8ddcdf70ea7abe4

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 Flexible Capital Income Fund

Class A / CFIAX

Annual Shareholder Report | May 31, 2025

This annual shareholder report contains important information about Columbia Flexible Capital Income 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	$ 103	0.99 %

Management's Discussion of Fund Performance

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

Top Performance Contributors

Stock selection

| Selections in the health care and communication services sectors boosted the Fund’s relative results most during the annual period.

Allocations

| Overweight positions in the real estate sector buoyed the Fund’s relative results during the annual period.

Individual holdings

| Positions in Philip Morris International, Inc., a tobacco and nicotine company, AT&T, Inc., a telecommunications and technology services company, and Broadcom, Inc., a semiconductor company, were among the top contributors to the Fund’s relative performance during the period.

Top Performance Detractors

Stock selection

Selections in the energy and industrials sectors hurt the Fund’s relative results during the annual period.

Allocations

| Underweight positions in the financials sector detracted from relative performance.

Individual holdings

| Positions in Merck & Co., Inc., a health care company, Macy’s, Inc., a retail apparel company, and Albemarle Corp., a chemicals mining company, were among the top detractors to relative performance during the period.

Fund Performance

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

Growth of $10,000

Average Annual Total Returns (%)	1 year	5 years	10 years
Class A (excluding sales charges)	8.98	9.41	6.83
Class A (including sales charges)	2.68	8.12	6.20
Blended Benchmark - 33.34% Russell 1000® Value Index, 33.33% Bloomberg U.S. Corporate Investment Grade & High Yield Index, 33.33% Bloomberg U.S. Convertible Composite Index	9.43	8.14	7.04
Bloomberg U.S. Aggregate Bond Index	5.46	(0.90 )	1.49

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	$ 1,191,584,350
Total number of portfolio holdings	179
Management services fees (represents 0.63% of Fund average net assets)	$ 7,743,225
Portfolio turnover for the reporting period	50%

Graphical Representation of Fund

Holdings

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

Top Holdings

Exxon Mobil Corp.	1.2 %
Boeing Co. (The) 10/15/2027 6.000%	1.1 %
M&T Bank Corp.	1.0 %
Minerva Merger Sub, Inc. 02/15/2030 6.500%	1.0 %
U.S. Bancorp	1.0 %
Corning, Inc.	1.0 %
Clear Channel Outdoor Holdings, Inc. 04/15/2028 7.750%	1.0 %
Hilcorp Energy I LP/Finance Co. 04/15/2030 6.000%	1.0 %
PennyMac Corp. 03/15/2026 5.500%	1.0 %
Fertitta Entertainment LLC/Finance Co., Inc. 01/15/2030 6.750%	1.0 %

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.

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 Flexible Capital Income Fund | Class A

ASR148_01_(07/25)

Columbia Flexible Capital Income Fund

Class C / CFIGX

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
Class C	$ 181	1.74 %

Management's Discussion of Fund Performance

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

Top Performance Contributors

Stock selection

| Selections in the health care and communication services sectors boosted the Fund’s relative results most during the annual period.

Allocations

| Overweight positions in the real estate sector buoyed the Fund’s relative results during the annual period.

Individual holdings

Top Performance Detractors

Stock selection

Selections in the energy and industrials sectors hurt the Fund’s relative results during the annual period.

Allocations

| Underweight positions in the financials sector detracted from relative performance.

Individual holdings

Fund Performance

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

Growth of $10,000

Average Annual Total Returns (%)	1 year	5 years	10 years
Class C (excluding sales charges)	8.15	8.59	6.04
Class C (including sales charges)	7.15	8.59	6.04
Blended Benchmark - 33.34% Russell 1000® Value Index, 33.33% Bloomberg U.S. Corporate Investment Grade & High Yield Index, 33.33% Bloomberg U.S. Convertible Composite Index	9.43	8.14	7.04
Bloomberg U.S. Aggregate Bond Index	5.46	(0.90 )	1.49

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	$ 1,191,584,350
Total number of portfolio holdings	179
Management services fees (represents 0.63% of Fund average net assets)	$ 7,743,225
Portfolio turnover for the reporting period	50%

Graphical Representation of Fund

Holdings

Top Holdings

Exxon Mobil Corp.	1.2 %
Boeing Co. (The) 10/15/2027 6.000%	1.1 %
M&T Bank Corp.	1.0 %
Minerva Merger Sub, Inc. 02/15/2030 6.500%	1.0 %
U.S. Bancorp	1.0 %
Corning, Inc.	1.0 %
Clear Channel Outdoor Holdings, Inc. 04/15/2028 7.750%	1.0 %
Hilcorp Energy I LP/Finance Co. 04/15/2030 6.000%	1.0 %
PennyMac Corp. 03/15/2026 5.500%	1.0 %
Fertitta Entertainment LLC/Finance Co., Inc. 01/15/2030 6.750%	1.0 %

Asset Categories

Availability of Additional

Information

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

Columbia Flexible Capital Income Fund | Class C

ASR148_04_(07/25)

Columbia Flexible Capital Income Fund

Institutional Class / CFIZX

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	$ 77	0.74 %

Management's Discussion of Fund Performance

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

Top Performance Contributors

Stock selection

| Selections in the health care and communication services sectors boosted the Fund’s relative results most during the annual period.

Allocations

| Overweight positions in the real estate sector buoyed the Fund’s relative results during the annual period.

Individual holdings

Top Performance Detractors

Stock selection

Selections in the energy and industrials sectors hurt the Fund’s relative results during the annual period.

Allocations

| Underweight positions in the financials sector detracted from relative performance.

Individual holdings

Fund Performance

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

Growth of $10,000

Average Annual Total Returns (%)	1 year	5 years	10 years
Institutional Class	9.33	9.69	7.10
Blended Benchmark - 33.34% Russell 1000® Value Index, 33.33% Bloomberg U.S. Corporate Investment Grade & High Yield Index, 33.33% Bloomberg U.S. Convertible Composite Index	9.43	8.14	7.04
Bloomberg U.S. Aggregate Bond Index	5.46	(0.90 )	1.49

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	$ 1,191,584,350
Total number of portfolio holdings	179
Management services fees (represents 0.63% of Fund average net assets)	$ 7,743,225
Portfolio turnover for the reporting period	50%

Graphical Representation of Fund

Holdings

Top Holdings

Exxon Mobil Corp.	1.2 %
Boeing Co. (The) 10/15/2027 6.000%	1.1 %
M&T Bank Corp.	1.0 %
Minerva Merger Sub, Inc. 02/15/2030 6.500%	1.0 %
U.S. Bancorp	1.0 %
Corning, Inc.	1.0 %
Clear Channel Outdoor Holdings, Inc. 04/15/2028 7.750%	1.0 %
Hilcorp Energy I LP/Finance Co. 04/15/2030 6.000%	1.0 %
PennyMac Corp. 03/15/2026 5.500%	1.0 %
Fertitta Entertainment LLC/Finance Co., Inc. 01/15/2030 6.750%	1.0 %

Asset Categories

Availability of Additional

Information

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

Columbia Flexible Capital Income Fund | Institutional Class

ASR148_08_(07/25)

Columbia Flexible Capital Income Fund

Institutional 2 Class / CFXRX

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	$ 75	0.72 %

Management's Discussion of Fund Performance

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

Top Performance Contributors

Stock selection

| Selections in the health care and communication services sectors boosted the Fund’s relative results most during the annual period.

