N-CSR 1 f25978d1.htm COLUMBIA FUND SERIES TRUST II Columbia Fund Series Trust II

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:  May 31 

  

Date of reporting period:  May 31, 2023 

  

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. 


Annual Report
May 31, 2023 
Columbia Select Small Cap Value Fund
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents
If you elect to receive the shareholder report for Columbia Select Small Cap Value Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Select Small Cap Value Fund  |  Annual Report 2023

Fund at a Glance
(Unaudited)
Investment objective
The Fund seeks to provide shareholders with long-term capital appreciation.
Portfolio management
Kari Montanus
Lead Portfolio Manager
Managed Fund since 2014
Jonas Patrikson, CFA
Portfolio Manager
Managed Fund since 2018
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2023 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended May 31, 2023)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 04/25/97 -7.04 3.71 6.64
  Including sales charges   -12.40 2.50 6.01
Advisor Class 11/08/12 -6.79 3.98 6.91
Class C Excluding sales charges 05/27/99 -7.65 2.96 5.84
  Including sales charges   -8.52 2.96 5.84
Institutional Class 09/27/10 -6.75 3.99 6.91
Institutional 2 Class 11/30/01 -6.75 4.05 7.01
Institutional 3 Class* 10/01/14 -6.69 4.10 6.99
Class R 04/30/03 -7.20 3.56 6.42
Russell 2000 Value Index   -11.50 2.09 6.43
Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The Russell 2000 Value Index, an unmanaged index, measures the performance of those stocks in the Russell 2000 Index with lower price-to-book ratios and lower forecasted growth values.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.
Columbia Select Small Cap Value Fund  | Annual Report 2023
3

Fund at a Glance   (continued)
(Unaudited)
Performance of a hypothetical $10,000 investment (May 31, 2013 — May 31, 2023)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Select Small Cap Value Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.
Portfolio breakdown (%) (at May 31, 2023)
Common Stocks 99.7
Money Market Funds 0.3
Rights 0.0(a)
Total 100.0
    
(a) Rounds to zero.
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Equity sector breakdown (%) (at May 31, 2023)
Communication Services 0.3
Consumer Discretionary 12.5
Consumer Staples 2.2
Energy 3.6
Financials 23.1
Health Care 9.3
Industrials 16.3
Information Technology 10.4
Materials 11.3
Real Estate 8.0
Utilities 3.0
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
 
