8ddce99f5fc5add

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

May

Date of reporting period:

May 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 Select Small Cap Value Fund

Class A / SSCVX

Annual Shareholder Report | May 31, 2025

This annual shareholder report contains important information about Columbia Select Small Cap Value Fund (the Fund) for the period of June 1, 2024 to May 31, 2025. 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	$ 122	1.23 %

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 industrials, financials and information technology sectors boosted the Fund’s relative results most during the annual period.

Allocations

| Smaller allocations to the energy and health care sectors and a larger allocation to the financials sector buoyed the Fund’s relative results during the annual period.

Individual holdings

| Positions in Stock Yards Bancorp, Inc., the holding company of financial services company Stock Yards Bank & Trust company; Kratos Defense & Security Solutions, Inc., a technology company with manufacturing concentrations in weapons and military electronics; Skyward Specialty Insurance Group, Inc., a specialty insurance company; Axos Financial, Inc., the holding company of Axos Bank, Axos Clearing LLC, and Axos Invest; and insurance company Hanover Insurance Group, Inc., were among the top relative contributors to Fund performance.

Top Performance Detractors

Stock selection

Selections in the energy, materials and consumer discretionary sectors hurt the Fund’s relative results during the annual period.

Allocations

| Smaller weightings to the utilities and real estate sectors and a larger allocation to the industrials sector detracted from relative results.

Individual holdings

| Fund positions in PBF Energy, Inc., owner and operator of oil refineries in the U.S.; Six Flags Entertainment Corp., the combined entity of the legacy Cedar Fair and Six Flags companies; Fluence Energy, Inc., a company providing energy storage products and cloud-based software for renewable energy; Chemours Co. LLC, a chemical solutions company, and Patterson-UTI Energy, Inc., a provider or drilling and completion services to oil and gas exploration companies, were among the top relative 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)	(0.91 )	12.20	5.27
Class A (including sales charges)	(6.60 )	10.89	4.65
Russell 2000 ® Value Index	(1.14 )	12.03	6.22
Russell 3000 ® Index	13.12	15.34	12.21

The Fund's past performance is not a good predictor of the Fund's 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	$ 364,250,775
Total number of portfolio holdings	53
Management services fees (represents 0.87% of Fund average net assets)	$ 3,558,795
Portfolio turnover for the reporting period	20%

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

Axos Financial, Inc.	3.8 %
Stock Yards Bancorp, Inc.	3.3 %
MACOM Technology Solutions Holdings, Inc.	3.0 %
Radian Group, Inc.	2.9 %
Kontoor Brands, Inc.	2.9 %
Popular, Inc.	2.9 %
ATI, Inc.	2.8 %
Kemper Corp.	2.8 %
Hanover Insurance Group, Inc. (The)	2.8 %
Portland General Electric Co.	2.7 %

Asset Categories

Graphical Representation - Allocation 1 Chart

Equity Sector Allocation

Graphical Representation - Allocation 2 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 Select Small Cap Value Fund | Class A

ASR218_01_(07/25)

Columbia Select Small Cap Value Fund

Institutional Class / CSSZX

Annual Shareholder Report | May 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	$ 97	0.98 %

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 industrials, financials and information technology sectors boosted the Fund’s relative results most during the annual period.

Allocations

| Smaller allocations to the energy and health care sectors and a larger allocation to the financials sector buoyed the Fund’s relative results during the annual period.

Individual holdings

Top Performance Detractors

Stock selection

Selections in the energy, materials and consumer discretionary sectors hurt the Fund’s relative results during the annual period.

Allocations

| Smaller weightings to the utilities and real estate sectors and a larger allocation to the industrials sector detracted from relative results.

Individual holdings

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	(0.63 )	12.47	5.54
Russell 2000 ® Value Index	(1.14 )	12.03	6.22
Russell 3000 ® Index	13.12	15.34	12.21

The Fund's past performance is not a good predictor of the Fund's future performance.

columbiathreadneedleus.com/investment-products/mutual-funds

for more recent performance information.

