8ddcea7b628d8ca

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 Commodity Strategy Fund

Class A / CCSAX

Annual Shareholder Report | May 31, 2025

This annual shareholder report contains important information about Columbia Commodity Strategy 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	$ 111	1.11 %

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

Curve positioning

| Curve positioning within multiple sectors, most prevalent within grains, led the Fund’s positive relative performance during the period. Although overall active sector positioning for the Fund was negative, carry positioning in the softs and livestock sectors resulted in positive relative performance.

Allocation

| Overweight positioning in the softs and livestock sectors served as the primary contributors to relative performance. Within softs, carry effects in sugar and cocoa (cocoa is not in the benchmark) led all individual commodity components. Within livestock, having active overweights in all underlying individual commodities were additive to relative results, led by lean hogs.

Security selection

| Within the grains sector, all six individual commodities were additive to relative performance, led by exposure to longer-dated contracts in corn and soybean meal. Also adding to positive results was curve positioning within the industrial metals, softs and precious metals sectors. Within these sectors, exposures to longer-dated contracts in copper and gold were most additive.

Top Performance Detractors

Allocation

Overall, the Fund’s active sector positioning detracted from relative results. These results were primarily led by the energy sector. Carry effects in grains and industrial metals also detracted. Within energy, overweight allocations to gas oil and heating oil drove the complex lower. Among grains and industrial metals, carry was mostly negative in zinc, lead and soybean oil.

Security Selection

| For curve positioning, livestock was the only sector that detracted from relative results. Exposures to longer-dated contracts in lean hogs and live cattle were the primarily detractors from relative results.

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)	1.00	14.13	2.45
Class A (including sales charges)	(4.77 )	12.81	1.84
Bloomberg Commodity Index Total Return	1.69	12.65	1.92
MSCI ACWI Index (Net)	13.65	13.37	9.25

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	$ 324,540,475
Total number of portfolio holdings	313
Management services fees (represents 0.63% of Fund average net assets)	$ 1,753,518
Portfolio turnover for the reporting period	198%

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.

Derivative Commodities Exposure

	Long
Agriculture	30.1 %
Energy	32.4 %
Industrial Metals	15.0 %
Livestock	7.2 %
Precious Metals	22.0 %

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.

You may obtain the current net asset value (NAV) of Fund shares at no cost by calling 1-800-345-6611 or by sending an e-mail to serviceinquiries@columbiathreadneedle.com.

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 Commodity Strategy Fund | Class A

ASR129_01_(07/25)

Columbia Commodity Strategy Fund

Institutional Class / CCSZX

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	$ 86	0.86 %

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

Curve positioning

Allocation

Security selection

Top Performance Detractors

Allocation

Security Selection

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	1.33	14.45	2.70
Bloomberg Commodity Index Total Return	1.69	12.65	1.92
MSCI ACWI Index (Net)	13.65	13.37	9.25

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	$ 324,540,475
Total number of portfolio holdings	313
Management services fees (represents 0.63% of Fund average net assets)	$ 1,753,518
Portfolio turnover for the reporting period	198%

Graphical Representation of Fund

Holdings

Derivative Commodities Exposure

	Long
Agriculture	30.1 %
Energy	32.4 %
Industrial Metals	15.0 %
Livestock	7.2 %
Precious Metals	22.0 %

Asset Categories

Availability of Additional Information

You may obtain the current net asset value (NAV) of Fund shares at no cost by calling 1-800-345-6611 or by sending an e-mail to serviceinquiries@columbiathreadneedle.com.

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

Columbia Commodity Strategy Fund | Institutional Class

ASR129_08_(07/25)

Columbia Commodity Strategy Fund

Institutional 2 Class / CADLX

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	$ 76	0.76 %

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

Curve positioning

Allocation

Security selection

Top Performance Detractors

Allocation

Security Selection

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	1.37	14.52	2.79
Bloomberg Commodity Index Total Return	1.69	12.65	1.92
MSCI ACWI Index (Net)	13.65	13.37	9.25

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	$ 324,540,475
Total number of portfolio holdings	313
Management services fees (represents 0.63% of Fund average net assets)	$ 1,753,518
Portfolio turnover for the reporting period	198%

Graphical Representation of Fund

Holdings

Derivative Commodities Exposure

	Long
Agriculture	30.1 %
Energy	32.4 %
Industrial Metals	15.0 %
Livestock	7.2 %
Precious Metals	22.0 %

Asset Categories

Availability of Additional Information

You may obtain the current net asset value (NAV) of Fund shares at no cost by calling 1-800-345-6611 or by sending an e-mail to serviceinquiries@columbiathreadneedle.com.

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

Columbia Commodity Strategy Fund | Institutional 2 Class

ASR129_15_(07/25)

Columbia Commodity Strategy Fund

Institutional 3 Class / CCFYX

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	$ 71	0.71 %

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

Curve positioning

Allocation

Security selection

Top Performance Detractors

Allocation

Security Selection

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	1.39	14.60	2.88
Bloomberg Commodity Index Total Return	1.69	12.65	1.92
MSCI ACWI Index (Net)	13.65	13.37	9.25

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	$ 324,540,475
Total number of portfolio holdings	313
Management services fees (represents 0.63% of Fund average net assets)	$ 1,753,518
Portfolio turnover for the reporting period	198%

Graphical Representation of Fund

Holdings

Derivative Commodities Exposure

	Long
Agriculture	30.1 %
Energy	32.4 %
Industrial Metals	15.0 %
Livestock	7.2 %
Precious Metals	22.0 %

Asset Categories

Availability of Additional Information

You may obtain the current net asset value (NAV) of Fund shares at no cost by calling 1-800-345-6611 or by sending an e-mail to serviceinquiries@columbiathreadneedle.com.

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

Columbia Commodity Strategy Fund | Institutional 3 Class

ASR129_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)	42,335	41,999	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	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.

Consolidated Portfolio of Investments

May 31, 2025

(Percentages represent value of investments compared to net assets)

Investments in securities

Asset-Backed Securities - Non-Agency 12.9%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
ACHV ABS Trust(a)
Series 2024-1PL Class A
04/25/2031	5.900%	64,883	65,075
Series 2024-2PL Class A
10/27/2031	5.070%	585,232	584,338
Subordinated Series 2024-1PL Class B
04/25/2031	6.340%	86,354	87,008
ACM Auto Trust(a)
Series 2024-2A Class A
02/20/2029	6.060%	203,124	203,704
Affirm Asset Securitization Trust(a)
Series 2023-B Class A
09/15/2028	6.820%	825,000	829,995
Series 2024-X1 Class A
05/15/2029	6.270%	117,206	117,288
Series 2024-X2 Class A
12/17/2029	5.220%	1,376,424	1,376,128
Amur Equipment Finance Receivables X LLC(a)
Series 2022-1A Class A2
10/20/2027	1.640%	10,320	10,302
BMW Vehicle Lease Trust
Series 2024-1 Class A4
06/25/2027	5.000%	600,000	601,696
Carmax Auto Owner Trust
Series 2023-3 Class A3
05/15/2028	5.280%	1,625,000	1,633,083
Carmax Select Receivables Trust
Series 2024-A Class A2A
09/15/2027	5.780%	263,206	263,904
Carvana Auto Receivables Trust
Series 2021-P3 Class A3
11/10/2026	0.700%	15,881	15,866
Series 2024-P3 Class A2
11/10/2027	4.610%	732,227	731,992
Carvana Auto Receivables Trust(a)
Series 2024-N1 Class A2
04/12/2027	5.760%	276,744	276,980
Series 2024-N3 Class A2
12/10/2027	4.840%	829,401	829,366
CNH Equipment Trust
Series 2024-A Class A2
07/15/2027	5.190%	286,843	287,149
Series 2024-C Class A2A
02/18/2028	4.300%	957,324	956,421