Allocations

| Overweight positions in the real estate sector buoyed the Fund’s relative results during the annual period.

Individual holdings

Top Performance Detractors

Stock selection

Selections in the energy and industrials sectors hurt the Fund’s relative results during the annual period.

Allocations

| Underweight positions in the financials sector detracted from relative performance.

Individual holdings

Fund Performance

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

Growth of $10,000

Average Annual Total Returns (%)	1 year	5 years	10 years
Institutional 2 Class	9.31	9.72	7.14
Blended Benchmark - 33.34% Russell 1000® Value Index, 33.33% Bloomberg U.S. Corporate Investment Grade & High Yield Index, 33.33% Bloomberg U.S. Convertible Composite Index	9.43	8.14	7.04
Bloomberg U.S. Aggregate Bond Index	5.46	(0.90 )	1.49

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	$ 1,191,584,350
Total number of portfolio holdings	179
Management services fees (represents 0.63% of Fund average net assets)	$ 7,743,225
Portfolio turnover for the reporting period	50%

Graphical Representation of Fund

Holdings

Top Holdings

Exxon Mobil Corp.	1.2 %
Boeing Co. (The) 10/15/2027 6.000%	1.1 %
M&T Bank Corp.	1.0 %
Minerva Merger Sub, Inc. 02/15/2030 6.500%	1.0 %
U.S. Bancorp	1.0 %
Corning, Inc.	1.0 %
Clear Channel Outdoor Holdings, Inc. 04/15/2028 7.750%	1.0 %
Hilcorp Energy I LP/Finance Co. 04/15/2030 6.000%	1.0 %
PennyMac Corp. 03/15/2026 5.500%	1.0 %
Fertitta Entertainment LLC/Finance Co., Inc. 01/15/2030 6.750%	1.0 %

Asset Categories

Availability of Additional

Information

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

Columbia Flexible Capital Income Fund | Institutional 2 Class

ASR148_15_(07/25)

Columbia Flexible Capital Income Fund

Institutional 3 Class / CFCYX

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	$ 70	0.67 %

Management's Discussion of Fund Performance

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

Top Performance Contributors

Stock selection

| Selections in the health care and communication services sectors boosted the Fund’s relative results most during the annual period.

Allocations

| Overweight positions in the real estate sector buoyed the Fund’s relative results during the annual period.

Individual holdings

Top Performance Detractors

Stock selection

Selections in the energy and industrials sectors hurt the Fund’s relative results during the annual period.

Allocations

| Underweight positions in the financials sector detracted from relative performance.

Individual holdings

Fund Performance

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

Growth of $10,000

Average Annual Total Returns (%)	1 year	5 years	10 years
Institutional 3 Class (a)	9.30	9.77	7.12
Blended Benchmark - 33.34% Russell 1000® Value Index, 33.33% Bloomberg U.S. Corporate Investment Grade & High Yield Index, 33.33% Bloomberg U.S. Convertible Composite Index	9.43	8.14	7.04
Bloomberg U.S. Aggregate Bond Index	5.46	(0.90 )	1.49

(a)

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

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

for more information.

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	$ 1,191,584,350
Total number of portfolio holdings	179
Management services fees (represents 0.63% of Fund average net assets)	$ 7,743,225
Portfolio turnover for the reporting period	50%

Graphical Representation of Fund

Holdings

Top Holdings

Exxon Mobil Corp.	1.2 %
Boeing Co. (The) 10/15/2027 6.000%	1.1 %
M&T Bank Corp.	1.0 %
Minerva Merger Sub, Inc. 02/15/2030 6.500%	1.0 %
U.S. Bancorp	1.0 %
Corning, Inc.	1.0 %
Clear Channel Outdoor Holdings, Inc. 04/15/2028 7.750%	1.0 %
Hilcorp Energy I LP/Finance Co. 04/15/2030 6.000%	1.0 %
PennyMac Corp. 03/15/2026 5.500%	1.0 %
Fertitta Entertainment LLC/Finance Co., Inc. 01/15/2030 6.750%	1.0 %

Asset Categories

Availability of Additional

Information

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

Columbia Flexible Capital Income Fund | Institutional 3 Class

ASR148_17_(07/25)

Columbia Flexible Capital Income Fund

Class S / CFILX

Annual Shareholder Report | May 31, 2025

This annual shareholder report contains important information about Columbia Flexible Capital Income Fund (the Fund) for the period of October 2, 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 S	$ 49 (a)	0.75 % (b)

(a)	Based on operations from October 2, 2024 (commencement of operations) through the stated period end. Had the class been open for the entire reporting period, expenses shown in the table above would have been higher.
(b)	Annualized.

Management's Discussion of Fund Performance

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

Top Performance Contributors

Stock selection

| Selections in the health care and communication services sectors boosted the Fund’s relative results most during the annual period.

Allocations

| Overweight positions in the real estate sector buoyed the Fund’s relative results during the annual period.

Individual holdings

Top Performance Detractors

Stock selection

Selections in the energy and industrials sectors hurt the Fund’s relative results during the annual period.

Allocations

| Underweight positions in the financials sector detracted from relative performance.

Individual holdings

Fund Performance

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

Growth of $10,000

Average Annual Total Returns (%)	1 year	5 years	10 years
Class S (a)	9.18	9.45	6.85
Blended Benchmark - 33.34% Russell 1000® Value Index, 33.33% Bloomberg U.S. Corporate Investment Grade & High Yield Index, 33.33% Bloomberg U.S. Convertible Composite Index	9.43	8.14	7.04
Bloomberg U.S. Aggregate Bond Index	5.46	(0.90 )	1.49

(a)

The returns shown for periods prior to October 2, 2024 (including Since Fund Inception returns, if shown) include the returns of Class A. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit

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

for more information.

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

results

shown assume reinvestment of distributions. Visit

columbiathreadneedleus.com/investment-products/mutual-funds

for more recent performance information.

Key Fund Statistics

Fund net assets	$ 1,191,584,350
Total number of portfolio holdings	179
Management services fees (represents 0.63% of Fund average net assets)	$ 7,743,225
Portfolio turnover for the reporting period	50%

Graphical Representation of Fund

Holdings

The tables below show the investment makeup of the Fund represented as a

percentage

of Fund net as

set

s. De

riva

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

Top Holdings

Exxon Mobil Corp.	1.2 %
Boeing Co. (The) 10/15/2027 6.000%	1.1 %
M&T Bank Corp.	1.0 %
Minerva Merger Sub, Inc. 02/15/2030 6.500%	1.0 %
U.S. Bancorp	1.0 %
Corning, Inc.	1.0 %
Clear Channel Outdoor Holdings, Inc. 04/15/2028 7.750%	1.0 %
Hilcorp Energy I LP/Finance Co. 04/15/2030 6.000%	1.0 %
PennyMac Corp. 03/15/2026 5.500%	1.0 %
Fertitta Entertainment LLC/Finance Co., Inc. 01/15/2030 6.750%	1.0 %

Asset Categories

Availability of Additional Information

For additional information about the Fund, including its prospectus

, financia

l 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.

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

Columbia Flexible Capital Income Fund | Class S

ASR148_16_(07/25)

Item 4. Principal Accountant Fees and Services.