Key Fund Statistics

Fund net assets	$ 364,250,775
Total number of portfolio holdings	53
Management services fees (represents 0.87% of Fund average net assets)	$ 3,558,795
Portfolio turnover for the reporting period	20%

Graphical Representation of Fund

Holdings

Top Holdings

Axos Financial, Inc.	3.8 %
Stock Yards Bancorp, Inc.	3.3 %
MACOM Technology Solutions Holdings, Inc.	3.0 %
Radian Group, Inc.	2.9 %
Kontoor Brands, Inc.	2.9 %
Popular, Inc.	2.9 %
ATI, Inc.	2.8 %
Kemper Corp.	2.8 %
Hanover Insurance Group, Inc. (The)	2.8 %
Portland General Electric Co.	2.7 %

Asset Categories

Equity Sector Allocation

Availability of Additional Information

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

Columbia Select Small Cap Value Fund | Institutional Class

ASR218_08_(07/25)

Columbia Select Small Cap Value Fund

Institutional 2 Class / SSVIX

Annual Shareholder Report | May 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	$ 91	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 industrials, financials and information technology sectors boosted the Fund’s relative results most during the annual period.

Allocations

| Smaller allocations to the energy and health care sectors and a larger allocation to the financials sector buoyed the Fund’s relative results during the annual period.

Individual holdings

Top Performance Detractors

Stock selection

Selections in the energy, materials and consumer discretionary sectors hurt the Fund’s relative results during the annual period.

Allocations

| Smaller weightings to the utilities and real estate sectors and a larger allocation to the industrials sector detracted from relative results.

Individual holdings

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	(0.62 )	12.53	5.61
Russell 2000 ® Value Index	(1.14 )	12.03	6.22
Russell 3000 ® Index	13.12	15.34	12.21

The Fund's past performance is not a good predictor of the Fund's future performance.

columbiathreadneedleus.com/investment-products/mutual-funds

for more recent performance information.

Key Fund Statistics

Fund net assets	$ 364,250,775
Total number of portfolio holdings	53
Management services fees (represents 0.87% of Fund average net assets)	$ 3,558,795
Portfolio turnover for the reporting period	20%

Graphical Representation of Fund

Holdings

Top Holdings

Axos Financial, Inc.	3.8 %
Stock Yards Bancorp, Inc.	3.3 %
MACOM Technology Solutions Holdings, Inc.	3.0 %
Radian Group, Inc.	2.9 %
Kontoor Brands, Inc.	2.9 %
Popular, Inc.	2.9 %
ATI, Inc.	2.8 %
Kemper Corp.	2.8 %
Hanover Insurance Group, Inc. (The)	2.8 %
Portland General Electric Co.	2.7 %

Asset Categories

Equity Sector Allocation

Availability of Additional Information

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

Columbia Select Small Cap Value Fund | Institutional 2 Class

ASR218_15_(07/25)

Columbia Select Small Cap Value Fund

Institutional 3 Class / CSSYX

Annual Shareholder Report | May 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	$ 87	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 industrials, financials and information technology sectors boosted the Fund’s relative results most during the annual period.

Allocations

| Smaller allocations to the energy and health care sectors and a larger allocation to the financials sector buoyed the Fund’s relative results during the annual period.

Individual holdings

Top Performance Detractors

Stock selection

Selections in the energy, materials and consumer discretionary sectors hurt the Fund’s relative results during the annual period.

Allocations

| Smaller weightings to the utilities and real estate sectors and a larger allocation to the industrials sector detracted from relative results.

Individual holdings

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	(0.55 )	12.60	5.67
Russell 2000 ® Value Index	(1.14 )	12.03	6.22
Russell 3000 ® Index	13.12	15.34	12.21

The Fund's past performance is not a good predictor of the Fund's future performance.

columbiathreadneedleus.com/investment-products/mutual-funds

for more recent performance information.

Key Fund Statistics

Fund net assets	$ 364,250,775
Total number of portfolio holdings	53
Management services fees (represents 0.87% of Fund average net assets)	$ 3,558,795
Portfolio turnover for the reporting period	20%

Graphical Representation of Fund

Holdings

Top Holdings

Axos Financial, Inc.	3.8 %
Stock Yards Bancorp, Inc.	3.3 %
MACOM Technology Solutions Holdings, Inc.	3.0 %
Radian Group, Inc.	2.9 %
Kontoor Brands, Inc.	2.9 %
Popular, Inc.	2.9 %
ATI, Inc.	2.8 %
Kemper Corp.	2.8 %
Hanover Insurance Group, Inc. (The)	2.8 %
Portland General Electric Co.	2.7 %