Asset-Backed Securities - Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Dell Equipment Finance Trust(a)
Series 2023-3 Class A3
04/23/2029	5.930%	247,427	248,864
Ent Auto Receivables Trust(a)
Series 2023-1A Class A2
08/16/2027	6.220%	57,860	57,921
Enterprise Fleet Financing LLC(a)
Series 2024-1 Class A2
03/20/2030	5.230%	1,499,893	1,508,744
FHF Trust(a)
Series 2021-2A Class A
12/15/2026	0.830%	635	634
Ford Credit Auto Lease Trust
Series 2024-A Class A3
05/15/2027	5.060%	2,383,000	2,388,058
Ford Credit Auto Owner Trust(a)
Series 2021-2 Class A
05/15/2034	1.530%	650,000	623,405
Ford Credit Auto Owner Trust
Series 2024-C Class A2A
08/15/2027	4.320%	394,334	393,882
GLS Auto Receivables Issuer Trust(a)
Series 2023-3A Class A2
03/15/2027	6.040%	12,131	12,137
Series 2024-2A Class A3
01/18/2028	5.640%	300,000	301,193
GLS Auto Select Receivables Trust(a)
Series 2024-2A Class A2
06/17/2030	5.580%	1,496,879	1,509,482
GM Financial Automobile Leasing Trust
Series 2024-1 Class A3
03/22/2027	5.090%	861,000	864,114
GreenSky Home Improvement Issuer Trust(a)
Series 2024-2 Class A2
10/27/2059	5.250%	359,223	359,625
Series 2025-1A Class A2
03/25/2060	5.120%	698,680	699,434
Harley-Davidson Motorcycle Trust
Series 2022-A Class A3
02/15/2027	3.060%	249,020	248,519
Subordinated Series 2024-B Class A2
08/16/2027	4.620%	196,805	196,793
HPEFS Equipment Trust(a)
Series 2024-2A Class A2
10/20/2031	5.500%	408,364	409,192

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

Columbia Commodity Strategy Fund | 2025

Consolidated Portfolio of Investments (continued)

May 31, 2025

Asset-Backed Securities - Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Hyundai Auto Lease Securitization Trust(a)
Series 2024-A Class A3
03/15/2027	5.020%	1,325,000	1,329,021
Series 2024-C Class A3
04/17/2028	4.620%	1,150,000	1,153,322
Kubota Credit Owner Trust(a)
Series 2024-2A Class A2
04/15/2027	5.450%	643,880	646,267
Marlette Funding Trust(a)
Series 2024-1A Class A
07/17/2034	5.950%	51,028	51,116
Mercedes-Benz Auto Receivables Trust
Series 2023-2 Class A3
11/15/2028	5.950%	650,000	658,372
NextGear Floorplan Master Owner Trust(a)
Series 2023-1A Class A2
03/15/2028	5.740%	2,325,000	2,343,757
Nissan Auto Receivables Owner Trust
Series 2025-A Class A2A
02/15/2028	4.500%	1,325,000	1,325,582
Oportun Funding Trust(a)
Series 2024-3 Class A
08/15/2029	5.260%	53,042	53,039
Oportun Issuance Trust(a)
Series 2024-1A Class A
04/08/2031	6.334%	5,898	5,899
Pagaya AI Debt Grantor Trust(a)
Series 2024-11 Class A
07/15/2032	5.092%	1,024,147	1,022,149
Series 2024-5 Class A
10/15/2031	6.278%	146,957	147,838
Series 2024-6 Class A
11/15/2031	6.093%	110,574	111,338
Series 2025-1 Class A2
07/15/2032	5.156%	199,983	200,200
Pagaya AI Debt Selection Trust(a)
Series 2024-7 Class A
12/15/2031	6.117%	795,989	803,682
Subordinated Series 2024-7 Class B
12/15/2031	6.574%	822,960	832,084
Pagaya AI Debt Trust(a)
Series 2023-3 Class A
12/16/2030	7.600%	17,082	17,100
Series 2024-1 Class A
07/15/2031	6.660%	229,936	231,920
Series 2024-2 Class A
08/15/2031	6.319%	407,054	410,798

Asset-Backed Securities - Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Series 2024-3 Class A
10/15/2031	6.258%	541,947	544,794
PEAC Solutions Receivables LLC(a)
Series 2024-1A Class A2
06/21/2027	5.790%	458,102	460,924
Series 2024-2A Class A2
04/20/2027	4.740%	577,459	577,152
Prosper Marketplace Issuance Trust(a)
Series 2024-1A Class A
08/15/2029	6.120%	46,816	46,884
Reach ABS Trust(a)
Series 2024-1A Class A
02/18/2031	6.300%	137,532	138,019
Series 2024-2A Class A
07/15/2031	5.880%	675,353	677,047
Research-Driven Pagaya Motor Trust(a)
Series 2024-1A Class A
06/25/2032	7.090%	108,478	109,387
Santander Drive Auto Receivables Trust
Series 2024-5 Class A2
09/15/2027	4.880%	324,127	324,056
SBNA Auto Lease Trust(a)
Series 2024-A Class A4
01/22/2029	5.240%	1,750,000	1,761,755
Series 2024-C Class A2
11/20/2026	4.940%	714,113	714,264
SCF Equipment Leasing(a)
Series 2024-1A Class A2
11/20/2029	5.880%	346,606	350,590
Toyota Auto Receivables Owner Trust
Series 2023-A Class A3
09/15/2027	4.630%	543,726	543,549
Upgrade Receivables Trust(a)
Series 2024-1 Class A
02/18/2031	5.370%	219,167	219,241
Upstart Securitization Trust(a)
Series 2024-1 Class A
11/20/2034	5.330%	96,084	95,803
Volkswagen Auto Lease Trust
Series 2024-A Class A3
06/21/2027	5.210%	2,325,000	2,343,711
Westlake Automobile Receivables Trust(a)
Series 2025-P1 Class A1
06/15/2026	4.583%	575,000	575,254
Subordinated Series 2021-2A Class D
12/15/2026	1.230%	74,281	74,015
Subordinated Series 2021-3A Class D
01/15/2027	2.120%	923,555	917,447

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

Columbia Commodity Strategy Fund | 2025

Consolidated Portfolio of Investments (continued)

May 31, 2025

Asset-Backed Securities - Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Westlake Flooring Master Trust(a)
Series 2024-1A Class A
02/15/2028	5.430%	1,400,000	1,404,913
Total Asset-Backed Securities — Non-Agency (Cost $41,866,472)			41,914,581

Commercial Mortgage-Backed Securities - Non-Agency 2.5%

CD Mortgage Trust
Series 2017-CD4 Class ASB
05/10/2050	3.317%	642,623	635,497
Series 2017-CD6 Class ASB
11/13/2050	3.332%	551,430	542,838
CFCRE Commercial Mortgage Trust
Series 2017-C8 Class ASB
06/15/2050	3.367%	306,783	303,739
DBJPM Mortgage Trust
Series 2016-C3 Class A5
08/10/2049	2.890%	725,000	708,461
GS Mortgage Securities Trust
Series 2015-GC34 Class A3
10/10/2048	3.244%	552,429	551,104
JPMBB Commercial Mortgage Securities Trust
Series 2015-C32 Class ASB
11/15/2048	3.358%	124,671	124,392
Series 2015-C33 Class ASB
12/15/2048	3.562%	68,134	67,929
JPMDB Commercial Mortgage Securities Trust
Series 2016-C4 Class A2
12/15/2049	2.882%	1,060,523	1,039,833
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2015-C25 Class A4
10/15/2048	3.372%	351,155	350,021
Series 2015-C25 Class A5
10/15/2048	3.635%	769,704	766,015
Series 2016-C31 Class ASB
11/15/2049	2.952%	155,639	154,384
Morgan Stanley Capital I Trust
Series 2017-H1 Class ASB
06/15/2050	3.304%	406,756	404,094
UBS Commercial Mortgage Trust
Series 2017-C3 Class ASB
08/15/2050	3.215%	961,322	947,266
Wells Fargo Commercial Mortgage Trust
Series 2015-C30 Class A4
09/15/2058	3.664%	1,224,390	1,220,415

Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Series 2018-C45 Class ASB
06/15/2051	4.147%	409,039	406,755
Total Commercial Mortgage-Backed Securities - Non-Agency (Cost $8,142,867)			8,222,743