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

	Amount billed to the registrant ($)		Amount billed to the registrant's investment advisor ($)
	May 31, 2025	May 31, 2024	May 31, 2025	May 31, 2024
Audit fees ^(a)	31,514	31,493	0	0
Audit-related fees ^(b)	0	0	0	0
Tax fees ^(c)	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.

Portfolio of Investments

May 31, 2025

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 33.7%
Issuer	Shares	Value ($)
Communication Services 2.2%
Diversified Telecommunication Services 1.7%
AT&T, Inc.	415,000	11,537,000
Verizon Communications, Inc.	200,000	8,792,000
Total		20,329,000
Media 0.5%
Comcast Corp., Class A	165,000	5,704,050
Total Communication Services		26,033,050
Consumer Discretionary 1.8%
Broadline Retail 0.5%
Macy’s, Inc.	460,000	5,469,400
Hotels, Restaurants & Leisure 0.5%
Darden Restaurants, Inc.	30,000	6,426,300
Household Durables 0.3%
Newell Brands, Inc.	750,000	3,975,000
Specialty Retail 0.5%
Best Buy Co., Inc.	85,000	5,633,800
Total Consumer Discretionary		21,504,500
Consumer Staples 2.7%
Beverages 0.5%
PepsiCo, Inc.	45,000	5,915,250
Food Products 0.7%
Mondelez International, Inc., Class A	125,000	8,436,250
Personal Care Products 0.7%
Kenvue, Inc.	375,000	8,951,250
Tobacco 0.8%
Philip Morris International, Inc.	50,000	9,029,500
Total Consumer Staples		32,332,250

Common Stocks (continued)
Issuer	Shares	Value ($)
Energy 3.1%
Oil, Gas & Consumable Fuels 3.1%
Chevron Corp.	85,000	11,619,500
Diamondback Energy, Inc.	42,500	5,718,375
EOG Resources, Inc.	52,500	5,699,925
Exxon Mobil Corp.	140,000	14,322,000
Total		37,359,800
Total Energy		37,359,800
Financials 6.7%
Banks 2.6%
JPMorgan Chase & Co.	27,500	7,260,000
M&T Bank Corp.	67,500	12,328,200
U.S. Bancorp	275,000	11,987,250
Total		31,575,450
Capital Markets 2.5%
Ares Capital Corp.	425,000	9,371,250
Blackstone Secured Lending Fund	275,000	8,767,000
Morgan Stanley	90,000	11,522,700
Total		29,660,950
Financial Services 0.0%
Clovis Liquidation Trust(a),(b),(c)	11,789,772	412,642
Insurance 0.8%
MetLife, Inc.	115,000	9,036,700
Mortgage Real Estate Investment Trusts (REITS) 0.8%
Starwood Property Trust, Inc.	475,000	9,381,250
Total Financials		80,066,992
Health Care 4.8%
Biotechnology 1.5%
AbbVie, Inc.	60,000	11,166,600
Amgen, Inc.	22,500	6,484,050
Total		17,650,650
Health Care Equipment & Supplies 0.9%
Medtronic PLC	135,000	11,202,300
Health Care Providers & Services 0.7%
CVS Health Corp.	122,500	7,844,900

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

Columbia Flexible Capital Income Fund | 2025

Portfolio of Investments (continued)

May 31, 2025

Common Stocks (continued)
Issuer	Shares	Value ($)
Pharmaceuticals 1.7%
Bristol-Myers Squibb Co.	200,000	9,656,000
Merck & Co., Inc.	65,000	4,994,600
Pfizer, Inc.	250,000	5,872,500
Total		20,523,100
Total Health Care		57,220,950
Industrials 2.0%
Aerospace & Defense 0.5%
RTX Corp.	45,000	6,141,600
Air Freight & Logistics 0.5%
United Parcel Service, Inc., Class B	62,500	6,096,250
Ground Transportation 0.5%
Union Pacific Corp.	27,500	6,095,650
Machinery 0.5%
Stanley Black & Decker, Inc.	90,000	5,888,700
Total Industrials		24,222,200
Information Technology 4.2%
Communications Equipment 0.8%
Cisco Systems, Inc.	152,500	9,613,600
Electronic Equipment, Instruments & Components 1.0%
Corning, Inc.	240,000	11,901,600
IT Services 0.5%
International Business Machines Corp.	22,500	5,828,850
Semiconductors & Semiconductor Equipment 1.3%
Broadcom, Inc.	25,000	6,051,750
Texas Instruments, Inc.	50,000	9,142,500
Total		15,194,250
Technology Hardware, Storage & Peripherals 0.6%
HP, Inc.	275,000	6,847,500
Total Information Technology		49,385,800
Materials 1.5%
Chemicals 1.0%
LyondellBasell Industries NV, Class A	105,000	5,931,450
Nutrien Ltd.	100,000	5,903,000
Total		11,834,450

Common Stocks (continued)
Issuer	Shares	Value ($)
Containers & Packaging 0.5%
International Paper Co.	135,000	6,454,350
Total Materials		18,288,800
Real Estate 2.6%
Industrial REITs 0.6%
Prologis, Inc.	57,500	6,244,500
Office REITs 0.5%
BXP, Inc.	90,000	6,059,700
Residential REITs 0.5%
Invitation Homes, Inc.	175,000	5,897,500
Retail REITs 0.5%
Realty Income Corp.	110,000	6,228,200
Specialized REITs 0.5%
VICI Properties, Inc.	185,000	5,866,350
Total Real Estate		30,296,250
Utilities 2.1%
Electric Utilities 1.5%
Duke Energy Corp.	52,500	6,180,300
Entergy Corp.	72,500	6,037,800
FirstEnergy Corp.	135,000	5,661,900
Total		17,880,000
Gas Utilities 0.6%
UGI Corp.	185,000	6,671,100
Total Utilities		24,551,100
Total Common Stocks (Cost $336,252,784)		401,261,692

Convertible Bonds 11.9%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Automotive 0.6%
Rivian Automotive, Inc.
03/15/2029	4.625%	7,000,000	7,455,000
Consumer Products 0.5%
LCI Industries(d)
03/01/2030	3.000%	6,100,000	5,993,250
Diversified Manufacturing 0.9%
Bloom Energy Corp.
06/01/2028	3.000%	3,700,000	4,682,350

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

Columbia Flexible Capital Income Fund | 2025

Portfolio of Investments (continued)

May 31, 2025

Convertible Bonds (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Greenbrier Companies, Inc. (The)
04/15/2028	2.875%	5,800,000	6,106,240
Total			10,788,590
Electric 1.2%
PG&E Corp.
12/01/2027	4.250%	6,000,000	6,225,000
WEC Energy Group, Inc.(d)
06/01/2029	4.375%	7,000,000	8,249,500
Total			14,474,500
Finance Companies 1.0%
Galaxy Digital Holdings LP(d)
12/01/2029	2.500%	5,500,000	5,936,263
Hercules Capital, Inc.(d)
09/01/2028	4.750%	6,400,000	6,144,000
Total			12,080,263
Healthcare REIT 0.5%
Welltower OP LLC(d)
07/15/2029	3.125%	4,200,000	5,651,100
Leisure 0.5%
Carnival Corp.
12/01/2027	5.750%	3,000,000	5,649,000
Other Financial Institutions 1.4%
MARA Holdings, Inc.(d),(e)
06/01/2031	0.000%	12,000,000	9,804,000
RWT Holdings, Inc.
10/01/2025	5.750%	6,500,000	6,480,500
Total			16,284,500
Other REIT 1.6%
PennyMac Corp.
03/15/2026	5.500%	12,000,000	11,835,044
Redwood Trust, Inc.
06/15/2027	7.750%	2,000,000	1,955,000
Starwood Property Trust, Inc.
07/15/2027	6.750%	5,500,000	5,797,000
Total			19,587,044
Pharmaceuticals 1.2%
Bridgebio Pharma, Inc.(d)
03/01/2031	1.750%	3,300,000	3,394,809
BridgeBio Pharma, Inc.
02/01/2029	2.250%	6,700,000	6,005,254