Asset Categories

Equity Sector Allocation

Availability of Additional Information

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

Columbia Select Small Cap Value Fund | Institutional 3 Class

ASR218_17_(07/25)

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 ($)		Amount billed to the registrant's investment advisor ($)
	May 31, 2025	May 31, 2024	May 31, 2025	May 31, 2024
Audit fees ^(a)	31,514	31,493	0	0
Audit-related fees ^(b)	0	0	0	0
Tax fees ^(c)	15,345	12,850	0	0
All other fees ^(d)	0	0	0	0
Non-audit fees ^(g)	0	0	474,000	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

May 31, 2025

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 99.0%
Issuer	Shares	Value ($)
Consumer Discretionary 10.9%
Automobile Components 1.9%
Visteon Corp.(a)	80,830	6,824,073
Hotels, Restaurants & Leisure 4.1%
Six Flags Entertainment Corp.	200,460	6,727,438
Texas Roadhouse, Inc.	43,226	8,438,147
Total		15,165,585
Household Durables 2.0%
KB Home	138,666	7,152,392
Textiles, Apparel & Luxury Goods 2.9%
Kontoor Brands, Inc.	152,684	10,474,122
Total Consumer Discretionary		39,616,172
Consumer Staples 2.3%
Food Products 2.3%
Nomad Foods Ltd.	484,744	8,483,020
Total Consumer Staples		8,483,020
Energy 4.6%
Energy Equipment & Services 1.2%
Patterson-UTI Energy, Inc.	821,053	4,532,212
Oil, Gas & Consumable Fuels 3.4%
Murphy Oil Corp.	175,479	3,672,776
PBF Energy, Inc., Class A	219,647	4,184,275
SM Energy Co.	185,228	4,338,040
Total		12,195,091
Total Energy		16,727,303
Financials 32.9%
Banks 16.1%
Atlantic Union Bankshares Corp.	253,470	7,609,169
Axos Financial, Inc.(a)	199,488	13,872,396
OceanFirst Financial Corp.	395,364	6,646,069
Pacific Premier Bancorp, Inc.	376,583	7,983,560
Popular, Inc.	100,793	10,435,099
Stock Yards Bancorp, Inc.	165,856	12,200,367
Total		58,746,660
Capital Markets 1.8%
Lazard, Inc.	146,648	6,364,523

Common Stocks (continued)
Issuer	Shares	Value ($)
Consumer Finance 1.3%
PROG Holdings, Inc.	160,624	4,630,790
Financial Services 2.9%
Radian Group, Inc.	310,222	10,594,081
Insurance 10.8%
CNO Financial Group, Inc.	247,712	9,403,148
Hanover Insurance Group, Inc. (The)	57,344	10,091,397
Kemper Corp.	161,165	10,271,045
Skyward Specialty Insurance Group, Inc.(a)	150,782	9,552,040
Total		39,317,630
Total Financials		119,653,684
Health Care 7.9%
Biotechnology 0.6%
Cytokinetics, Inc.(a)	74,187	2,301,281
Health Care Equipment & Supplies 4.3%
CONMED Corp.	88,851	5,042,294
Integer Holdings Corp.(a)	35,095	4,167,882
LivaNova PLC(a)	145,285	6,283,577
Total		15,493,753
Health Care Providers & Services 2.4%
Tenet Healthcare Corp.(a)	52,886	8,925,570
Pharmaceuticals 0.6%
Ligand Pharmaceuticals, Inc.(a)	21,363	2,183,085
Total Health Care		28,903,689
Industrials 16.5%
Aerospace & Defense 5.2%
ATI, Inc.(a)	130,294	10,376,614
Kratos Defense & Security Solutions, Inc.(a)	233,461	8,612,377
Total		18,988,991
Building Products 2.0%
Zurn Elkay Water Solutions Corp.	204,128	7,387,392
Construction & Engineering 1.9%
Primoris Services Corp.	98,226	7,083,077
Electrical Equipment 1.8%
Regal Rexnord Corp.	47,879	6,388,974

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

Columbia Select Small Cap Value Fund | 2025

Portfolio of Investments (continued)