4 Columbia Select Small Cap Value Fund  | Annual Report 2023

Manager Discussion of Fund Performance
(Unaudited)
For the 12-month period that ended May 31, 2023, Class A shares of Columbia Select Small Cap Value Fund returned -7.04% excluding sales charges. The Fund outperformed its benchmark, the Russell 2000 Value Index, which returned -11.50% for the same time period.
Market overview
U.S. equities seesawed through the 12-month period ending May 31, 2023, struggling to maintain positive momentum despite frequent rallies that brought major benchmarks above break-even. Although investors grappled with a variety of worries, market trajectory both up and down was driven predominantly by cross currents centered on evolving expectations for inflation and the path of U.S. Federal Reserve (Fed) interest-rate hikes.
Coming into the period, investor confidence had been shaken by persistent inflation that cast doubt on the Fed’s ability to restore price stability without causing a recession. Even though the Fed’s 75 basis point hike in mid-June 2022 had been widely expected and caused little immediate market reaction, its recommitment to fight inflation with more hikes sparked considerable anxiety. (A basis point is 1/100 of a percent.) That anxiety eventually was proven to be well-grounded foresight. In total, the Fed ended up raising rates eight times during the 12 months ended May 31, 2023.
Despite the relatively steady pace of hikes that began to unfold, sentiment occasionally improved as the period progressed. Positives included hints of so-called “peak inflation” and attractive valuations, as well as hopes that China’s economy would reopen after an extended zero-COVID-19 lockdown that gummed up global trade and contributed to cost pressures affecting economies worldwide. Better-than-feared earnings results and guidance helped sentiment, particularly from bellwethers like Alphabet and Microsoft, as well as retailers like Walmart and Target early in the period. But most of the upside was sparked by investors’ interpretation of Fed Chair Powell’s remarks after the Federal Open Market Committee announced an anticipated 75 basis point rate hike at the end of July 2022.  What many seemingly heard were hints that rate hikes would slow in concert with softening economic growth. That takeaway evaporated a month later when Chair Powell spoke at a symposium in Jackson Hole, Wyoming and prioritized fighting inflation no matter how much pain the economy might suffer. His inflation-fighting resolve was confirmed by an additional 75 basis point hike in September, along with a dot-plot showing no expectations for rate cuts until 2024.
Equities continued to deliver lumpy results and briefly turned higher into the start of 2023 as investors yet again seemed comfortable with the notion of a softer landing based on better-than-expected earnings, as well as constructive inflation and economic data. But that bout of optimism proved short-lived during February 2023, as a blowout January employment report and continued higher-for-longer messaging from the Fed, along with mixed earnings reports and geopolitical uncertainties, weighed on sentiment. Then in March 2023, banking sector turmoil dominated headlines as two banks failed in quick succession. While intervention to guarantee uninsured deposits and to provide emergency liquidity helped to limit any broader banking contagion, regional bank stocks still suffered. However, the bank crisis brought with it a rate reprieve and heightened expectations for a Fed pivot, providing a tailwind for technology and other growth-oriented stocks with future earnings that are made currently more attractive by lower interest rates.
Even though the final rate hike of the period on May 3 brought the target federal funds rate upper bound to 5.25% – a level not seen since mid-2006 – sentiment for high-growth stocks remained intact. Chipmaker NVIDIA was a well-publicized beneficiary of the rosy outlook, and it was among a number of mega-cap stocks that received an additional super-charged boost from surging investor interest in artificial intelligence. But NVIDIA’s May performance, which brought its year-to-date return to nearly 160%, also provided support for pessimistic investors focused on risks posed by narrow leadership underlying the market. That concern was well-founded, considering that the chipmaker and six other stocks – Microsoft, Apple, Amazon, Tesla, Meta and Alphabet – account for roughly a quarter of the S&P 500 Index’s market capitalization and collectively have produced more than 100% of the benchmark’s year-to-date performance in 2023.
Headwinds swirling throughout the end of the period included protracted wrangling between the White House and Republican leaders in efforts to raise the debt ceiling and avoid default on U.S. Treasury obligations.  Lingering fears of more turmoil in the banking sector, dampened China reopening momentum and persistent signs of an imminent recession added heft to downside expectations. Better-than-expected first quarter 2023 earnings reports and upbeat guidance helped offset some of these worries, as did resilient consumer spending and a last-minute agreement in principle on May 27 that would suspend the debt ceiling until January 2025.
Columbia Select Small Cap Value Fund  | Annual Report 2023
5