Convertible Bonds (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Mirum Pharmaceuticals, Inc.
05/01/2029	4.000%	3,300,000	5,306,622
Total			14,706,685
Retailers 0.0%
Farfetch Ltd.(f)
05/01/2027	0.000%	8,300,000	83,000
Technology 1.8%
CSG Systems International, Inc.
09/15/2028	3.875%	5,200,000	5,922,574
Eos Energy Enterprises, Inc.(d),(g)
06/15/2030	6.750%	3,000,000	2,984,276
MicroStrategy, Inc.(d),(e)
12/01/2029	0.000%	6,500,000	5,837,919
Progress Software Corp.
03/01/2030	3.500%	5,500,000	6,347,044
Total			21,091,813
Wireless 0.7%
AST SpaceMobile, Inc.(d)
03/01/2032	4.250%	6,700,000	7,918,341
Total Convertible Bonds (Cost $137,864,937)			141,763,086

Convertible Preferred Stocks 9.5%
Issuer		Shares	Value ($)
Financials 3.2%
Banks 1.0%
Bank of America Corp.(h)	7.250%	10,000	11,613,000
Capital Markets 1.7%
AMG Capital Trust II	5.150%	60,000	3,196,800
Ares Management Corp.	6.750%	115,000	6,028,300
KKR & Co., Inc.	6.250%	225,000	11,268,000
Total			20,493,100
Financial Services 0.5%
Shift4 Payments, Inc.	6.000%	55,000	6,168,800
Total Financials			38,274,900
Health Care 0.7%
Health Care Providers & Services 0.7%
BrightSpring Health Services, Inc.	6.750%	95,000	7,889,974
Total Health Care			7,889,974

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

Columbia Flexible Capital Income Fund | 2025

Portfolio of Investments (continued)

May 31, 2025

Convertible Preferred Stocks (continued)
Issuer		Shares	Value ($)
Industrials 1.9%
Aerospace & Defense 1.1%
Boeing Co. (The)	6.000%	200,000	13,562,000
Trading Companies & Distributors 0.8%
QXO, Inc.	5.500%	172,000	8,859,720
Total Industrials			22,421,720
Information Technology 1.7%
Semiconductors & Semiconductor Equipment 0.7%
Microchip Technology, Inc.	7.500%	160,000	8,856,000
Technology Hardware, Storage & Peripherals 1.0%
Hewlett Packard Enterprise Co.	7.625%	225,000	11,516,743
Total Information Technology			20,372,743
Materials 0.4%
Chemicals 0.4%
Albemarle Corp.	7.250%	185,000	5,296,550
Total Materials			5,296,550
Utilities 1.6%
Electric Utilities 1.6%
Nextera Energy, Inc.	7.234%	135,000	5,996,700
NextEra Energy, Inc.	7.299%	130,000	6,158,491
PG&E Corp.	6.000%	150,000	6,483,590
Total			18,638,781
Total Utilities			18,638,781
Total Convertible Preferred Stocks (Cost $112,288,226)			112,894,668

Corporate Bonds & Notes 43.3%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Aerospace & Defense 1.2%
Boeing Co. (The)
05/01/2054	6.858%	5,500,000	5,871,154
United Technologies Corp.
06/01/2042	4.500%	10,500,000	9,082,479
Total			14,953,633
Airlines 0.5%
American Airlines, Inc.(d)
02/15/2028	7.250%	6,000,000	6,061,662

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Apartment REIT 0.5%
Invitation Homes Operating Partnership LP
02/01/2035	4.875%	6,300,000	5,991,007
Banking 2.1%
Citigroup, Inc.(i)
Subordinated
09/19/2039	5.411%	6,700,000	6,383,487
JPMorgan Chase & Co.(h),(i)
	6.500%	5,800,000	5,885,918
JPMorgan Chase & Co.(i)
04/22/2052	3.328%	9,000,000	6,118,528
M&T Bank Corp.(i)
01/16/2036	5.385%	6,400,000	6,237,114
Total			24,625,047
Building Materials 0.5%
Stanley Black & Decker, Inc.
11/15/2048	4.850%	7,500,000	6,069,308
Cable and Satellite 0.7%
EchoStar Corp.(j)
11/30/2030	6.750%	6,218,080	5,345,655
Telesat Canada/LLC(d)
10/15/2027	6.500%	7,114,000	2,727,487
Total			8,073,142
Chemicals 1.7%
INEOS Finance PLC(d)
04/15/2029	7.500%	6,000,000	5,901,326
Innophos Holdings, Inc.(d)
06/15/2029	11.500%	5,900,000	5,944,250
Olympus Water US Holding Corp.(d)
10/01/2029	6.250%	9,000,000	8,343,336
Total			20,188,912
Construction Machinery 0.2%
Vortex Opco LLC.(d)
04/30/2030	8.000%	7,837,500	1,240,196
Vortex Opco LLC.(d),(k)
3-month Term SOFR + 6.250% Floor 0.500% 04/30/2030	10.842%	1,800,000	1,763,140
Total			3,003,336
Consumer Products 1.4%
Mattel, Inc.(d)
04/01/2029	3.750%	2,400,000	2,263,855

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

Columbia Flexible Capital Income Fund | 2025

Portfolio of Investments (continued)

May 31, 2025

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Mattel, Inc.
10/01/2040	6.200%	2,770,000	2,629,141
11/01/2041	5.450%	1,100,000	954,748
Newell Brands, Inc.(i)
04/01/2036	6.875%	2,500,000	2,293,911
Newell Brands, Inc.
04/01/2046	7.000%	5,300,000	4,304,231
SWF Escrow Issuer Corp.(d)
10/01/2029	6.500%	10,500,000	4,097,250
Total			16,543,136
Electric 5.0%
AES Corp. (The)
03/15/2032	5.800%	6,200,000	6,148,225
Duke Energy Corp.(i)
09/01/2054	6.450%	6,100,000	6,177,794
Edison International
03/15/2030	6.250%	8,800,000	8,915,633
Entergy Corp.(i)
12/01/2054	7.125%	6,000,000	6,142,993
Entergy Louisiana LLC
03/15/2055	5.800%	6,000,000	5,805,260
FirstEnergy Corp.
03/01/2050	3.400%	18,000,000	11,763,955
Pacific Gas and Electric Co.
07/01/2050	4.950%	7,500,000	5,960,633
Wisconsin Electric Power Co.
10/01/2054	5.050%	9,800,000	8,571,988
Total			59,486,481
Food and Beverage 2.0%
Mars, Inc.(d)
05/01/2045	5.650%	6,400,000	6,282,632
Primo Water Holdings, Inc./Triton Water Holdings, Inc.(d)
04/01/2029	6.250%	9,000,000	9,026,453
United Natural Foods, Inc.(d)
10/15/2028	6.750%	9,220,000	9,163,944
Total			24,473,029
Gaming 1.5%
Las Vegas Sands Corp.
06/15/2028	5.625%	6,000,000	6,014,348
Scientific Games Holdings LP/US FinCo, Inc.(d)
03/01/2030	6.625%	12,000,000	11,399,243
Total			17,413,591