May 31, 2025

Common Stocks (continued)
Issuer	Shares	Value ($)
Ground Transportation 1.9%
Knight-Swift Transportation Holdings, Inc.	158,535	7,026,271
Machinery 2.0%
Atmus Filtration Technologies, Inc.	201,964	7,274,743
Professional Services 1.7%
Alight, Inc., Class A	1,101,620	6,014,845
Total Industrials		60,164,293
Information Technology 8.4%
Communications Equipment 4.3%
Extreme Networks, Inc.(a)	467,507	7,325,835
Viavi Solutions, Inc.(a)	916,758	8,351,665
Total		15,677,500
Semiconductors & Semiconductor Equipment 4.1%
Kulicke & Soffa Industries, Inc.	124,486	4,002,225
MACOM Technology Solutions Holdings, Inc.(a)	88,582	10,772,457
Total		14,774,682
Total Information Technology		30,452,182
Materials 5.1%
Chemicals 3.4%
Chemours Co. LLC (The)	652,980	6,614,687
Minerals Technologies, Inc.	99,569	5,653,528
Total		12,268,215
Containers & Packaging 1.7%
O-I Glass, Inc.(a)	471,360	6,179,530
Total Materials		18,447,745
Real Estate 7.7%
Health Care REITs 1.9%
Sabra Health Care REIT, Inc.	389,954	6,816,396
Hotel & Resort REITs 1.5%
Apple Hospitality REIT, Inc.	483,223	5,600,555

Common Stocks (continued)
Issuer	Shares	Value ($)
Industrial REITs 1.1%
First Industrial Realty Trust, Inc.	81,389	4,023,058
Specialized REITs 3.2%
Gaming and Leisure Properties, Inc.	93,785	4,379,759
Outfront Media, Inc.	437,686	7,230,573
Total		11,610,332
Total Real Estate		28,050,341
Utilities 2.7%
Electric Utilities 2.7%
Portland General Electric Co.	234,518	9,943,563
Total Utilities		9,943,563
Total Common Stocks (Cost $279,853,329)		360,441,992

Rights —%

Health Care —%
Life Sciences Tools & Services —%
OmniAb Operations, Inc.(a),(b),(c),(d)	9,220	0
OmniAb, Inc.(a),(b),(c),(d)	9,220	0
Total		0
Total Health Care		0
Total Rights (Cost $—)		0

Money Market Funds 1.0%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 4.495%(e),(f)	3,761,995	3,760,867
Total Money Market Funds (Cost $3,760,491)		3,760,867
Total Investments in Securities (Cost: $283,613,820)		364,202,859
Other Assets & Liabilities, Net		47,916
Net Assets		364,250,775

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

Columbia Select Small Cap Value Fund | 2025

Portfolio of Investments (continued)

May 31, 2025

Notes to Portfolio of Investments

(a)	Non-income producing investment.
(b)	Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At May 31, 2025, the total value of these securities amounted to $0, which represents less than 0.01% of total net assets.
(c)	Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures approved by the Fund’s Board of Trustees. At May 31, 2025, the total market value of these securities amounted to $0, which represents less than 0.01% of total net assets. Additional information on these securities is as follows:

Security	Acquisition Dates	Shares	Cost ($)	Value ($)
OmniAb Operations, Inc.	02/13/2015-02/27/2015	9,220	—	—
OmniAb, Inc.	02/13/2015-02/27/2015	9,220	—	—
			—	—

(d)	Valuation based on significant unobservable inputs.
(e)	The rate shown is the seven-day current annualized yield at May 31, 2025.
(f)	Under Section 2(a)(3) of the Investment Company Act of 1940, 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 May 31, 2025 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, 4.495%
	3,025,062	50,805,778	(50,069,976 )	3	3,760,867	(91 )	227,496	3,761,995

Fair value measurements

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

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

■

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

■

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

■

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

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

Investments falling into the Level 3 category, 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.

Columbia Select Small Cap Value Fund | 2025

Portfolio of Investments (continued)

May 31, 2025

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 May 31, 2025:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Common Stocks
Consumer Discretionary	39,616,172	—	—	39,616,172
Consumer Staples	8,483,020	—	—	8,483,020
Energy	16,727,303	—	—	16,727,303
Financials	119,653,684	—	—	119,653,684
Health Care	28,903,689	—	—	28,903,689
Industrials	60,164,293	—	—	60,164,293
Information Technology	30,452,182	—	—	30,452,182
Materials	18,447,745	—	—	18,447,745
Real Estate	28,050,341	—	—	28,050,341
Utilities	9,943,563	—	—	9,943,563
Total Common Stocks	360,441,992	—	—	360,441,992
Rights
Health Care	—	—	0 *	0 *
Total Rights	—	—	0 *	0 *
Money Market Funds	3,760,867	—	—	3,760,867
Total Investments in Securities	364,202,859	—	0 *	364,202,859

*	Rounds to zero.