Manager Discussion of Fund Performance  (continued)
(Unaudited)
Against this backdrop, the broad-market S&P 500 Index delivered a return of 2.92%.  Within the index, the best performers were information technology, communication services and industrials. Real estate and materials stocks fared the worst, dropping more than double digits. Growth stocks, as measured by the Russell 1000 Growth Index, significantly outperformed value stocks, as measured by the Russell 1000 Value Index. Small-cap stocks, as measured by the Russell 2000 Index, and mid-cap stocks, represented by the Russell Midcap Index, each lost over 4.5%.
The Fund’s notable contributors during the period
Strong broad-based stock selection was the largest source of the Fund’s outperformance, particularly within the materials, consumer discretionary and information technology sectors.
Overall sector allocation also helped relative results. Overweights to information technology and industrials were especially beneficial, as was an underweight to financials. A modest cash allocation throughout the period also helped.
Top individual contributors during the period included Extreme Networks, Inc., Texas Roadhouse, Inc., O-I Glass, Inc., Radian Group, Inc. and ATI, Inc.
Extreme Networks provides software-driven networking solutions. Shares of the company rose on strong sales growth and increasing backlogs driven by strong and persistent demand, even in the face of an uncertain macro environment, as the company continues to move to cloud-delivered products and expand distribution.
Restaurant chain Texas Roadhouse was a strong performer despite ongoing labor and food inflation weighing on margins, factors that were offset by strong demand that helped the company gain share in the casual dining category.
Glass packaging maker O-I Glass rose on strong results and favorable guidance driven by increased pricing power and progress the company has made in divesting noncore assets and continuing to deleverage.
Specialty insurer Radian Group rebounded from worries over a potential slowdown in new business and rose as investors focused on strong results amid an environment of low defaults and high credit quality.
As was the case in the previous reporting period, specialty metals company ATI was a notable outperformer. The company, formerly known as Allegheny Technologies, reported strong results that beat consensus expectations and authorized a new share repurchase program as investors additionally focused on opportunities in global defense, medical, and energy applications.
The Fund’s notable detractors during the period
Stock selection within the energy and communication services sectors detracted from relative performance during the period, as did an underweight within the utilities sector.
Top individual detractors from relative performance during the period included Pacific Premier Bancorp, Inc., iHeartMedia, Inc., Devon Energy Corp., Patterson-UTI Energy, Inc. and Lincoln National Corp.
While the portfolio is underweight regional banks, the bank failures that rocked the industry in the latter part of the period brought the group sharply lower, including California-based Pacific Premier Bancorp.
Mass media company iHeartMedia, which was a detractor in the previous period, continued to see pressure from a challenging ad market.
Two top performers from the previous period – exploration and production company Devon Energy and equipment and services provider Patterson-UTI Energy – fell in concert as the energy complex struggled with the decline in oil prices.
Insurer Lincoln National dropped after reporting a loss owing to a significant charge associated with their annual actuarial assumption review.
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Investments in small-cap companies involve risks and volatility greater than investments in larger, more established companies. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that
6 Columbia Select Small Cap Value Fund  | Annual Report 2023

Manager Discussion of Fund Performance  (continued)
(Unaudited)
worth. Investments in a limited number of companies subject the Fund to greater risk of loss. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. See the Fund’s prospectus for more information on these and other risks.
The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.
Columbia Select Small Cap Value Fund  | Annual Report 2023
7

Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
December 1, 2022 — May 31, 2023
  Account value at the
beginning of the
period ($)
Account value at the
end of the
period ($)
Expenses paid during
the period ($)
Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Class A 1,000.00 1,000.00 921.10 1,018.55 6.13 6.44 1.28
Advisor Class 1,000.00 1,000.00 922.20 1,019.80 4.94 5.19 1.03
Class C 1,000.00 1,000.00 917.60 1,014.81 9.71 10.20 2.03
Institutional Class 1,000.00 1,000.00 922.10 1,019.80 4.94 5.19 1.03
Institutional 2 Class 1,000.00 1,000.00 922.20 1,020.14 4.60 4.84 0.96
Institutional 3 Class 1,000.00 1,000.00 922.40 1,020.39 4.36 4.58 0.91
Class R 1,000.00 1,000.00 919.80 1,017.40 7.23 7.59 1.51
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.
8 Columbia Select Small Cap Value Fund  | Annual Report 2023