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Health Care 2.5%
Acadia Healthcare Co., Inc.(d)
04/15/2029	5.000%	9,800,000	9,390,998
CVS Health Corp.
07/20/2045	5.125%	3,500,000	3,002,395
CVS Health Corp.(i)
03/10/2055	7.000%	6,000,000	6,041,765
Quotient Ltd.(a),(c),(d),(j)
04/15/2030	12.000%	2,022,941	1,962,253
Star Parent, Inc.(d)
10/01/2030	9.000%	9,400,000	9,715,300
Total			30,112,711
Independent Energy 2.4%
Hilcorp Energy I LP/Finance Co.(d)
04/15/2030	6.000%	12,500,000	11,866,096
Occidental Petroleum Corp.
07/15/2044	4.500%	11,572,000	8,138,560
04/15/2046	4.400%	12,200,000	8,655,415
Total			28,660,071
Leisure 1.3%
Carnival Corp.(d)
02/15/2033	6.125%	6,213,000	6,223,508
NCL Corp., Ltd.(d)
02/15/2029	7.750%	5,500,000	5,776,434
02/01/2032	6.750%	3,033,000	3,034,163
Total			15,034,105
Life Insurance 0.5%
MetLife, Inc.
07/15/2052	5.000%	7,000,000	6,201,411
Media and Entertainment 3.0%
Clear Channel Outdoor Holdings, Inc.(d)
04/15/2028	7.750%	13,000,000	11,879,156
Deluxe Corp.(d)
06/01/2029	8.000%	6,500,000	6,035,607
Lions Gate Capital Holdings LLC(d)
04/15/2029	5.500%	14,500,000	11,706,978
Mav Acquisition Corp.(d)
08/01/2029	8.000%	6,000,000	6,015,185
Total			35,636,926
Midstream 0.5%
AmeriGas Partners LP/Finance Corp.(d)
06/01/2030	9.500%	6,000,000	6,060,453

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

Columbia Flexible Capital Income Fund | 2025

Portfolio of Investments (continued)

May 31, 2025

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Oil Field Services 1.8%
Nabors Industries Ltd.(d)
01/15/2028	7.500%	6,400,000	5,338,261
Nabors Industries, Inc.(d)
08/15/2031	8.875%	7,000,000	4,793,248
Transocean Aquila Ltd.(d)
09/30/2028	8.000%	5,707,692	5,711,141
Transocean Titan Financing Ltd.(d)
02/01/2028	8.375%	5,599,572	5,684,438
Total			21,527,088
Other Financial Institutions —%
WeWork Companies US LLC(a),(c),(d)
08/15/2027	0.000%	6,975,000	0
Other REIT 0.5%
Prologis LP
03/15/2054	5.250%	6,500,000	5,946,862
Packaging 1.0%
ARD Finance SA(d),(j)
06/30/2027	7.250%	9,071,653	343,249
Mauser Packaging Solutions Holding Co.(d)
04/15/2027	9.250%	11,500,000	11,337,450
Total			11,680,699
Pharmaceuticals 2.3%
1261229 BC Ltd.(d)
04/15/2032	10.000%	6,100,000	6,039,227
AbbVie, Inc.
03/15/2055	5.600%	6,300,000	6,149,403
Bausch Health Companies, Inc.(d)
09/30/2028	11.000%	3,477,000	3,328,410
Merck & Co., Inc.
05/17/2053	5.000%	6,500,000	5,811,920
Organon & Co./Foreign Debt Co-Issuer BV(d)
05/15/2034	7.875%	4,700,000	4,054,510
Organon Finance 1 LLC(d)
04/30/2031	5.125%	2,000,000	1,681,281
Total			27,064,751
Property & Casualty 0.5%
Panther Escrow Issuer LLC(d)
06/01/2031	7.125%	5,500,000	5,688,130
Railroads 0.5%
Union Pacific Corp.
02/20/2035	5.100%	6,100,000	6,116,184

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Restaurants 1.0%
Fertitta Entertainment LLC/Finance Co., Inc.(d)
01/15/2030	6.750%	13,000,000	11,795,241
Retailers 0.9%
Hanesbrands, Inc.(d)
02/15/2031	9.000%	5,500,000	5,805,746
Magic MergeCo, Inc.(d)
05/01/2029	7.875%	9,700,000	4,734,980
Total			10,540,726
Supermarkets 0.7%
Albertsons Companies LLC/Safeway, Inc./New Albertsons LP/Albertsons LLC(d)
03/15/2033	6.250%	3,000,000	3,045,840
Safeway, Inc.
02/01/2031	7.250%	5,500,000	5,713,676
Total			8,759,516
Technology 5.6%
Broadcom, Inc.(d)
02/15/2041	3.500%	7,800,000	6,041,133
Cloud Software Group, Inc.(d)
09/30/2029	9.000%	6,000,000	6,135,998
Consensus Cloud Solutions, Inc.(d)
10/15/2026	6.000%	6,000,000	5,973,438
Hewlett Packard Enterprise Co.
10/15/2054	5.600%	6,500,000	6,051,020
International Business Machines Corp.
02/06/2053	5.100%	7,200,000	6,407,121
Minerva Merger Sub, Inc.(d)
02/15/2030	6.500%	12,500,000	12,036,119
Neptune Bidco US, Inc.(d)
04/15/2029	9.290%	9,655,000	9,149,498
Picard Midco, Inc.(d)
03/31/2029	6.500%	5,800,000	5,796,074
Rocket Software, Inc.(d)
02/15/2029	6.500%	9,625,000	9,379,650
Total			66,970,051
Tobacco 0.5%
Philip Morris International, Inc.
04/30/2030	4.375%	6,000,000	5,932,371
Transportation Services 0.5%
Hertz Corp. (The)(d)
07/15/2029	12.625%	5,900,000	6,010,323
Total Corporate Bonds & Notes (Cost $557,471,002)			516,619,903

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

Columbia Flexible Capital Income Fund | 2025

Portfolio of Investments (continued)

May 31, 2025

Preferred Debt 0.5%
Issuer	Coupon Rate	Shares	Value ($)
Banking 0.5%
Citigroup Capital XIII(i)
10/30/2040	10.911%	200,000	5,830,000
Total Preferred Debt (Cost $5,262,418)			5,830,000

Warrants —%
Issuer	Shares	Value ($)
Health Care —%
Health Care Equipment & Supplies —%
Quotient Ltd.(a),(b),(c) 10/13/2026	24,163	0
Quotient Ltd.(a),(b),(c) 07/06/2027	111,309	0
Total		0
Total Health Care		0
Total Warrants (Cost $—)		0

Money Market Funds 0.0%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 4.495%(l),(m)	197,460	197,401
Total Money Market Funds (Cost $197,381)		197,401
Total Investments in Securities (Cost: $1,149,336,748)		1,178,566,750
Other Assets & Liabilities, Net		13,017,600
Net Assets		1,191,584,350