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

The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.

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

Columbia Select Small Cap Value Fund | 2025

Statement of Assets and Liabilities

May 31, 2025

Assets
Investments in securities, at value
Unaffiliated issuers (cost $279,853,329)	$360,441,992
Affiliated issuers (cost $3,760,491)	3,760,867
Receivable for:
Capital shares sold	16,816
Dividends	420,597
Expense reimbursement due from Investment Manager	738
Prepaid expenses	2,760
Total assets	364,643,770
Liabilities
Payable for:
Capital shares redeemed	178,832
Management services fees	8,728
Distribution and/or service fees	1,905
Transfer agent fees	32,236
Compensation of board members	1,560
Other expenses	38,071
Deferred compensation of board members	131,663
Total liabilities	392,995
Net assets applicable to outstanding capital stock	$364,250,775
Represented by
Paid in capital	271,103,179
Total distributable earnings (loss)	93,147,596
Total - representing net assets applicable to outstanding capital stock	$364,250,775
Class A
Net assets	$276,691,189
Shares outstanding	17,052,601
Net asset value per share	$16.23
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)	$17.22
Institutional Class
Net assets	$29,692,332
Shares outstanding	1,475,240
Net asset value per share	$20.13
Institutional 2 Class
Net assets	$1,882,744
Shares outstanding	91,569
Net asset value per share	$20.56
Institutional 3 Class
Net assets	$55,984,510
Shares outstanding	2,590,289
Net asset value per share	$21.61

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

Columbia Select Small Cap Value Fund | 2025

Statement of Operations

Year Ended May 31, 2025

Net investment income
Income:
Dividends — unaffiliated issuers	$7,652,678
Dividends — affiliated issuers	227,496
Foreign taxes withheld	(46,687 )
Total income	7,833,487
Expenses:
Management services fees	3,558,795
Distribution and/or service fees
Class A	773,928
Transfer agent fees
Class A	360,494
Advisor Class	1,030
Institutional Class	40,702
Institutional 2 Class	1,318
Institutional 3 Class	3,281
Custodian fees	3,988
Printing and postage fees	33,803
Registration fees	97,232
Accounting services fees	32,923
Legal fees	19,213
Compensation of chief compliance officer	73
Compensation of board members	15,494
Deferred compensation of board members	13,154
Other	14,546
Total expenses	4,969,974
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(263,998 )
Expense reduction	(360 )
Total net expenses	4,705,616
Net investment income	3,127,871
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	65,214,689
Investments — affiliated issuers	(91 )
Net realized gain	65,214,598
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(68,825,104 )
Investments — affiliated issuers	3
Net change in unrealized appreciation (depreciation)	(68,825,101 )
Net realized and unrealized loss	(3,610,503 )
Net decrease in net assets resulting from operations	$(482,632 )