Portfolio of Investments
May 31, 2023
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 99.6%
Issuer Shares Value ($)
Communication Services 0.3%
Media 0.3%
iHeartMedia, Inc., Class A(a) 530,000 1,256,100
Total Communication Services 1,256,100
Consumer Discretionary 12.5%
Auto Components 4.2%
Atmus Filtration Technologies, Inc.(a) 247,440 5,131,906
Visteon Corp.(a) 100,000 13,358,000
Total   18,489,906
Hotels, Restaurants & Leisure 4.6%
Penn Entertainment, Inc.(a) 44,535 1,115,156
Six Flags Entertainment Corp.(a) 393,383 10,050,936
Texas Roadhouse, Inc. 83,699 9,031,122
Total   20,197,214
Household Durables 1.9%
KB Home 196,665 8,521,495
Textiles, Apparel & Luxury Goods 1.8%
Kontoor Brands, Inc. 195,977 7,674,459
Total Consumer Discretionary 54,883,074
Consumer Staples 2.1%
Food Products 2.1%
Nomad Foods Ltd.(a) 551,731 9,407,014
Total Consumer Staples 9,407,014
Energy 3.6%
Energy Equipment & Services 1.7%
Patterson-UTI Energy, Inc. 764,515 7,446,376
Oil, Gas & Consumable Fuels 1.9%
Devon Energy Corp. 179,397 8,270,202
Total Energy 15,716,578
Financials 23.0%
Banks 11.8%
Axos Financial, Inc.(a) 371,820 14,062,232
First Hawaiian, Inc. 388,838 6,411,939
OceanFirst Financial Corp. 450,000 6,390,000
Pacific Premier Bancorp, Inc. 428,623 8,070,971
Common Stocks (continued)
Issuer Shares Value ($)
Popular, Inc. 161,254 9,220,504
Stock Yards Bancorp, Inc. 188,776 7,909,714
Total   52,065,360
Consumer Finance 1.4%
PROG Holdings, Inc.(a) 182,821 5,965,449
Financial Services 3.6%
Radian Group, Inc. 621,310 15,868,258
Insurance 6.2%
CNO Financial Group, Inc. 400,308 8,690,687
Hanover Insurance Group, Inc. (The) 92,753 10,338,249
Kemper Corp. 190,000 8,223,200
Total   27,252,136
Total Financials 101,151,203
Health Care 9.2%
Biotechnology —%
OmniAb, Inc.(a),(b),(c),(d) 9,220 0
OmniAb, Inc.(a),(b),(c),(d) 9,220 0
Total   0
Health Care Equipment & Supplies 4.4%
CONMED Corp. 101,129 12,266,948
LivaNova PLC(a) 165,362 7,322,229
Total   19,589,177
Health Care Providers & Services 2.5%
Tenet Healthcare Corp.(a) 154,894 11,028,453
Life Sciences Tools & Services 1.9%
Syneos Health, Inc.(a) 198,163 8,243,581
Pharmaceuticals 0.4%
Ligand Pharmaceuticals, Inc.(a) 24,316 1,704,065
Total Health Care 40,565,276
Industrials 16.3%
Aerospace & Defense 2.6%
Curtiss-Wright Corp. 72,696 11,490,330
Building Products 2.3%
Zurn Elkay Water Solutions Corp. 453,877 10,216,771
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Small Cap Value Fund  | Annual Report 2023
9