Notes to Portfolio of Investments

(a)	Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At May 31, 2025, the total value of these securities amounted to $2,374,895, which represents 0.20% of total net assets.
(b)	Non-income producing investment.
(c)	Valuation based on significant unobservable inputs.
(d)	Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At May 31, 2025, the total value of these securities amounted to $365,697,748, which represents 30.69% of total net assets.
(e)	Zero coupon bond.
(f)	Represents a security in default.
(g)	Represents a security purchased on a when-issued basis.
(h)	Perpetual security with no specified maturity date.
(i)	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.
(j)	Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash.
(k)	Variable rate security. The interest rate shown was the current rate as of May 31, 2025.
(l)	The rate shown is the seven-day current annualized yield at May 31, 2025.
(m)	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%
	2,326,943	336,215,429	(338,344,758 )	(213 )	197,401	494	438,677	197,460

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

Columbia Flexible Capital Income Fund | 2025

Portfolio of Investments (continued)

May 31, 2025

Abbreviation Legend

SOFR	Secured Overnight Financing Rate

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 vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund’s investments at May 31, 2025:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Common Stocks
Communication Services	26,033,050	—	—	26,033,050
Consumer Discretionary	21,504,500	—	—	21,504,500
Consumer Staples	32,332,250	—	—	32,332,250
Energy	37,359,800	—	—	37,359,800
Financials	79,654,350	—	412,642	80,066,992
Health Care	57,220,950	—	—	57,220,950
Industrials	24,222,200	—	—	24,222,200
Information Technology	49,385,800	—	—	49,385,800
Materials	18,288,800	—	—	18,288,800

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

Columbia Flexible Capital Income Fund | 2025

Portfolio of Investments (continued)

May 31, 2025

Fair value measurements (continued)

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Real Estate	30,296,250	—	—	30,296,250
Utilities	24,551,100	—	—	24,551,100
Total Common Stocks	400,849,050	—	412,642	401,261,692
Convertible Bonds	—	141,763,086	—	141,763,086
Convertible Preferred Stocks
Financials	—	38,274,900	—	38,274,900
Health Care	—	7,889,974	—	7,889,974
Industrials	—	22,421,720	—	22,421,720
Information Technology	—	20,372,743	—	20,372,743
Materials	—	5,296,550	—	5,296,550
Utilities	—	18,638,781	—	18,638,781
Total Convertible Preferred Stocks	—	112,894,668	—	112,894,668
Corporate Bonds & Notes	—	514,657,650	1,962,253	516,619,903
Preferred Debt	5,830,000	—	—	5,830,000
Warrants
Health Care	—	—	0 *	0 *
Total Warrants	—	—	0 *	0 *
Money Market Funds	197,401	—	—	197,401
Total Investments in Securities	406,876,451	769,315,404	2,374,895	1,178,566,750

*	Rounds to zero.

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

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

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

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

Columbia Flexible Capital Income Fund | 2025

Statement of Operations

Year Ended May 31, 2025

Net investment income
Income:
Dividends — unaffiliated issuers	$25,264,321
Dividends — affiliated issuers	438,677
Interest	43,824,201
Foreign taxes withheld	(42,628 )
Total income	69,484,571
Expenses:
Management services fees	7,743,225
Distribution and/or service fees
Class A	891,355
Class C	1,577,767
Transfer agent fees
Class A	287,572
Advisor Class	12,606
Class C	127,125
Institutional Class	509,903
Institutional 2 Class	17,312
Institutional 3 Class	2,643
Class S	3,854
Custodian fees	9,580
Printing and postage fees	53,856
Registration fees	79,884
Accounting services fees	32,923
Legal fees	81,882
Compensation of chief compliance officer	209
Compensation of board members	24,067
Deferred compensation of board members	11,969
Other	39,173
Total expenses	11,506,905
Expense reduction	(20 )
Total net expenses	11,506,885
Net investment income	57,977,686
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	43,139,258
Investments — affiliated issuers	494
Net realized gain	43,139,752
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	4,862,079
Investments — affiliated issuers	(213 )
Net change in unrealized appreciation (depreciation)	4,861,866
Net realized and unrealized gain	48,001,618
Net increase in net assets resulting from operations	$105,979,304

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

Columbia Flexible Capital Income Fund | 2025

Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	May 31, 2025		May 31, 2024
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Shares sold	3,340,089	46,386,052	2,857,337	36,814,302
Distributions reinvested	1,220,117	16,868,837	1,458,046	18,617,721
Shares redeemed	(4,916,888 )	(68,152,615 )	(6,581,783 )	(84,383,787 )
Net decrease	(356,682 )	(4,897,726 )	(2,266,400 )	(28,951,764 )
Advisor Class
Shares sold	428,606	5,969,838	580,355	7,561,589
Distributions reinvested	60,557	832,577	165,456	2,133,421
Shares redeemed	(2,986,390 )	(43,053,119 )	(1,500,308 )	(19,486,946 )
Net decrease	(2,497,227 )	(36,250,704 )	(754,497 )	(9,791,936 )
Class C
Shares sold	584,893	8,090,196	605,433	7,744,615
Distributions reinvested	485,956	6,668,467	683,684	8,673,211
Shares redeemed	(3,682,266 )	(50,583,688 )	(4,100,035 )	(52,210,699 )
Net decrease	(2,611,417 )	(35,825,025 )	(2,810,918 )	(35,792,873 )
Institutional Class
Shares sold	9,057,085	127,197,175	7,625,806	98,163,708
Distributions reinvested	2,333,910	32,250,440	2,858,203	36,449,219
Shares redeemed	(10,888,833 )	(150,887,470 )	(18,623,441 )	(238,477,769 )
Net increase (decrease)	502,162	8,560,145	(8,139,432 )	(103,864,842 )
Institutional 2 Class
Shares sold	235,546	3,314,638	419,983	5,442,904
Distributions reinvested	113,875	1,592,387	154,365	1,990,188
Shares redeemed	(723,409 )	(9,964,427 )	(1,359,747 )	(17,653,495 )
Net decrease	(373,988 )	(5,057,402 )	(785,399 )	(10,220,403 )
Institutional 3 Class
Shares sold	248,797	3,463,103	251,603	3,222,758
Distributions reinvested	84,257	1,157,350	100,936	1,281,063
Shares redeemed	(480,718 )	(6,629,024 )	(524,962 )	(6,725,155 )
Net decrease	(147,664 )	(2,008,571 )	(172,423 )	(2,221,334 )
Class R
Shares sold	—	—	5,298	68,300
Distributions reinvested	—	—	3,208	40,937
Shares redeemed	—	—	(80,284 )	(1,033,133 )
Net decrease	—	—	(71,778 )	(923,896 )
Class S
Shares sold	719,573	10,155,246	—	—
Distributions reinvested	12,817	180,373	—	—
Shares redeemed	(401,230 )	(5,646,860 )	—	—
Net increase	331,160	4,688,759	—	—
Total net decrease	(5,153,656 )	(70,790,524 )	(15,000,847 )	(191,767,048 )

