12%	22%	$38,800

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

Columbia Income Builder Fund | 2025

Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Increase from payment by affiliate	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Institutional 3 Class
Year Ended 1/31/2025	$11.38	0.48	0.37	0.00 (c)	0.85	(0.49 )	—	(0.49 )
Year Ended 1/31/2024	$11.38	0.46	0.02 (f)	—	0.48	(0.48 )	—	(0.48 )
Year Ended 1/31/2023	$12.86	0.41	(1.31 )	—	(0.90 )	(0.41 )	(0.17 )	(0.58 )
Year Ended 1/31/2022	$13.05	0.35	0.12	—	0.47	(0.39 )	(0.27 )	(0.66 )
Year Ended 1/31/2021	$12.38	0.38	0.86	—	1.24	(0.46 )	(0.11 )	(0.57 )
Class R
Year Ended 1/31/2025	$11.42	0.42	0.36	0.00 (c)	0.78	(0.42 )	—	(0.42 )
Year Ended 1/31/2024	$11.42	0.39	0.02 (f)	—	0.41	(0.41 )	—	(0.41 )
Year Ended 1/31/2023	$12.91	0.34	(1.31 )	—	(0.97 )	(0.35 )	(0.17 )	(0.52 )
Year Ended 1/31/2022	$13.09	0.27	0.14	—	0.41	(0.32 )	(0.27 )	(0.59 )
Year Ended 1/31/2021	$12.42	0.32	0.85	—	1.17	(0.39 )	(0.11 )	(0.50 )

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)	Rounds to zero.
(d)	The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.
(e)	The benefits derived from expense reductions had an impact of less than 0.01%.
(f)	Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to timing of Fund shares sold and redeemed in relation to fluctuations in the market value of the portfolio.

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

Columbia Income Builder Fund | 2025

Notes to Financial Statements

January 31, 2025

Note 1. Organization

Columbia Income Builder 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.

The Fund is a “fund-of-funds”, investing significantly in funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), or its affiliates (Underlying Funds). The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. For information on the investment strategies, operations and risks of the Underlying Funds, please refer to the Fund’s current prospectus as well as the prospectuses and shareholder reports of the Underlying Funds, which are available from the Securities and Exchange Commission’s website at www.sec.gov or on the Underlying Funds’ website at www.columbiathreadneedleus.com/resources/literature.

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, Institutional 3 Class and Class R shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.

The Board of Trustees of the Fund approved the conversion of all Advisor Class shares of the Fund to Institutional Class shares of the Fund and the subsequent elimination of Advisor Class shares. Effective on November 22, 2024, Advisor Class shares of the Fund 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.

Segment reporting

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (ASU 2023-07). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund’s financial position or its results of operations. The intent of the ASU 2023-07 is to enable investors to better understand an entity’s overall performance and to assess its potential future cash flows through improved segment disclosures.

Columbia Income Builder Fund | 2025

Notes to Financial Statements (continued)

January 31, 2025

The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund’s 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.

Investments in the Underlying Funds (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.

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 recorded on the ex-dividend date.

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.

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.

Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

Columbia Income Builder Fund | 2025

Notes to Financial Statements (continued)

January 31, 2025

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.

Distributions to shareholders

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

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.

Recent accounting pronouncements and regulatory updates

Accounting Standards Update 2023-09 Income Taxes (Topic 740)

In December 2023, the FASB issued Accounting Standards Update No. 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management expects that the adoption of the amendments will not have a material impact on its financial statements.

Note 3. Fees and other transactions with affiliates

Management services fees and underlying fund fees

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager). 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 0.02% of the Fund’s daily net assets.

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the Underlying Funds in which the Fund invests. Because the Underlying Funds have varied expense and fee levels and the Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. These expenses are not reflected in the expenses shown in Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.

Columbia Income Builder Fund | 2025

Notes to Financial Statements (continued)

January 31, 2025

Compensation of Board members

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

Compensation of Chief Compliance Officer

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

Transfer agency fees

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

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

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

For the year ended January 31, 2025, 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	0.08
Advisor Class	0.06 (a)
Class C	0.08
Institutional Class	0.08
Institutional 2 Class	0.06
Institutional 3 Class	0.01
Class R	0.08

(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 January 31, 2025, these minimum account balance fees reduced total expenses of the Fund by $60.

Columbia Income Builder Fund | 2025

Notes to Financial Statements (continued)

January 31, 2025

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.

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $1,501,000 for Class C shares. This amount is based on the most recent information available as of December 31, 2024, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.