Corporate Bonds & Notes 18.7%

Aerospace & Defense 0.8%
BAE Systems PLC(a)
03/26/2027	5.000%	625,000	630,313
Boeing Co. (The)
02/01/2027	2.700%	650,000	629,500
L3Harris Technologies, Inc.
12/15/2026	3.850%	625,000	619,082
Raytheon Technologies Corp.
03/15/2027	3.500%	625,000	615,128
Total			2,494,023
Automotive 0.2%
Toyota Motor Credit Corp.(b)
SOFR + 0.710% 05/14/2027	5.040%	650,000	651,209
Banking 5.3%
Bank of America Corp.(b)
SOFR + 1.350% 09/15/2027	5.680%	1,292,000	1,301,185
Bank of Montreal(c)
09/10/2027	4.567%	625,000	624,406
Bank of New York Mellon Corp. (The)(c)
07/24/2026	4.414%	625,000	624,589
Bank of Nova Scotia (The)(b)
SOFR + 0.780% 06/04/2027	5.110%	625,000	625,427
Canadian Imperial Bank of Commerce(c)
01/13/2028	4.862%	610,000	612,489
Citigroup, Inc.(c)
06/09/2027	1.462%	1,300,000	1,257,197
Cooperatieve Rabobank UA(b)
SOFR + 0.620% 08/28/2026	4.950%	600,000	601,895
Goldman Sachs Group, Inc. (The)(c)
04/23/2028	4.937%	1,150,000	1,155,092
HSBC Holdings PLC(c)
03/13/2028	4.041%	715,000	706,662
JPMorgan Chase & Co.(c)
04/22/2028	5.571%	1,250,000	1,273,027

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

Columbia Commodity Strategy Fund | 2025

Consolidated Portfolio of Investments (continued)

May 31, 2025

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Morgan Stanley(c)
07/20/2027	1.512%	1,175,000	1,133,862
National Australia Bank Ltd.
12/10/2025	4.750%	600,000	600,779
PNC Financial Services Group, Inc. (The)(c)
07/23/2027	5.102%	625,000	628,614
Royal Bank of Canada(b)
SOFR + 0.790% 07/23/2027	5.120%	625,000	625,987
Skandinaviska Enskilda Banken AB(a)
03/05/2027	5.125%	625,000	632,861
State Street Corp.(c)
04/24/2028	4.543%	650,000	651,482
Toronto-Dominion Bank (The)(b)
SOFR + 0.620% 12/17/2026	4.950%	625,000	625,169
Truist Financial Corp.(c)
03/02/2027	1.267%	600,000	583,750
UBS Group AG(a),(c)
01/30/2027	1.364%	650,000	635,363
US Bank NA(b)
SOFR + 0.910% 05/15/2028	5.240%	675,000	676,078
Wells Fargo & Co.(c)
01/24/2028	4.900%	1,100,000	1,104,154
Westpac Banking Corp.(b)
SOFR + 0.460% 10/20/2026	4.790%	625,000	625,155
Total			17,305,223
Cable and Satellite 0.4%
Charter Communications Operating LLC/Capital
11/10/2026	6.150%	600,000	610,546
Comcast Corp.
01/15/2027	2.350%	650,000	629,779
Total			1,240,325
Chemicals 0.2%
LYB International Finance III LLC
10/01/2025	1.250%	625,000	617,130
Construction Machinery 0.4%
Caterpillar Financial Services Corp.(b)
SOFR + 0.380% 01/07/2027	4.710%	625,000	623,626

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
John Deere Capital Corp.
03/06/2026	4.950%	575,000	577,628
Total			1,201,254
Diversified Manufacturing 0.4%
Carrier Global Corp.
02/15/2027	2.493%	625,000	605,669
Siemens Financieringsmaatschappij NV(a)
03/16/2027	3.400%	650,000	641,381
Total			1,247,050
Electric 1.7%
CenterPoint Energy, Inc.
06/01/2026	1.450%	575,000	557,437
Dominion Energy, Inc.
04/15/2026	1.450%	650,000	632,570
DTE Energy Co.
10/01/2026	2.850%	575,000	562,191
Duke Energy Corp.
08/15/2027	3.150%	525,000	511,258
Eversource Energy
03/01/2027	2.900%	475,000	461,939
Georgia Power Co.(b)
SOFR + 0.280% 09/15/2026	4.610%	650,000	649,786
NextEra Energy Capital Holdings, Inc.
01/15/2027	1.875%	600,000	575,823
Public Service Enterprise Group, Inc.
08/15/2025	0.800%	558,000	553,201
WEC Energy Group, Inc.
09/27/2025	5.000%	575,000	575,182
Xcel Energy, Inc.
12/01/2026	3.350%	625,000	613,319
Total			5,692,706
Food and Beverage 1.2%
Bacardi Ltd.(a)
07/15/2026	2.750%	250,000	244,375
05/15/2028	4.700%	225,000	224,406
Campbell Soup Co.
03/20/2026	5.300%	610,000	612,692
Diageo Capital PLC
10/05/2026	5.375%	500,000	505,628
Kraft Heinz Foods Co.
06/01/2026	3.000%	402,000	395,825
Mars, Inc.(a)
03/01/2027	4.450%	640,000	640,655

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

Columbia Commodity Strategy Fund | 2025

Consolidated Portfolio of Investments (continued)

May 31, 2025

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Mondelez International, Inc.
03/17/2027	2.625%	600,000	582,286
Tyson Foods, Inc.
06/02/2027	3.550%	650,000	638,254
Total			3,844,121
Health Care 0.9%
Becton Dickinson and Co.
06/06/2027	3.700%	600,000	590,762
Cigna Corp.
03/01/2027	3.400%	400,000	392,825
CVS Health Corp.
03/25/2028	4.300%	640,000	632,731
GE HealthCare Technologies, Inc.
11/15/2027	5.650%	600,000	615,612
HCA, Inc.
03/15/2027	3.125%	650,000	633,664
Total			2,865,594
Healthcare Insurance 0.4%
Anthem, Inc.
03/15/2026	1.500%	624,000	608,435
UnitedHealth Group, Inc.(b)
SOFR + 0.500% 07/15/2026	4.830%	635,000	634,646
Total			1,243,081
Independent Energy 0.3%
Occidental Petroleum Corp.
08/01/2027	5.000%	600,000	600,089
Pioneer Natural Resources Co.
03/29/2026	5.100%	525,000	527,791
Total			1,127,880
Integrated Energy 0.2%
BP Capital Markets PLC
09/19/2027	3.279%	650,000	635,202
Life Insurance 0.7%
Corebridge Global Funding(a)
06/24/2026	5.350%	550,000	554,633
Met Tower Global Funding(a)
06/20/2026	5.400%	625,000	631,105
Pricoa Global Funding I(a)
08/28/2026	5.550%	625,000	632,965

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Principal Life Global Funding II(a)
11/17/2026	1.500%	650,000	623,415
Total			2,442,118
Midstream 1.2%
Enbridge, Inc.
11/15/2026	5.900%	575,000	584,619
Energy Transfer Partners LP
01/15/2026	4.750%	575,000	574,409
Enterprise Products Operating LLC
01/10/2026	5.050%	600,000	601,562
Kinder Morgan, Inc.
11/15/2026	1.750%	275,000	264,191
Plains All American Pipeline LP/Finance Corp.
12/15/2026	4.500%	575,000	573,914
Western Gas Partners LP
07/01/2026	4.650%	625,000	623,256
Williams Companies, Inc. (The)
06/15/2027	3.750%	650,000	640,605
Total			3,862,556
Natural Gas 0.2%
NiSource, Inc.
08/15/2025	0.950%	650,000	644,728
Pharmaceuticals 1.2%
AbbVie, Inc.
03/15/2027	4.800%	625,000	630,703
Amgen, Inc.
02/21/2027	2.200%	475,000	457,596
AstraZeneca PLC
11/16/2025	3.375%	575,000	571,940
Bristol-Myers Squibb Co.
02/20/2026	4.950%	550,000	551,349
Gilead Sciences, Inc.
03/01/2026	3.650%	575,000	571,226
Pfizer Investment Enterprises Pte., Ltd.
05/19/2026	4.450%	600,000	600,226
Roche Holdings, Inc.(a)
05/15/2026	2.625%	482,000	474,323
Total			3,857,363
Property & Casualty 0.4%
Chubb INA Holdings, Inc.
05/03/2026	3.350%	625,000	618,915

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

Columbia Commodity Strategy Fund | 2025

Consolidated Portfolio of Investments (continued)