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

Columbia Flexible Capital Income Fund | 2025

Financial Highlights

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

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Year Ended 5/31/2025	$13.37	0.65	0.54	1.19	(0.68 )	—	(0.68 )
Year Ended 5/31/2024	$12.36	0.65	1.06	1.71	(0.70 )	—	(0.70 )
Year Ended 5/31/2023	$14.56	0.67	(1.85 )	(1.18 )	(0.67 )	(0.35 )	(1.02 )
Year Ended 5/31/2022	$15.90	0.63	(0.71 )	(0.08 )	(0.63 )	(0.63 )	(1.26 )
Year Ended 5/31/2021	$12.06	0.58	3.90	4.48	(0.64 )	—	(0.64 )
Class C
Year Ended 5/31/2025	$13.27	0.54	0.53	1.07	(0.57 )	—	(0.57 )
Year Ended 5/31/2024	$12.27	0.55	1.05	1.60	(0.60 )	—	(0.60 )
Year Ended 5/31/2023	$14.46	0.57	(1.84 )	(1.27 )	(0.57 )	(0.35 )	(0.92 )
Year Ended 5/31/2022	$15.80	0.51	(0.71 )	(0.20 )	(0.51 )	(0.63 )	(1.14 )
Year Ended 5/31/2021	$11.99	0.47	3.89	4.36	(0.55 )	—	(0.55 )
Institutional Class
Year Ended 5/31/2025	$13.36	0.68	0.55	1.23	(0.71 )	—	(0.71 )
Year Ended 5/31/2024	$12.36	0.69	1.04	1.73	(0.73 )	—	(0.73 )
Year Ended 5/31/2023	$14.56	0.71	(1.86 )	(1.15 )	(0.70 )	(0.35 )	(1.05 )
Year Ended 5/31/2022	$15.90	0.67	(0.71 )	(0.04 )	(0.67 )	(0.63 )	(1.30 )
Year Ended 5/31/2021	$12.06	0.61	3.91	4.52	(0.68 )	—	(0.68 )
Institutional 2 Class
Year Ended 5/31/2025	$13.53	0.70	0.54	1.24	(0.71 )	—	(0.71 )
Year Ended 5/31/2024	$12.50	0.70	1.07	1.77	(0.74 )	—	(0.74 )
Year Ended 5/31/2023	$14.72	0.71	(1.87 )	(1.16 )	(0.71 )	(0.35 )	(1.06 )
Year Ended 5/31/2022	$16.06	0.68	(0.72 )	(0.04 )	(0.67 )	(0.63 )	(1.30 )
Year Ended 5/31/2021	$12.17	0.62	3.95	4.57	(0.68 )	—	(0.68 )

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

Columbia Flexible Capital Income Fund | 2025

Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets(a)	Total net expense ratio to average net assets(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 5/31/2025	$13.88	8.98%	0.99%	0.99% (c)	4.69%	50%	$356,608
Year Ended 5/31/2024	$13.37	14.22%	0.99%	0.99% (c)	5.09%	36%	$348,263
Year Ended 5/31/2023	$12.36	(8.30% )	0.99%	0.99% (c)	5.11%	44%	$349,966
Year Ended 5/31/2022	$14.56	(0.65% )	0.98%	0.98%	4.06%	38%	$371,502
Year Ended 5/31/2021	$15.90	38.27%	1.00%	1.00%	4.13%	58%	$327,938
Class C
Year Ended 5/31/2025	$13.77	8.15%	1.74%	1.74% (c)	3.94%	50%	$139,750
Year Ended 5/31/2024	$13.27	13.39%	1.75%	1.75% (c)	4.33%	36%	$169,308
Year Ended 5/31/2023	$12.27	(9.01% )	1.74%	1.74% (c)	4.33%	44%	$191,070
Year Ended 5/31/2022	$14.46	(1.41% )	1.73%	1.73%	3.30%	38%	$245,459
Year Ended 5/31/2021	$15.80	37.25%	1.75%	1.75%	3.40%	58%	$242,640
Institutional Class
Year Ended 5/31/2025	$13.88	9.33%	0.74%	0.74% (c)	4.95%	50%	$642,249
Year Ended 5/31/2024	$13.36	14.42%	0.74%	0.74% (c)	5.33%	36%	$611,788
Year Ended 5/31/2023	$12.36	(8.06% )	0.74%	0.74% (c)	5.35%	44%	$666,294
Year Ended 5/31/2022	$14.56	(0.40% )	0.73%	0.73%	4.33%	38%	$734,226
Year Ended 5/31/2021	$15.90	38.60%	0.75%	0.75%	4.39%	58%	$573,637
Institutional 2 Class
Year Ended 5/31/2025	$14.06	9.31%	0.72%	0.72%	4.96%	50%	$27,610
Year Ended 5/31/2024	$13.53	14.53%	0.72%	0.72%	5.36%	36%	$31,637
Year Ended 5/31/2023	$12.50	(8.08% )	0.71%	0.71%	5.32%	44%	$39,047
Year Ended 5/31/2022	$14.72	(0.37% )	0.71%	0.71%	4.33%	38%	$64,534
Year Ended 5/31/2021	$16.06	38.70%	0.73%	0.73%	4.41%	58%	$58,024

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

Columbia Flexible Capital Income Fund | 2025

Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Institutional 3 Class
Year Ended 5/31/2025	$13.30	0.69	0.53	1.22	(0.72 )	—	(0.72 )
Year Ended 5/31/2024	$12.30	0.69	1.05	1.74	(0.74 )	—	(0.74 )
Year Ended 5/31/2023	$14.49	0.71	(1.84 )	(1.13 )	(0.71 )	(0.35 )	(1.06 )
Year Ended 5/31/2022	$15.83	0.68	(0.71 )	(0.03 )	(0.68 )	(0.63 )	(1.31 )
Year Ended 5/31/2021	$12.01	0.62	3.89	4.51	(0.69 )	—	(0.69 )
Class S
Year Ended 5/31/2025(d)	$14.09	0.44	(0.30 )(e)	0.14	(0.35 )	—	(0.35 )

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	The benefits derived from expense reductions had an impact of less than 0.01%.
(d)	Class S shares commenced operations on October 2, 2024. Per share data and total return reflect activity from that date.
(e)	Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to timing of Fund shares sold and redeemed in relation to fluctuations in the market value of the portfolio. For a new share class, the difference may be due to the timing of the commencement of operations for the share class.

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

Columbia Flexible Capital Income Fund | 2025

Notes to Financial Statements

May 31, 2025

Note 1. Organization

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

Fund shares

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

As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Class C shares automatically convert to Class A shares after 8 years. Institutional Class, Institutional 2 Class, Institutional 3 Class and Class S 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. Class S shares commenced operations on October 2, 2024.

The Board of Trustees of the Fund approved a proposal to permit the exchange of Institutional Class shares held by certain financial intermediaries and omnibus group retirement plans, with specific permission from Columbia Management Investment Distributors, Inc., for newly created Class S shares. Effective on October 4, 2024, shares held by those certain Institutional Class shareholders of the Fund were exchanged for Class S shares of the Fund. This was a tax-free transaction for existing Institutional Class shareholders.

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

Note 2. Summary of significant accounting policies

Basis of preparation

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

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

Segment reporting

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

Columbia Flexible Capital Income Fund | 2025

Notes to Financial Statements (continued)

May 31, 2025

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

Security valuation

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

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.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

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

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

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

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

Columbia Flexible Capital Income Fund | 2025

Notes to Financial Statements (continued)

May 31, 2025

Delayed delivery securities

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

Security transactions

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

Income recognition

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. For convertible securities, premiums attributable to the conversion feature are not amortized.

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.

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

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

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

The value of additional securities received as an income payment through a payment-in-kind, if any, is recorded as interest income and increases the cost basis of such securities.