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

Columbia Select Small Cap Value Fund | 2025

Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	May 31, 2025		May 31, 2024
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Shares sold	274,054	5,040,780	335,374	6,207,647
Distributions reinvested	2,917,344	54,320,951	1,113,748	19,512,871
Shares redeemed	(2,479,169 )	(45,522,632 )	(2,381,426 )	(44,152,500 )
Net increase (decrease)	712,229	13,839,099	(932,304 )	(18,431,982 )
Advisor Class
Shares sold	8,312	211,172	31,869	713,784
Distributions reinvested	—	—	7,051	151,316
Shares redeemed	(84,986 )	(2,336,332 )	(88,933 )	(2,033,669 )
Net decrease	(76,674 )	(2,125,160 )	(50,013 )	(1,168,569 )
Class C
Shares sold	—	—	15,378	176,672
Distributions reinvested	—	—	20,997	223,614
Shares redeemed	—	—	(264,892 )	(2,977,856 )
Net decrease	—	—	(228,517 )	(2,577,570 )
Institutional Class
Shares sold	557,807	12,443,771	606,203	13,359,216
Distributions reinvested	236,806	5,463,103	91,034	1,913,527
Shares redeemed	(831,328 )	(17,992,960 )	(1,423,926 )	(31,231,212 )
Net decrease	(36,715 )	(86,086 )	(726,689 )	(15,958,469 )
Institutional 2 Class
Shares sold	23,702	545,654	33,464	758,636
Distributions reinvested	14,575	343,389	5,744	122,981
Shares redeemed	(47,967 )	(1,097,930 )	(52,532 )	(1,188,016 )
Net decrease	(9,690 )	(208,887 )	(13,324 )	(306,399 )
Institutional 3 Class
Shares sold	41,385	973,280	47,742	1,116,214
Distributions reinvested	323,438	8,008,328	205,079	4,581,472
Shares redeemed	(336,035 )	(8,640,778 )	(1,588,684 )	(36,983,007 )
Net increase (decrease)	28,788	340,830	(1,335,863 )	(31,285,321 )
Class R
Shares sold	—	—	11,212	186,533
Distributions reinvested	—	—	6,818	108,470
Shares redeemed	—	—	(130,131 )	(2,190,697 )
Net decrease	—	—	(112,101 )	(1,895,694 )
Total net increase (decrease)	617,938	11,759,796	(3,398,811 )	(71,624,004 )

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

Columbia Select Small Cap Value 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 (loss)	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Year Ended 5/31/2025	$19.53	0.13	0.15 (c)	0.28	(0.11 )	(3.47 )	(3.58 )
Year Ended 5/31/2024	$17.32	0.10	3.33	3.43	(0.14 )	(1.08 )	(1.22 )
Year Ended 5/31/2023	$19.47	0.16	(1.49 )	(1.33 )	(0.15 )	(0.67 )	(0.82 )
Year Ended 5/31/2022	$22.67	0.03	(1.78 )	(1.75 )	(0.01 )	(1.44 )	(1.45 )
Year Ended 5/31/2021	$13.83	0.01	9.98	9.99	(0.01 )	(1.14 )	(1.15 )
Institutional Class
Year Ended 5/31/2025	$23.45	0.21	0.10 (c)	0.31	(0.16 )	(3.47 )	(3.63 )
Year Ended 5/31/2024	$20.58	0.17	3.97	4.14	(0.19 )	(1.08 )	(1.27 )
Year Ended 5/31/2023	$22.96	0.24	(1.75 )	(1.51 )	(0.20 )	(0.67 )	(0.87 )
Year Ended 5/31/2022	$26.47	0.09	(2.10 )	(2.01 )	(0.06 )	(1.44 )	(1.50 )
Year Ended 5/31/2021	$16.00	0.07	11.59	11.66	(0.05 )	(1.14 )	(1.19 )
Institutional 2 Class
Year Ended 5/31/2025	$23.89	0.23	0.09 (c)	0.32	(0.18 )	(3.47 )	(3.65 )
Year Ended 5/31/2024	$20.93	0.19	4.05	4.24	(0.20 )	(1.08 )	(1.28 )
Year Ended 5/31/2023	$23.35	0.27	(1.81 )	(1.54 )	(0.21 )	(0.67 )	(0.88 )
Year Ended 5/31/2022	$26.89	0.12	(2.15 )	(2.03 )	(0.07 )	(1.44 )	(1.51 )
Year Ended 5/31/2021	$16.24	0.08	11.77	11.85	(0.06 )	(1.14 )	(1.20 )
Institutional 3 Class
Year Ended 5/31/2025	$24.94	0.25	0.08 (c)	0.33	(0.19 )	(3.47 )	(3.66 )
Year Ended 5/31/2024	$21.80	0.21	4.22	4.43	(0.21 )	(1.08 )	(1.29 )
Year Ended 5/31/2023	$24.28	0.29	(1.88 )	(1.59 )	(0.22 )	(0.67 )	(0.89 )
Year Ended 5/31/2022	$27.90	0.13	(2.23 )	(2.10 )	(0.08 )	(1.44 )	(1.52 )
Year Ended 5/31/2021	$16.81	0.10	12.20	12.30	(0.07 )	(1.14 )	(1.21 )

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)	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. For a new share class, the difference may be due to the timing of the commencement of operations for the share class.
(d)	The benefits derived from expense reductions had an impact of less than 0.01%.