May 31, 2025

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Loews Corp.
04/01/2026	3.750%	625,000	621,093
Total			1,240,008
Railroads 0.4%
CSX Corp.
11/01/2025	3.350%	575,000	572,064
Norfolk Southern Corp.
06/15/2026	2.900%	325,000	319,927
Union Pacific Corp.
02/05/2027	2.150%	535,000	517,024
Total			1,409,015
Retailers 0.2%
Home Depot, Inc. (The)
06/25/2026	5.150%	625,000	630,597
Technology 1.0%
Broadcom Corp./Cayman Finance Ltd.
01/15/2028	3.500%	650,000	635,748
Microchip Technology, Inc.
09/01/2025	4.250%	575,000	573,914
NXP BV/Funding LLC
03/01/2026	5.350%	625,000	628,251
Oracle Corp.
07/15/2026	2.650%	650,000	636,194
Synopsys, Inc.
04/01/2027	4.550%	625,000	625,873
Total			3,099,980
Transportation Services 0.2%
ERAC USA Finance LLC(a)
05/01/2028	4.600%	775,000	779,704
Wireless 0.4%
American Tower Corp.
07/15/2027	3.550%	640,000	626,638
T-Mobile US, Inc.
04/15/2027	3.750%	625,000	616,976
Total			1,243,614
Wirelines 0.4%
AT&T, Inc.
03/25/2026	1.700%	650,000	634,824

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Verizon Communications, Inc.
03/16/2027	4.125%	625,000	622,454
Total			1,257,278
Total Corporate Bonds & Notes (Cost $60,448,810)			60,631,759

Foreign Government Obligations(d) 0.4%

Canada 0.4%
Province of Ontario
01/21/2026	0.625%	650,000	634,903
Province of Quebec
07/23/2025	0.600%	650,000	646,490
Total			1,281,393
Total Foreign Government Obligations (Cost $1,279,449)			1,281,393

Residential Mortgage-Backed Securities - Non-Agency 3.8%

A&D Mortgage Trust(a),(c)
CMO Series 2023-NQM2 Class A1
05/25/2068	6.132%	901,974	902,063
Connecticut Avenue Securities Trust(a),(b)
CMO Series 2022-R02 Class 2M1
30-day Average SOFR + 1.200% 01/25/2042	5.522%	455,364	456,042
CMO Series 2022-R05 Class 2M1
30-day Average SOFR + 1.900% 04/25/2042	6.222%	202,375	203,300
JP Morgan Mortgage Trust(a),(b)
CMO Series 2024-HE3 Class A1
30-day Average SOFR + 1.200% 02/25/2055	5.528%	746,026	744,508
PRET LLC(a),(c)
CMO Series 2024-NPL4 Class A1
07/25/2054	6.996%	254,050	255,318
CMO Series 2024-NPL6 Class A1
10/25/2054	5.926%	545,737	549,558
CMO Series 2024-NPL7 Class A1
10/25/2054	5.925%	495,728	499,507
CMO Series 2024-NPL8 Class A1
11/25/2054	5.963%	874,442	871,450
CMO Series 2024-NPL9 Class A1
12/25/2054	5.851%	1,124,479	1,132,210
CMO Series 2025-NPL4 Class A1
04/25/2055	6.368%	198,586	198,442
Pretium Mortgage Credit Partners(a),(c)
Series 2025-NPL2 Class A1
03/25/2055	5.835%	1,562,549	1,548,700

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

Columbia Commodity Strategy Fund | 2025

Consolidated Portfolio of Investments (continued)

May 31, 2025

Residential Mortgage-Backed Securities - Non-Agency 3.8%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Pretium Mortgage Credit Partners LLC(a),(c)
CMO Series 2021-RN2 Class A1
07/25/2051	4.744%	333,252	331,815
PRPM LLC(a),(c)
CMO Series 2024-8 Class A1
12/25/2029	5.897%	954,468	960,561
RCO VIII Mortgage LLC(a),(c)
CMO Series 2025-3 Class A1
05/25/2030	6.435%	325,000	324,599
RCO X Mortgage LLC(a),(c)
CMO Series 2025-1 Class A1
01/25/2030	5.875%	732,625	732,930
Towd Point Mortgage Trust(a),(e)
CMO Series 2021-SJ2 Class A1A
12/25/2061	2.250%	422,413	405,973
VCAT LLC(a),(c)
CMO Series 2025-NPL1 Class A1
01/25/2055	5.877%	433,915	430,037
CMO Series 2025-NPL2 Class A1
09/25/2054	5.977%	1,826,108	1,820,679
Total Residential Mortgage-Backed Securities - Non-Agency (Cost $12,390,504)			12,367,692

Treasury Bills 0.4%
Issuer	Yield	Principal Amount ($)	Value ($)
United States 0.4%
U.S. Treasury Bills
07/31/2025	4.100%	1,300,000	1,291,002
Total Treasury Bills (Cost $1,290,822)			1,291,002

U.S. Government & Agency Obligations 0.4%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Federal Home Loan Banks
09/04/2025	0.375%	1,300,000	1,286,630
Total U.S. Government & Agency Obligations (Cost $1,286,561)			1,286,630

Money Market Funds 29.7%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 4.495%(f),(g)	96,225,418	96,196,550
Total Money Market Funds (Cost $96,201,496)		96,196,550
Total Investments in Securities (Cost: $222,906,981)		223,192,350
Other Assets & Liabilities, Net		101,348,125
Net Assets		324,540,475

At May 31, 2025, securities and/or cash totaling $17,763,745 were pledged as collateral.

Investments in derivatives

Long futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
Brent Crude	74	07/2025	USD	4,591,700	—	(512,637 )
Brent Crude	65	09/2025	USD	3,991,000	—	(501,724 )
Brent Crude	131	11/2025	USD	8,057,810	—	(270,810 )
Brent Crude	65	01/2026	USD	4,015,050	—	(63,914 )
Cocoa	18	09/2025	USD	1,659,600	37,367	—
Cocoa	1	09/2025	USD	92,200	—	(417 )
Coffee	8	07/2025	USD	1,027,350	56,732	—

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

Columbia Commodity Strategy Fund | 2025

Consolidated Portfolio of Investments (continued)

May 31, 2025

Long futures contracts (continued)
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
Coffee	6	07/2025	USD	770,513	—	(2,620 )
Coffee	16	09/2025	USD	2,038,800	41,831	—
Coffee	32	12/2025	USD	4,027,800	—	(70,968 )
Coffee	16	03/2026	USD	1,986,300	—	(142,745 )
Copper	2	07/2025	USD	233,875	56	—
Copper	7	07/2025	USD	818,563	—	(227 )
Copper	32	09/2025	USD	3,783,600	80,489	—
Copper	63	12/2025	USD	7,559,213	139,165	—
Copper	30	03/2026	USD	3,646,875	24,273	—
Copper	1	03/2026	USD	121,563	—	(1,366 )
Corn	131	07/2025	USD	2,908,200	—	(55,325 )
Corn	161	09/2025	USD	3,407,163	—	(189,902 )
Corn	311	12/2025	USD	6,818,675	—	(143,577 )
Corn	150	03/2026	USD	3,405,000	—	(13,487 )
Cotton	36	07/2025	USD	1,171,080	—	(44,865 )
Cotton	83	12/2025	USD	2,811,625	—	(39,336 )
Cotton	27	03/2026	USD	934,470	—	(9,346 )
Feeder Cattle	7	08/2025	USD	1,045,888	6,082	—
Feeder Cattle	2	08/2025	USD	298,825	—	(95 )
Gas Oil	23	07/2025	USD	1,358,725	224	—
Gas Oil	78	07/2025	USD	4,607,850	—	(146,817 )
Gas Oil	25	09/2025	USD	1,472,500	—	(197,726 )
Gas Oil	25	11/2025	USD	1,470,000	—	(95,237 )
Gas Oil	16	01/2026	USD	934,400	4,314	—
Gas Oil	35	01/2026	USD	2,044,000	—	(34,652 )
Gold 100 oz.	26	08/2025	USD	8,620,040	903,735	—
Gold 100 oz.	106	12/2025	USD	35,717,760	2,834,712	—
Gold 100 oz.	35	02/2026	USD	11,885,300	—	(35,527 )
Hard Red Winter Wheat	47	07/2025	USD	1,253,138	—	(67,095 )
Hard Red Winter Wheat	40	09/2025	USD	1,094,000	—	(76,951 )
Hard Red Winter Wheat	77	12/2025	USD	2,189,688	—	(137,642 )
Hard Red Winter Wheat	37	03/2026	USD	1,086,413	16,826	—
Lead	37	07/2025	USD	1,805,989	4,269	—
Lead	12	09/2025	USD	589,158	—	(12,219 )
Lead	12	11/2025	USD	592,908	—	(23,361 )
Lead	23	01/2026	USD	1,142,445	9,768	—
Lean Hogs	80	07/2025	USD	3,357,600	94,350	—
Lean Hogs	38	10/2025	USD	1,351,660	49,706	—
Lean Hogs	84	12/2025	USD	2,712,360	206,153	—
Lean Hogs	41	02/2026	USD	1,366,530	29,814	—
Live Cattle	46	08/2025	USD	3,852,040	183,708	—
Live Cattle	28	10/2025	USD	2,322,880	131,432	—
Live Cattle	56	12/2025	USD	4,663,120	227,220	—
Live Cattle	28	02/2026	USD	2,330,440	2,078	—
Natural Gas	32	06/2025	USD	1,103,040	46,037	—
Natural Gas	136	06/2025	USD	4,687,920	—	(536,448 )
Natural Gas	162	08/2025	USD	5,682,960	—	(634,758 )
Natural Gas	144	10/2025	USD	5,732,640	—	(811,638 )
Natural Gas	240	12/2025	USD	11,505,600	—	(488,904 )
Nickel	5	07/2025	USD	454,179	—	(15,263 )
Nickel	16	09/2025	USD	1,466,551	—	(59,386 )
Nickel	16	11/2025	USD	1,479,127	—	(89,347 )
Nickel	31	01/2026	USD	2,890,732	6,619	—
NY Harbor ULSD Heat Oil	62	06/2025	USD	5,222,062	—	(170,961 )
NY Harbor ULSD Heat Oil	14	08/2025	USD	1,179,058	—	(102,286 )
NY Harbor ULSD Heat Oil	14	10/2025	USD	1,185,055	—	(62,330 )
NY Harbor ULSD Heat Oil	28	12/2025	USD	2,373,991	—	(38,791 )
Primary Aluminum	22	07/2025	USD	1,341,087	—	(22,677 )