Expenses

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

Determination of class net asset value

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

Columbia Flexible Capital Income Fund | 2025

Notes to Financial Statements (continued)

May 31, 2025

Federal income tax status

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

Foreign taxes

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

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

Distributions to shareholders

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

Guarantees and indemnifications

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

Recent accounting pronouncements and regulatory updates

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

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

Note 3. Fees and other transactions with affiliates

Management services fees

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 0.65% to 0.54% 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 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

Columbia Flexible Capital Income Fund | 2025

Notes to Financial Statements (continued)

May 31, 2025

compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

Compensation of Chief Compliance Officer

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

Transfer agency fees

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

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

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

For the year ended 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	0.08
Advisor Class	0.04 (a)
Class C	0.08
Institutional Class	0.08
Institutional 2 Class	0.06
Institutional 3 Class	0.01
Class S	0.08 (b)

(a)	Unannualized.
(b)	Annualized.

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended May 31, 2025, these minimum account balance fees reduced total expenses of the Fund by $20.

Columbia Flexible Capital Income Fund | 2025

Notes to Financial Statements (continued)

May 31, 2025

Distribution and service fees

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

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $1,098,000 for Class C shares. This amount is based on the most recent information available as of March 31, 2025, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.

Sales charges (unaudited)

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

	Front End (%)	CDSC (%)	Amount ($)
Class A	5.75	0.50 - 1.00 (a)	294,337
Class C	—	1.00 (b)	2,407

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

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

Expenses waived/reimbursed by the Investment Manager and its affiliates

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

	October 1, 2024 through September 30, 2025 (%)	Prior to October 1, 2024 (%)
Class A	1.07	1.13
Class C	1.82	1.88
Institutional Class	0.82	0.88
Institutional 2 Class	0.80	0.86
Institutional 3 Class	0.75	0.81
Class S	0.82	—

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is

Columbia Flexible Capital Income Fund | 2025

Notes to Financial Statements (continued)

May 31, 2025

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

Note 4. Federal tax information

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

At May 31, 2025, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, investments in certain convertible securities, deemed distributions, principal and/or interest from fixed income securities, defaulted securities/troubled debt, capital loss carryforwards and trustees’ deferred compensation. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

Undistributed net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
1,102,937	(1,102,938 )	1

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

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

Year Ended May 31, 2025			Year Ended May 31, 2024
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
60,336,753	—	60,336,753	69,932,368	—	69,932,368

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

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

Undistributed ordinary income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized appreciation ($)
8,420,944	—	(40,221,784 )	23,679,426

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

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized appreciation ($)
1,154,887,324	108,733,417	(85,053,991 )	23,679,426

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

Columbia Flexible Capital Income Fund | 2025

Notes to Financial Statements (continued)

May 31, 2025

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 ($)	Utilized ($)
(40,221,784 )	—	(40,221,784 )	42,575,408

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 $601,309,665 and $674,477,824, respectively, for the year ended May 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

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

Note 7. Interfund lending

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

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

The Fund did not borrow or lend money under the Interfund Program during the year ended May 31, 2025.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 24, 2024 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $900 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to

Columbia Flexible Capital Income Fund | 2025

Notes to Financial Statements (continued)

May 31, 2025

its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 24, 2024 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended May 31, 2025.

Note 9. Significant risks

Convertible securities risk

Convertible securities are subject to the usual risks associated with debt instruments, such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common stock into which they convert, and are thus subject to market risk. The Fund may also be forced to convert a convertible security at an inopportune time, which may decrease the Fund’s return.

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.

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.

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

Columbia Flexible Capital Income Fund | 2025

Notes to Financial Statements (continued)

May 31, 2025

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.

Market risk

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

Shareholder concentration risk

At May 31, 2025, affiliated shareholders of record owned 34.5% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

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

Columbia Flexible Capital Income Fund | 2025

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Flexible Capital Income Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of May 31, 2025, the related statement of operations for the year ended May 31, 2025, the statement of changes in net assets for each of the two years in the period ended May 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended May 31, 2025 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025 by correspondence with the custodian, transfer agent, issuer of privately offered security and brokers; when replies were not received from brokers, we performed other auditing procedures. 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 Flexible Capital Income Fund | 2025

Assets
Investments in securities, at value
Unaffiliated issuers (cost $1,149,139,367)	$1,178,369,349
Affiliated issuers (cost $197,381)	197,401
Cash	1,074,878
Receivable for:
Investments sold	10,636,585
Capital shares sold	499,843
Dividends	2,235,232
Interest	9,710,558
Foreign tax reclaims	7,494
Prepaid expenses	3,858
Other assets	5,569
Total assets	1,202,740,767
Liabilities
Payable for:
Investments purchased	7,348,641
Investments purchased on a delayed delivery basis	3,010,910
Capital shares redeemed	537,998
Management services fees	20,747
Distribution and/or service fees	6,278
Transfer agent fees	82,020
Compensation of board members	2,505
Other expenses	47,708
Deferred compensation of board members	99,610
Total liabilities	11,156,417
Net assets applicable to outstanding capital stock	$1,191,584,350
Represented by
Paid in capital	1,199,805,374
Total distributable earnings (loss)	(8,221,024 )
Total - representing net assets applicable to outstanding capital stock	$1,191,584,350

Portfolio of Investments	3
Statement of Assets and Liabilities	12
Statement of Operations	14
Statement of Changes in Net Assets	15
Financial Highlights	18
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	33
Federal Income Tax Information	34

Class A
Net assets	$356,607,804
Shares outstanding	25,689,088
Net asset value per share	$13.88
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)	$14.73
Class C
Net assets	$139,750,313
Shares outstanding	10,148,525
Net asset value per share	$13.77
Institutional Class
Net assets	$642,249,497
Shares outstanding	46,284,284
Net asset value per share	$13.88
Institutional 2 Class
Net assets	$27,609,718
Shares outstanding	1,964,063
Net asset value per share	$14.06
Institutional 3 Class
Net assets	$20,770,717
Shares outstanding	1,505,148
Net asset value per share	$13.80
Class S
Net assets	$4,596,301
Shares outstanding	331,160
Net asset value per share	$13.88

	Year Ended May 31, 2025	Year Ended May 31, 2024
Operations
Net investment income	$57,977,686	$64,800,157
Net realized gain (loss)	43,139,752	(16,757,245 )
Net change in unrealized appreciation (depreciation)	4,861,866	120,068,237
Net increase in net assets resulting from operations	105,979,304	168,111,149
Distributions to shareholders
Net investment income and net realized gains
Class A	(17,381,551 )	(19,075,369 )
Advisor Class	(837,611 )	(2,143,658 )
Class C	(6,677,890 )	(8,696,056 )
Institutional Class	(32,474,136 )	(36,684,769 )
Institutional 2 Class	(1,611,325 )	(2,009,287 )
Institutional 3 Class	(1,173,867 )	(1,282,152 )
Class R	—	(41,077 )
Class S	(180,373 )	—
Total distributions to shareholders	(60,336,753 )	(69,932,368 )
Decrease in net assets from capital stock activity	(70,790,524 )	(191,767,048 )
Total decrease in net assets	(25,147,973 )	(93,588,267 )
Net assets at beginning of year	1,216,732,323	1,310,320,590
Net assets at end of year	$1,191,584,350	$1,216,732,323

Qualified dividend income	Dividends received deduction	Section 199A dividends
37.94%	36.18%	3.37%

(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