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

Columbia Select Small Cap Value 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 (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 5/31/2025	$16.23	(0.91% )	1.29%	1.23% (d)	0.69%	20%	$276,691
Year Ended 5/31/2024	$19.53	20.61%	1.30%	1.26% (d)	0.52%	7%	$319,061
Year Ended 5/31/2023	$17.32	(7.04% )	1.31%	1.28% (d)	0.88%	11%	$299,209
Year Ended 5/31/2022	$19.47	(8.35% )	1.28%	1.26% (d)	0.12%	7%	$356,657
Year Ended 5/31/2021	$22.67	74.66%	1.32%	1.28% (d)	0.08%	30%	$420,471
Institutional Class
Year Ended 5/31/2025	$20.13	(0.63% )	1.04%	0.98% (d)	0.93%	20%	$29,692
Year Ended 5/31/2024	$23.45	20.81%	1.05%	1.01% (d)	0.78%	7%	$35,461
Year Ended 5/31/2023	$20.58	(6.75% )	1.06%	1.03% (d)	1.12%	11%	$46,062
Year Ended 5/31/2022	$22.96	(8.15% )	1.03%	1.01% (d)	0.37%	7%	$49,338
Year Ended 5/31/2021	$26.47	75.06%	1.07%	1.02% (d)	0.33%	30%	$44,918
Institutional 2 Class
Year Ended 5/31/2025	$20.56	(0.62% )	0.98%	0.92%	1.00%	20%	$1,883
Year Ended 5/31/2024	$23.89	20.96%	0.99%	0.95%	0.84%	7%	$2,419
Year Ended 5/31/2023	$20.93	(6.75% )	0.99%	0.96%	1.23%	11%	$2,398
Year Ended 5/31/2022	$23.35	(8.10% )	0.97%	0.95%	0.46%	7%	$2,729
Year Ended 5/31/2021	$26.89	75.16%	0.99%	0.96%	0.39%	30%	$4,265
Institutional 3 Class
Year Ended 5/31/2025	$21.61	(0.55% )	0.93%	0.87%	1.05%	20%	$55,985
Year Ended 5/31/2024	$24.94	21.01%	0.93%	0.89%	0.89%	7%	$63,895
Year Ended 5/31/2023	$21.80	(6.69% )	0.93%	0.91%	1.25%	11%	$84,978
Year Ended 5/31/2022	$24.28	(8.05% )	0.92%	0.90%	0.48%	7%	$106,349
Year Ended 5/31/2021	$27.90	75.30%	0.94%	0.89%	0.44%	30%	$118,636

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

Columbia Select Small Cap Value Fund | 2025

Notes to Financial Statements

May 31, 2025

Note 1. Organization

Columbia Select Small Cap Value 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 shares are offered to the general public for investment. Institutional Class, Institutional 2 Class and Institutional 3 Class shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.

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

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.

Columbia Select Small Cap Value Fund | 2025

Notes to Financial Statements (continued)

May 31, 2025

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 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.

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 Small Cap Value Fund | 2025

Notes to Financial Statements (continued)

May 31, 2025

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.

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.

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.

Columbia Select Small Cap Value Fund | 2025

Notes to Financial Statements (continued)

May 31, 2025

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 0.75% as the Fund’s net assets increase. The effective management services fee rate for the year ended May 31, 2025 was 0.87% of the Fund’s average daily net assets.

Compensation of Board members

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

Compensation of Chief Compliance Officer

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

Transfer agency fees

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

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

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

Columbia Select Small Cap Value Fund | 2025

Notes to Financial Statements (continued)

May 31, 2025

For the year ended May 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	0.12
Advisor Class	0.06 (a)
Institutional Class	0.12
Institutional 2 Class	0.06
Institutional 3 Class	0.01

(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 May 31, 2025, these minimum account balance fees reduced total expenses of the Fund by $360.

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 rate of up to 0.25% of the Fund’s average daily net assets attributable to Class A shares.

Sales charges (unaudited)

Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the year ended May 31, 2025, if any, are listed below:

	Front End (%)	CDSC (%)	Amount ($)
Class A	5.75	0.50 - 1.00 (a)	38,263

(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.