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

Columbia Commodity Strategy Fund | 2025

Consolidated Portfolio of Investments (continued)

May 31, 2025

Long futures contracts (continued)
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
Primary Aluminum	40	09/2025	USD	2,446,770	—	(104,930 )
Primary Aluminum	40	11/2025	USD	2,459,270	—	(152,315 )
Primary Aluminum	80	01/2026	USD	4,941,000	49,288	—
RBOB Gasoline	86	06/2025	USD	7,278,541	103,016	—
RBOB Gasoline	16	08/2025	USD	1,310,602	—	(120,320 )
RBOB Gasoline	18	10/2025	USD	1,321,715	—	(64,265 )
RBOB Gasoline	3	12/2025	USD	214,628	1,872	—
RBOB Gasoline	34	12/2025	USD	2,432,455	—	(31,308 )
Silver	14	07/2025	USD	2,312,030	27,066	—
Silver	19	09/2025	USD	3,166,730	75,930	—
Silver	28	12/2025	USD	4,722,900	128,796	—
Silver	10	12/2025	USD	1,686,750	—	(19,017 )
Silver	15	03/2026	USD	2,558,025	15,778	—
Silver	4	03/2026	USD	682,140	—	(98 )
Soybean	7	07/2025	USD	364,613	7,134	—
Soybean	56	07/2025	USD	2,916,900	—	(3,597 )
Soybean	149	11/2025	USD	7,649,288	—	(104,834 )
Soybean	54	01/2026	USD	2,810,025	90,322	—
Soybean	93	01/2026	USD	4,839,488	—	(22,464 )
Soybean Meal	143	07/2025	USD	4,237,090	—	(77,338 )
Soybean Meal	135	12/2025	USD	4,167,450	—	(97,601 )
Soybean Meal	105	01/2026	USD	3,267,600	49,600	—
Soybean Meal	29	01/2026	USD	902,480	—	(262 )
Soybean Oil	59	07/2025	USD	1,659,906	32,503	—
Soybean Oil	170	12/2025	USD	4,860,300	132,211	—
Soybean Oil	59	01/2026	USD	1,690,350	74,820	—
Soybean Oil	110	01/2026	USD	3,151,500	—	(58,328 )
Sugar #11	98	06/2025	USD	1,871,408	—	(36,064 )
Sugar #11	84	09/2025	USD	1,620,998	—	(80,827 )
Sugar #11	244	02/2026	USD	4,834,323	—	(180,353 )
Wheat	43	07/2025	USD	1,148,100	—	(56,395 )
Wheat	63	09/2025	USD	1,726,988	—	(83,170 )
Wheat	120	12/2025	USD	3,426,000	—	(128,236 )
Wheat	58	03/2026	USD	1,713,900	27,161	—
WTI Crude	120	06/2025	USD	7,294,800	—	(206,765 )
WTI Crude	60	08/2025	USD	3,540,000	—	(464,965 )
WTI Crude	61	10/2025	USD	3,550,200	—	(254,736 )
WTI Crude	121	12/2025	USD	7,034,940	—	(68,628 )
Zinc	86	07/2025	USD	5,615,370	—	(103,380 )
Zinc	20	09/2025	USD	1,312,220	—	(89,138 )
Zinc	20	11/2025	USD	1,318,220	—	(107,439 )
Zinc	39	01/2026	USD	2,577,110	—	(11,441 )
Total					5,952,457	(8,651,591 )

Short futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
U.S. Treasury 2-Year Note	(153)	09/2025	USD	(31,737,938 )	—	(44,582 )

Notes to Consolidated Portfolio of Investments

(a)	Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At May 31, 2025, the total value of these securities amounted to $47,851,025, which represents 14.74% of total net assets.
(b)	Variable rate security. The interest rate shown was the current rate as of May 31, 2025.
(c)	Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of May 31, 2025.

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

Columbia Commodity Strategy Fund | 2025

Consolidated Portfolio of Investments (continued)

May 31, 2025

Notes to Consolidated Portfolio of Investments (continued)

(d)	Principal and interest may not be guaranteed by a governmental entity.
(e)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of May 31, 2025.
(f)	The rate shown is the seven-day current annualized yield at May 31, 2025.
(g)	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%
	91,095,106	401,007,114	(395,899,559 )	(6,111 )	96,196,550	4,398	4,851,348	96,225,418

Abbreviation Legend

CMO	Collateralized Mortgage Obligation
SOFR	Secured Overnight Financing Rate

Currency Legend

USD

US Dollar

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 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

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

Columbia Commodity Strategy Fund | 2025

Consolidated Portfolio of Investments (continued)

May 31, 2025

Fair value measurements (continued)

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
Asset-Backed Securities - Non-Agency	—	41,914,581	—	41,914,581
Commercial Mortgage-Backed Securities - Non-Agency	—	8,222,743	—	8,222,743
Corporate Bonds & Notes	—	60,631,759	—	60,631,759
Foreign Government Obligations	—	1,281,393	—	1,281,393
Residential Mortgage-Backed Securities - Non-Agency	—	12,367,692	—	12,367,692
Treasury Bills	—	1,291,002	—	1,291,002
U.S. Government & Agency Obligations	—	1,286,630	—	1,286,630
Money Market Funds	96,196,550	—	—	96,196,550
Total Investments in Securities	96,196,550	126,995,800	—	223,192,350
Investments in Derivatives
Asset
Futures Contracts	5,952,457	—	—	5,952,457
Liability
Futures Contracts	(8,696,173 )	—	—	(8,696,173 )
Total	93,452,834	126,995,800	—	220,448,634

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

The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.

Derivative instruments are valued at unrealized appreciation (depreciation).