Sales charges (unaudited)

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the year ended January 31, 2025, if any, are listed below:

	Front End (%)	CDSC (%)	Amount ($)
Class A	4.75	0.50 - 1.00 (a)	125,353
Class C	—	1.00 (b)	2,223

(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:

	Fee rate(s) contractual through May 31, 2025 (%)
Class A	0.54
Class C	1.29
Institutional Class	0.29
Institutional 2 Class	0.27
Institutional 3 Class	0.22
Class R	0.79

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

Columbia Income Builder Fund | 2025

Notes to Financial Statements (continued)

January 31, 2025

specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

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

At January 31, 2025, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, capital loss carryforwards, trustees’ deferred compensation and excess distributions. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

Excess of distributions over net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
1,202	—	(1,202 )

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 January 31, 2025			Year Ended January 31, 2024
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
37,271,315	—	37,271,315	45,608,608	—	45,608,608

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

At January 31, 2025, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized (depreciation) ($)
—	—	(41,582,417 )	(27,482,016 )

At January 31, 2025, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized (depreciation) ($)
901,986,505	49,184,834	(76,666,850 )	(27,482,016 )

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

The following capital loss carryforwards, determined at January 31, 2025, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended January 31, 2025, capital loss carryforwards utilized, if any, were as follows:

No expiration short-term ($)	No expiration long-term ($)	Total ($)	Utilized ($)
(14,678,893 )	(26,903,524 )	(41,582,417 )	—

Columbia Income Builder Fund | 2025

Notes to Financial Statements (continued)

January 31, 2025

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 $174,714,055 and $372,664,329, respectively, for the year ended January 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Payments by affiliates

During the year ended January 31, 2025, the Investment Manager reimbursed the Fund $285,841 for a loss on a trading error.

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 January 31, 2025.

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 January 31, 2025.

Columbia Income Builder Fund | 2025

Notes to Financial Statements (continued)

January 31, 2025

Note 9. Significant risks

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 January 31, 2025, affiliated shareholders of record owned 66.4% 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 and noted no items requiring adjustment of the financial statements or additional disclosure.

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 that 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 Income Builder Fund | 2025

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Income Builder Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Income Builder Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of January 31, 2025, the related statement of operations for the year ended January 31, 2025, the statement of changes in net assets for each of the two years in the period ended January 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended January 31, 2025 (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 January 31, 2025, 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 January 31, 2025 and the financial highlights for each of the five years in the period ended January 31, 2025 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 January 31, 2025 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

March 25, 2025

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

Columbia Income Builder Fund | 2025

	Year Ended January 31, 2025	Year Ended January 31, 2024
Operations
Net investment income	$37,251,279	$43,813,958
Net realized gain (loss)	(23,852,076 )	167,891
Net change in unrealized appreciation (depreciation)	53,518,035	(7,425,291 )
Net increase in net assets resulting from operations	66,917,238	36,556,558
Distributions to shareholders
Net investment income and net realized gains
Class A	(24,260,909 )	(27,438,366 )
Advisor Class	(306,308 )	(680,854 )
Class C	(2,709,702 )	(3,726,092 )
Institutional Class	(8,059,781 )	(11,001,825 )
Institutional 2 Class	(917,968 )	(1,394,526 )
Institutional 3 Class	(680,375 )	(980,918 )
Class R	(336,272 )	(386,027 )
Total distributions to shareholders	(37,271,315 )	(45,608,608 )
Decrease in net assets from capital stock activity	(209,531,677 )	(244,979,900 )
Total decrease in net assets	(179,885,754 )	(254,031,950 )
Net assets at beginning of year	1,054,175,134	1,308,207,084
Net assets at end of year	$874,289,380	$1,054,175,134

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets(a)	Total net expense ratio to average net assets(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Institutional 3 Class
Year Ended 1/31/2025	$11.74	7.60% (d)	0.06%	0.06%	4.18%	18%	$13,812
Year Ended 1/31/2024	$11.38	4.43%	0.06%	0.06%	4.12%	22%	$19,583
Year Ended 1/31/2023	$11.38	(6.88% )	0.06%	0.06%	3.52%	24%	$27,576
Year Ended 1/31/2022	$12.86	3.57%	0.05%	0.05%	2.61%	10%	$30,313
Year Ended 1/31/2021	$13.05	10.40%	0.06%	0.06%	3.15%	22%	$15,267
Class R
Year Ended 1/31/2025	$11.78	6.97% (d)	0.63%	0.63% (e)	3.64%	18%	$8,888
Year Ended 1/31/2024	$11.42	3.82%	0.63%	0.63% (e)	3.55%	22%	$9,551
Year Ended 1/31/2023	$11.42	(7.46% )	0.62%	0.62% (e)	2.95%	24%	$11,703
Year Ended 1/31/2022	$12.91	3.06%	0.62%	0.62% (e)	2.05%	10%	$13,457
Year Ended 1/31/2021	$13.09	9.75%	0.63%	0.63% (e)	2.59%	22%	$7,340

Qualified dividend income	Dividends received deduction	Foreign taxes paid to foreign countries	Foreign taxes paid per share to foreign countries	Foreign source income	Foreign source income per share
10.69%	7.20%	$144,423	$0.0019	$4,876,014	$0.06

(registrant)	Columbia Funds Series Trust II

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

Date	March 25, 2025