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:

	October 1, 2024 through September 30, 2025 (%)	Prior to October 1, 2024 (%)
Class A	1.22	1.26
Institutional Class	0.97	1.01
Institutional 2 Class	0.91	0.94
Institutional 3 Class	0.86	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,

Columbia Select Small Cap Value Fund | 2025

Notes to Financial Statements (continued)

May 31, 2025

inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

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

At May 31, 2025, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, trustees’ deferred compensation and earnings and profits distributed to shareholders on the redemption of shares. 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:

Undistributed net investment income ($)	Accumulated net realized gain ($)	Paid in capital ($)
—	(2,857,000 )	2,857,000

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 May 31, 2025			Year Ended May 31, 2024
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
2,420,823	67,277,199	69,698,022	6,017,254	21,215,342	27,232,596

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

At May 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 ($)	Net unrealized appreciation ($)
1,803,750	11,026,914	—	80,448,596

At May 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) ($)	Net unrealized appreciation ($)
283,754,263	127,363,679	(46,915,083 )	80,448,596

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

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.

Columbia Select Small Cap Value Fund | 2025

Notes to Financial Statements (continued)

May 31, 2025

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $80,831,474 and $135,708,448, respectively, for the year ended May 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

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 May 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 May 31, 2025.

Columbia Select Small Cap Value Fund | 2025

Notes to Financial Statements (continued)

May 31, 2025

Note 9. Significant risks

Financials sector risk

The Fund is vulnerable to the particular risks that may affect companies in the financials sector. Companies in the financials sector are subject to certain risks, including the risk of regulatory change, decreased liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as a high level of loans to one or more industries or sectors, which makes them vulnerable to economic conditions that affect such industries or sectors. Performance of such companies may be affected by competitive pressures and exposure to investments, agreements and counterparties, including credit products that, under certain circumstances, may lead to losses (e.g., subprime loans). Companies in the financials sector are subject to extensive governmental regulation that may limit the amount and types of loans and other financial commitments they can make, and interest rates and fees that they may charge. In addition, profitability of such companies is largely dependent upon the availability and the cost of capital.

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 May 31, 2025, affiliated shareholders of record owned 74.5% 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.

Small- and mid-cap company risk

Investments in small- and mid-capitalization companies (small- and mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because small- and mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Securities of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies.

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

Columbia Select Small Cap Value Fund | 2025

Notes to Financial Statements (continued)

May 31, 2025

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, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Select Small Cap Value Fund | 2025

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Select Small Cap Value Fund

Opinion on the Financial Statements

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

July 23, 2025

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

Columbia Select Small Cap Value Fund | 2025

	Year Ended May 31, 2025	Year Ended May 31, 2024
Operations
Net investment income	$3,127,871	$2,690,079
Net realized gain	65,214,598	24,114,523
Net change in unrealized appreciation (depreciation)	(68,825,101 )	55,158,798
Net increase (decrease) in net assets resulting from operations	(482,632 )	81,963,400
Distributions to shareholders
Net investment income and net realized gains
Class A	(55,312,169 )	(19,873,237 )
Advisor Class	—	(154,740 )
Class C	—	(223,614 )
Institutional Class	(5,508,299 )	(1,924,502 )
Institutional 2 Class	(343,798 )	(123,125 )
Institutional 3 Class	(8,533,756 )	(4,805,076 )
Class R	—	(128,302 )
Total distributions to shareholders	(69,698,022 )	(27,232,596 )
Increase (decrease) in net assets from capital stock activity	11,759,796	(71,624,004 )
Total decrease in net assets	(58,420,858 )	(16,893,200 )
Net assets at beginning of year	422,671,633	439,564,833
Net assets at end of year	$364,250,775	$422,671,633

Qualified dividend income	Dividends received deduction	Capital gain dividend
100.00%	100.00%	$65,990,448

(registrant)	Columbia Funds Series Trust II

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

Date	July 23, 2025

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

Date	July 23, 2025

By (Signature and Title)	/s/ Michael G. Clarke
	Michael G. Clarke, Chief Financial Officer,
	Principal Financial Officer and Senior Vice President

Date	July 23, 2025

By (Signature and Title)	/s/ Charles H. Chiesa
	Charles H. Chiesa, Treasurer, Chief Accounting
	Officer and Principal Financial Officer

Date	July 23, 2025