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

Columbia Commodity Strategy Fund | 2025

Consolidated Statement of Assets and Liabilities

May 31, 2025

Assets
Investments in securities, at value
Unaffiliated issuers (cost $126,705,485)	$126,995,800
Affiliated issuers (cost $96,201,496)	96,196,550
Cash	10,902,814
Margin deposits on:
Futures contracts	17,763,745
Receivable for:
Investments sold	1,414
Capital shares sold	74,024,601
Dividends	343,769
Interest	682,021
Foreign tax reclaims	1,037
Variation margin for futures contracts	201,362
Prepaid expenses	2,521
Other assets	3,633
Total assets	327,119,267
Liabilities
Payable for:
Capital shares redeemed	70,378
Variation margin for futures contracts	2,390,088
Management services fees	4,361
Distribution and/or service fees	83
Transfer agent fees	6,920
Compensation of board members	1,403
Other expenses	39,116
Deferred compensation of board members	66,443
Total liabilities	2,578,792
Net assets applicable to outstanding capital stock	$324,540,475
Represented by
Paid in capital	608,630,267
Total distributable earnings (loss)	(284,089,792 )
Total - representing net assets applicable to outstanding capital stock	$324,540,475
Class A
Net assets	$12,068,127
Shares outstanding	1,411,671
Net asset value per share	$8.55
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)	$9.07
Institutional Class
Net assets	$18,120,642
Shares outstanding	2,005,051
Net asset value per share	$9.04
Institutional 2 Class
Net assets	$8,644,029
Shares outstanding	916,588
Net asset value per share	$9.43
Institutional 3 Class
Net assets	$285,707,677
Shares outstanding	29,658,320
Net asset value per share	$9.63

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

Columbia Commodity Strategy Fund | 2025

Consolidated Statement of Operations

Year Ended May 31, 2025

Net investment income
Income:
Dividends — affiliated issuers	$4,851,348
Interest	8,277,367
Interfund lending	1,053
Total income	13,129,768
Expenses:
Management services fees	1,753,518
Distribution and/or service fees
Class A	36,446
Transfer agent fees
Class A	23,356
Advisor Class	9,585
Institutional Class	27,162
Institutional 2 Class	4,479
Institutional 3 Class	12,076
Custodian fees	19,956
Printing and postage fees	19,632
Registration fees	70,657
Accounting services fees	43,744
Legal fees	17,449
Compensation of chief compliance officer	57
Compensation of board members	14,005
Deferred compensation of board members	7,672
Other	20,105
Total expenses	2,079,899
Expense reduction	(40 )
Total net expenses	2,079,859
Net investment income	11,049,909
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	779,135
Investments — affiliated issuers	4,398
Futures contracts	(4,143,421 )
Net realized loss	(3,359,888 )
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	280,435
Investments — affiliated issuers	(6,111 )
Futures contracts	(8,991,737 )
Net change in unrealized appreciation (depreciation)	(8,717,413 )
Net realized and unrealized loss	(12,077,301 )
Net decrease in net assets resulting from operations	$(1,027,392 )

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

Columbia Commodity Strategy Fund | 2025

Consolidated 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	251,301	2,222,186	512,677	4,677,046
Distributions reinvested	144,491	1,206,498	79,593	678,924
Shares redeemed	(898,987 )	(7,928,629 )	(1,043,037 )	(9,296,464 )
Net decrease	(503,195 )	(4,499,945 )	(450,767 )	(3,940,494 )
Advisor Class
Shares sold	394,893	3,776,548	555,892	5,399,250
Distributions reinvested	—	—	59,484	544,874
Shares redeemed	(1,697,232 )	(16,599,103 )	(768,712 )	(7,355,563 )
Net decrease	(1,302,339 )	(12,822,555 )	(153,336 )	(1,411,439 )
Class C
Shares sold	—	—	5,115	39,346
Distributions reinvested	—	—	18,912	135,217
Shares redeemed	—	—	(590,596 )	(4,426,337 )
Net decrease	—	—	(566,569 )	(4,251,774 )
Institutional Class
Shares sold	4,220,215	40,231,563	282,293	2,695,419
Distributions reinvested	163,350	1,440,748	43,048	385,708
Shares redeemed	(3,088,494 )	(27,905,490 )	(1,748,511 )	(16,558,441 )
Net increase (decrease)	1,295,071	13,766,821	(1,423,170 )	(13,477,314 )
Institutional 2 Class
Shares sold	261,130	2,554,225	227,786	2,287,126
Distributions reinvested	65,112	598,374	38,547	359,257
Shares redeemed	(165,805 )	(1,602,352 )	(438,495 )	(4,259,625 )
Net increase (decrease)	160,437	1,550,247	(172,162 )	(1,613,242 )
Institutional 3 Class
Shares sold	28,788,082	286,774,814	11,235,673	115,546,421
Distributions reinvested	2,528,346	23,741,172	842,514	8,003,888
Shares redeemed	(24,005,445 )	(231,189,746 )	(10,205,435 )	(103,906,807 )
Net increase	7,310,983	79,326,240	1,872,752	19,643,502
Class R
Shares sold	—	—	52,286	442,801
Distributions reinvested	—	—	10,342	83,566
Shares redeemed	—	—	(333,102 )	(2,838,114 )
Net decrease	—	—	(270,474 )	(2,311,747 )
Total net increase (decrease)	6,960,957	77,320,808	(1,163,726 )	(7,362,508 )

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

Columbia Commodity Strategy Fund | 2025

Consolidated 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	Total distributions to shareholders
Class A
Year Ended 5/31/2025	$9.23	0.32	(0.25 )	0.07	(0.75 )	(0.75 )
Year Ended 5/31/2024	$8.47	0.34	0.79	1.13	(0.37 )	(0.37 )
Year Ended 5/31/2023	$21.90	0.21	(4.16 )	(3.95 )	(9.48 )	(9.48 )
Year Ended 5/31/2022	$20.69	(0.12 )	7.43	7.31	(6.10 )	(6.10 )
Year Ended 5/31/2021(e)	$13.99	(0.18 )	6.90	6.72	(0.02 )	(0.02 )
Institutional Class
Year Ended 5/31/2025	$9.71	0.36	(0.25 )	0.11	(0.78 )	(0.78 )
Year Ended 5/31/2024	$8.89	0.38	0.84	1.22	(0.40 )	(0.40 )
Year Ended 5/31/2023	$22.47	0.24	(4.29 )	(4.05 )	(9.53 )	(9.53 )
Year Ended 5/31/2022	$21.05	(0.05 )	7.59	7.54	(6.12 )	(6.12 )
Year Ended 5/31/2021(e)	$14.20	(0.15 )	7.02	6.87	(0.02 )	(0.02 )
Institutional 2 Class
Year Ended 5/31/2025	$10.10	0.38	(0.26 )	0.12	(0.79 )	(0.79 )
Year Ended 5/31/2024	$9.24	0.41	0.85	1.26	(0.40 )	(0.40 )
Year Ended 5/31/2023	$22.92	0.27	(4.40 )	(4.13 )	(9.55 )	(9.55 )
Year Ended 5/31/2022	$21.34	(0.07 )	7.78	7.71	(6.13 )	(6.13 )
Year Ended 5/31/2021(e)	$14.40	(0.12 )	7.08	6.96	(0.02 )	(0.02 )

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

Columbia Commodity Strategy Fund | 2025

Consolidated 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	$8.55	1.00%	1.11%	1.11% (c)	3.58%	198%	$12,068
Year Ended 5/31/2024	$9.23	13.70%	1.13%	1.13% (c)	3.78%	117%	$17,666
Year Ended 5/31/2023	$8.47	(22.59% )	1.13%	1.13% (c)	1.62%	142%	$20,037
Year Ended 5/31/2022	$21.90	47.23%	1.12% (d)	1.12% (d)	(0.57% )	329%	$32,304
Year Ended 5/31/2021 (e)	$20.69	47.95%	1.14% (d)	1.14% (c),(d)	(1.03% )	0%	$2,739
Institutional Class
Year Ended 5/31/2025	$9.04	1.33%	0.86%	0.86% (c)	3.84%	198%	$18,121
Year Ended 5/31/2024	$9.71	14.05%	0.88%	0.88% (c)	3.94%	117%	$6,891
Year Ended 5/31/2023	$8.89	(22.43% )	0.86%	0.86% (c)	1.55%	142%	$18,973
Year Ended 5/31/2022	$22.47	47.60%	0.86% (d)	0.86% (d)	(0.26% )	329%	$96,858
Year Ended 5/31/2021 (e)	$21.05	48.45%	0.90% (d)	0.90% (c),(d)	(0.82% )	0%	$1,380
Institutional 2 Class
Year Ended 5/31/2025	$9.43	1.37%	0.76%	0.76%	3.92%	198%	$8,644
Year Ended 5/31/2024	$10.10	14.05%	0.79%	0.79%	4.11%	117%	$7,636
Year Ended 5/31/2023	$9.24	(22.32% )	0.79%	0.79%	1.84%	142%	$8,576
Year Ended 5/31/2022	$22.92	47.79%	0.77% (d)	0.77% (d)	(0.34% )	329%	$17,431
Year Ended 5/31/2021 (e)	$21.34	48.41%	0.77% (d)	0.77% (d)	(0.68% )	0%	$19,305

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

Columbia Commodity Strategy Fund | 2025

Consolidated Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Total distributions to shareholders
Institutional 3 Class
Year Ended 5/31/2025	$10.30	0.39	(0.27 )	0.12	(0.79 )	(0.79 )
Year Ended 5/31/2024	$9.41	0.42	0.88	1.30	(0.41 )	(0.41 )
Year Ended 5/31/2023	$23.15	0.29	(4.47 )	(4.18 )	(9.56 )	(9.56 )
Year Ended 5/31/2022	$21.48	(0.07 )	7.88	7.81	(6.14 )	(6.14 )
Year Ended 5/31/2021(e)	$14.48	(0.11 )	7.14	7.03	(0.03 )	(0.03 )

Notes to Consolidated 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)	The benefits derived from expense reductions had an impact of less than 0.01%.
(d)	Ratios include interest on collateral expense. For the periods indicated below, if interest on collateral expense had been excluded, expenses would have been lower by:

Class	5/31/2022	5/31/2021
Class A	0.01%	0.02%
Institutional Class	0.01%	0.02%
Institutional 2 Class	0.01%	0.02%
Institutional 3 Class	0.01%	0.01%

(e)	Per share amounts have been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020.

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

Columbia Commodity Strategy Fund | 2025

Notes to Consolidated Financial Statements

May 31, 2025

Note 1. Organization

Columbia Commodity Strategy 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.

Basis for consolidation

CCFS Offshore Fund, Ltd. (the Subsidiary) is a Cayman Islands exempted company and wholly-owned subsidiary of the Fund. The Subsidiary acts as an investment vehicle in order to effect certain investment strategies consistent with the Fund’s investment objective and policies as stated in its current prospectus and statement of additional information. In accordance with the Memorandum and Articles of Association of the Subsidiary (the Articles), the Fund owns the sole issued share of the Subsidiary and retains all rights associated with such share, including the right to receive notice of, attend and vote at general meetings of the Subsidiary, rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary. The consolidated financial statements (financial statements) include the accounts of the consolidated Fund and the respective Subsidiary. Subsequent references to the Fund within the Notes to Consolidated Financial Statements collectively refer to the Fund and the Subsidiary. All intercompany transactions and balances have been eliminated in the consolidation process.

At May 31, 2025, the Subsidiary financial statement information is as follows:

	CCSF Offshore Fund, Ltd.
% of consolidated fund net assets	9.95 %
Net assets	$32,287,074
Net investment income (loss)	563,428
Net realized gain (loss)	(3,884,949 )
Net change in unrealized appreciation (depreciation)	(8,962,560 )

The financial statements present the portfolio holdings, financial position and results of operations of the Fund and the Subsidiary on a consolidated basis.

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 Consolidated 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.

Columbia Commodity Strategy Fund | 2025

Notes to Consolidated Financial Statements (continued)

May 31, 2025

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.

Security valuation

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

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities’ cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

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

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Columbia Commodity Strategy Fund | 2025

Notes to Consolidated Financial Statements (continued)

May 31, 2025

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 Consolidated Portfolio of Investments.

Derivative instruments

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

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

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

Columbia Commodity Strategy Fund | 2025

Notes to Consolidated Financial Statements (continued)

May 31, 2025

event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

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

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

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

Futures contracts

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

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

Effects of derivative transactions in the financial statements

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Consolidated Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the

Columbia Commodity Strategy Fund | 2025

Notes to Consolidated Financial Statements (continued)

May 31, 2025

Consolidated Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Consolidated Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at May 31, 2025:

	Asset derivatives
Risk exposure category	Consolidated statement of assets and liabilities location	Fair value ($)
Commodity-related investment risk	Component of total distributable earnings (loss) — unrealized appreciation on futures contracts	5,952,457 *

	Liability derivatives
Risk exposure category	Consolidated statement of assets and liabilities location	Fair value ($)
Interest rate risk	Component of total distributable earnings (loss) — unrealized depreciation on futures contracts	44,582 *
Commodity-related investment risk	Component of total distributable earnings (loss) — unrealized depreciation on futures contracts	8,651,591 *
Total		8,696,173

Includes cumulative appreciation (depreciation) as reported in the tables following the Consolidated Portfolio of Investments. Only the current day’s variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Consolidated Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Consolidated Statement of Operations for the year ended May 31, 2025:

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Commodity-related investment risk	(3,884,949 )
Interest rate risk	(258,472 )
Total	(4,143,421 )

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Commodity-related investment risk	(8,962,560 )
Interest rate risk	(29,177 )
Total	(8,991,737 )

The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended May 31, 2025:

Derivative instrument	Average notional amounts ($)
Futures contracts — long	310,911,098
Futures contracts — short	32,414,652

Asset- and mortgage-backed securities

The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.

Columbia Commodity Strategy Fund | 2025

Notes to Consolidated Financial Statements (continued)

May 31, 2025

Security transactions

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

Income recognition

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income.

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

Dividend income is recorded on the ex-dividend date.

Expenses

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

Determination of class net asset value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Consolidated 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 Consolidated 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.

Columbia Commodity Strategy Fund | 2025

Notes to Consolidated Financial Statements (continued)

May 31, 2025

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

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 0.63% to 0.49% as the Fund’s net assets increase. The effective management services fee rate for the year ended May 31, 2025 was 0.63% 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 Consolidated 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 Consolidated 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 Consolidated 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).

Columbia Commodity Strategy Fund | 2025

Notes to Consolidated Financial Statements (continued)

May 31, 2025

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 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	0.16
Advisor Class	0.07 (a)
Institutional Class	0.16
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 Consolidated Statement of Operations. For the year ended May 31, 2025, these minimum account balance fees reduced total expenses of the Fund by $40.

Distribution and service fees

The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution, the Fund pays a fee at the maximum annual 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)	10,872

(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.

Columbia Commodity Strategy Fund | 2025

Notes to Consolidated Financial Statements (continued)

May 31, 2025

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	1.17	1.17
Institutional Class	0.92	0.92
Institutional 2 Class	0.83	0.82
Institutional 3 Class	0.78	0.77

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

Note 4. Federal tax information

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

At May 31, 2025, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, derivative investments, tax straddles, principal and/or interest from fixed income securities, capital loss carryforwards, trustees’ deferred compensation and investments in commodity subsidiaries. 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 ($)	Accumulated net realized gain ($)	Paid in capital ($)
6,500,630	(130,412 )	(6,370,218 )

Net investment income (loss) and net realized gains (losses), as disclosed in the Consolidated 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 ($)	Total ($)
26,991,777	—	26,991,777	10,200,537	—	10,200,537

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

Columbia Commodity Strategy Fund | 2025

Notes to Consolidated Financial Statements (continued)

May 31, 2025

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 ($)	Net unrealized (depreciation) ($)
3,605,752	—	(1,636,525 )	(272,076,566 )

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) ($)	Net unrealized (depreciation) ($)
527,511,409	—	(272,076,566 )	(272,076,566 )

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 May 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 May 31, 2025, capital loss carryforwards utilized, if any, were as follows:

No expiration short-term ($)	No expiration long-term ($)	Total ($)	Utilized ($)
(1,148,208 )	(488,317 )	(1,636,525 )	403,679

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 $285,709,451 and $296,759,347, respectively, for the year ended May 31, 2025, of which $48,164,290 and $47,612,126, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Consolidated Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests significantly 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 Consolidated 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.

Columbia Commodity Strategy Fund | 2025

Notes to Consolidated Financial Statements (continued)

May 31, 2025

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

The Fund’s activity in the Interfund Program during the year ended May 31, 2025 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Lender	2,566,667	5.29	3

Interest income earned by the Fund is recorded as Interfund lending in the Consolidated Statement of Operations. The Fund had no outstanding interfund loans at 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 Consolidated 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.

Note 9. Significant risks

Commodity-related investment risk

The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, which may include demand for the commodity, weather, embargoes, tariffs, and economic health, political, international, regulatory and other developments. Exposure to commodities and commodities markets may subject the value of the Fund’s investments (and therefore the Fund) to greater volatility than other types of investments. Commodities investments may also subject the Fund to counterparty risk and liquidity risk. The Fund may make commodity-related investments through one or more wholly-owned subsidiaries organized outside the U.S. that are generally not subject to U.S. laws (including securities laws) and their protections.

Credit risk

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

Columbia Commodity Strategy Fund | 2025

Notes to Consolidated Financial Statements (continued)

May 31, 2025

Derivatives risk

Losses involving derivative instruments may be substantial, because a relatively small movement in the underlying reference (which is generally the price, rate or other economic indicator associated with a security(ies), commodity, currency, index or other instrument or asset) may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund’s exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk, liquidity risk and pricing risk.

Interest rate risk

Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. For example, a three-year duration means a bond is expected to decrease in value by 3% if interest rates rise 1% and increase in value by 3% if interest rates fall 1%. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Such actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund’s performance and NAV. Any interest rate increases could cause the value of the Fund’s investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses.

Leverage risk

Leverage occurs when the Fund increases its assets available for investment using borrowings, derivatives, or similar instruments or techniques. The use of leverage may produce volatility and may exaggerate changes in the Fund’s net asset value and in the return on the Fund’s portfolio, which may increase the risk that the Fund will lose more than it has invested. If the Fund uses leverage, through the purchase of particular instruments such as derivatives, the Fund may experience capital losses that exceed the net assets of the Fund. Leverage can create an interest expense that may lower the Fund’s overall returns. Leverage presents the opportunity for increased net income and capital gains, but may also exaggerate the Fund’s volatility and risk of loss. There can be no guarantee that a leveraging strategy will be successful.

Liquidity risk

Liquidity risk is the risk associated with any event, circumstance, or characteristic of an investment or market that negatively impacts the Fund’s ability to sell, or realize the proceeds from the sale of, an investment at a desirable time or price. Liquidity risk may arise because of, for example, a lack of marketability of the investment, which means that when seeking to sell its portfolio investments, the Fund could find that selling is more difficult than anticipated, especially during times of high market volatility. Market participants attempting to sell the same or a similar instrument at the same time as the Fund could exacerbate the Fund’s exposure to liquidity risk. The Fund may have to accept a lower selling price for the holding, sell other liquid or more liquid investments that it might otherwise prefer to hold (thereby increasing the proportion of the Fund’s investments in less liquid or illiquid securities), or forego another more appealing investment opportunity. The liquidity of Fund investments may change significantly over time and certain investments that were liquid when purchased by the Fund may later become illiquid, particularly in times of overall economic distress. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may also adversely affect the liquidity and the price of the Fund’s investments. Judgment plays a larger role in valuing illiquid or less liquid investments as compared to valuing liquid or more liquid investments. Price volatility may be higher for illiquid or less liquid investments as a result of, for example, the relatively less frequent pricing of such securities (as compared to liquid or more liquid investments). Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. Overall market liquidity and other factors can lead to an increase in redemptions, which may negatively impact Fund performance and NAV, including, for example, if the Fund is forced to sell investments in a down market.

Columbia Commodity Strategy Fund | 2025

Notes to Consolidated Financial Statements (continued)

May 31, 2025

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.

Money market fund investment risk

An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. Certain money market funds float their NAV while others seek to preserve the value of investments at a stable NAV (typically $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable NAV per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. Certain money market funds (including the Fund’s cash sweep vehicle) must impose a mandatory liquidity fee on redemptions if daily net redemptions exceed 5% of their net assets and certain money market funds (including the Fund’s cash sweep vehicle) may impose a discretionary liquidity fee of up to 2% on redemptions if that fee is determined to be in the best interest of the money market fund. The amount of any mandatory liquidity fee will represent a good faith estimate of the costs of liquidating a pro rata portion of each of the money market fund’s portfolio holdings to meet the redemptions, or 1% if such an amount cannot be estimated. Such fees, if imposed, will reduce the amount the Fund receives on redemptions. In addition to the fees and expenses that the Fund directly bears, the Fund indirectly bears the fees and expenses of any money market funds in which it invests, including affiliated money market funds. By investing in a money market fund, the Fund will be exposed to the investment risks of the money market fund in direct proportion to such investment. The money market fund may not achieve its investment objective. The Fund, through its investment in the money market fund, may not achieve its investment objective. To the extent the Fund invests in instruments such as derivatives, the Fund may hold investments, which may be significant, in money market fund shares to cover its obligations resulting from the Fund’s investments in such instruments. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.

Sector risk

At times, the Fund may have a significant portion of its assets exposed to one or more economic sectors. The Fund’s exposures to these sectors may be affected by economic, regulatory, political or market events or conditions, which may make the Fund vulnerable to unfavorable developments in these economic sectors.

Agricultural Sector. The Fund is vulnerable to the particular risks that may affect the agricultural sector. The agricultural (e.g., grain) sector may be adversely affected by changes or trends in commodity prices and labor costs, which may be influenced by unpredictable factors. The agricultural sector is subject to government subsidy policies and environmental, health and safety laws and regulations and changes to these policies, laws and regulations may have a material adverse effect on this sector. Adverse weather conditions and various geopolitical events also may adversely affect this sector.

Energy Sector. The Fund is vulnerable to the particular risks that may affect the energy sector. The energy sector is subject to certain risks, including legislative or regulatory changes, adverse market conditions and increased competition. Performance of commodities in the energy sector may be affected by factors including, among others, fluctuations in energy prices, energy fuel supply and demand factors, energy conservation, the success of exploration projects, local and international policies, and events occurring in nature. For instance, natural events (such as earthquakes, hurricanes or fires

Columbia Commodity Strategy Fund | 2025

Notes to Consolidated Financial Statements (continued)

May 31, 2025

in prime natural resources areas) and political events (such as government instability or military confrontations and actions) can affect the value of commodities in the energy sector. Other risks may include liabilities for environmental damage and general civil liabilities, depletion of resources, and mandated expenditures for safety and pollution control. The energy sector may also be affected by economic cycles, rising interest rates, high inflation, technical progress, labor relations, legislative or regulatory changes, local and international policies, and adverse market conditions.

Precious Metals Sector. The Fund is vulnerable to the particular risks that may affect the precious metals sector. The precious metals sector is subject to certain risks, including that process of precious metals are significantly affected by exchange rates, import controls, increased competition, environmental policies, consumer demand, and events occurring in nature. For instance, natural events (such as earthquakes, hurricanes or fires in prime natural resource areas) and political events (such as government instability or military confrontations and actions) can affect the value of the precious metals sector. Performance of the precious metals sector may be affected by factors including, among others, economic downturns, leading to poor investment returns or losses. Other risks may include liabilities for environmental damage and general civil liabilities, depletion of resources, and mandated expenditures for safety and pollution control. The precious metals sector may also be affected by economic cycles, rising interest rates, high inflation, technical progress, labor relations, legislative or regulatory changes, local and international policies, and adverse market conditions. In addition, prices of, and thus the Fund’s exposure to, precious metals are considered speculative and are affected by a variety of worldwide and economic, financial and political factors. Prices of precious metals may fluctuate sharply.

Shareholder concentration risk

At May 31, 2025, affiliated shareholders of record owned 83.0% 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, 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 Commodity Strategy Fund | 2025

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Commodity Strategy Fund

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated portfolio of investments, of Columbia Commodity Strategy Fund and its subsidiary (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of May 31, 2025, the related consolidated statement of operations for the year ended May 31, 2025, the consolidated 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 consolidated financial highlights for each of the five years in the period ended May 31, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated 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 consolidated financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated financial statements. Our procedures included confirmation of securities owned as of May 31, 2025 by correspondence with the custodian, transfer agent, and broker. 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 Commodity Strategy Fund | 2025

	Year Ended May 31, 2025	Year Ended May 31, 2024
Operations
Net investment income	$11,049,909	$10,707,325
Net realized loss	(3,359,888 )	(3,040,835 )
Net change in unrealized appreciation (depreciation)	(8,717,413 )	25,373,812
Net increase (decrease) in net assets resulting from operations	(1,027,392 )	33,040,302
Distributions to shareholders
Net investment income and net realized gains
Class A	(1,209,527 )	(683,067 )
Advisor Class	—	(547,566 )
Class C	—	(135,240 )
Institutional Class	(1,442,580 )	(387,864 )
Institutional 2 Class	(598,434 )	(359,288 )
Institutional 3 Class	(23,741,236 )	(8,003,921 )
Class R	—	(83,591 )
Total distributions to shareholders	(26,991,777 )	(10,200,537 )
Increase (decrease) in net assets from capital stock activity	77,320,808	(7,362,508 )
Total increase in net assets	49,301,639	15,477,257
Net assets at beginning of year	275,238,836	259,761,579
Net assets at end of year	$324,540,475	$275,238,836

(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