Portfolio of Investments  (continued)
May 31, 2023
Common Stocks (continued)
Issuer Shares Value ($)
Commercial Services & Supplies 1.6%
Waste Connections, Inc. 51,511 7,038,978
Construction & Engineering 1.9%
Primoris Services Corp. 305,421 8,185,283
Electrical Equipment 2.3%
Bloom Energy Corp., Class A(a) 226,774 3,111,339
Regal Rexnord Corp. 54,495 7,078,356
Total   10,189,695
Ground Transportation 2.7%
Knight-Swift Transportation Holdings, Inc. 210,443 11,572,260
Passenger Airlines 0.8%
American Airlines Group, Inc.(a) 532 7,863
Spirit Airlines, Inc. 235,938 3,588,617
Total   3,596,480
Professional Services 2.1%
CACI International, Inc., Class A(a) 31,046 9,289,584
Total Industrials 71,579,381
Information Technology 10.4%
Communications Equipment 6.2%
Extreme Networks, Inc.(a) 733,246 15,104,867
Viavi Solutions, Inc.(a) 1,253,020 12,329,717
Total   27,434,584
Semiconductors & Semiconductor Equipment 4.2%
Kulicke & Soffa Industries, Inc. 163,457 8,643,606
MACOM Technology Solutions Holdings, Inc.(a) 161,679 9,673,255
Total   18,316,861
Total Information Technology 45,751,445
Materials 11.2%
Chemicals 1.7%
Minerals Technologies, Inc. 135,521 7,536,323
Construction Materials 2.6%
Summit Materials, Inc., Class A(a) 362,332 11,460,561
Containers & Packaging 3.8%
O-I Glass, Inc.(a) 815,491 16,896,973
Metals & Mining 3.1%
ATI, Inc.(a) 392,586 13,575,624
Total Materials 49,469,481
Common Stocks (continued)
Issuer Shares Value ($)
Real Estate 8.0%
Health Care REITs 1.5%
Physicians Realty Trust 474,453 6,481,028
Hotel & Resort REITs 2.3%
Apple Hospitality REIT, Inc. 700,000 10,171,000
Industrial REITs 1.1%
First Industrial Realty Trust, Inc. 92,636 4,815,219
Specialized REITs 3.1%
Gaming and Leisure Properties, Inc. 139,629 6,721,740
Outfront Media, Inc. 490,000 7,016,800
Total   13,738,540
Total Real Estate 35,205,787
Utilities 3.0%
Electric Utilities 3.0%
Portland General Electric Co. 266,927 13,007,353
Total Utilities 13,007,353
Total Common Stocks
(Cost $343,737,504)
437,992,692
Rights —%
Industrials —%
Passenger Airlines —%
American Airlines Escrow(a),(b),(d) 52,560 0
Total Industrials 0
Total Rights
(Cost $—)
0
Money Market Funds 0.3%
  Shares Value ($)
Columbia Short-Term Cash Fund, 5.241%(e),(f) 1,265,868 1,265,235
Total Money Market Funds
(Cost $1,265,081)
1,265,235
Total Investments in Securities
(Cost: $345,002,585)
439,257,927
Other Assets & Liabilities, Net   306,906
Net Assets 439,564,833
 
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Select Small Cap Value Fund  | Annual Report 2023

Portfolio of Investments  (continued)
May 31, 2023
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At May 31, 2023, the total value of these securities amounted to $0, which represents less than 0.01% of total net assets.
(c) Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures approved by the Fund’s Board of Trustees. At May 31, 2023, the total market value of these securities amounted to $0, which represents less than 0.01% of total net assets. Additional information on these securities is as follows:
    
Security Acquisition
Dates
Shares Cost ($) Value ($)
OmniAb, Inc. 02/13/2015-02/27/2015 9,220
OmniAb, Inc. 02/13/2015-02/27/2015 9,220
     
    
(d) Valuation based on significant unobservable inputs.
(e) The rate shown is the seven-day current annualized yield at May 31, 2023.
(f) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended May 31, 2023 are as follows:
    
Affiliated issuers Beginning
of period($)
Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($)
End of
period($)
Realized gain
(loss)($)
Dividends($) End of
period shares
Columbia Short-Term Cash Fund, 5.241%
  7,014,016 57,763,304 (63,512,239) 154 1,265,235 (2,109) 207,495 1,265,868
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 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
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Small Cap Value Fund  | Annual Report 2023
11

Portfolio of Investments  (continued)
May 31, 2023
Fair value measurements  (continued)
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, 2023:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Communication Services 1,256,100 1,256,100
Consumer Discretionary 54,883,074 54,883,074
Consumer Staples 9,407,014 9,407,014
Energy 15,716,578 15,716,578
Financials 101,151,203 101,151,203
Health Care 40,565,276 0* 40,565,276
Industrials 71,579,381 71,579,381
Information Technology 45,751,445 45,751,445
Materials 49,469,481 49,469,481
Real Estate 35,205,787 35,205,787
Utilities 13,007,353 13,007,353
Total Common Stocks 437,992,692 0* 437,992,692
Rights        
Industrials 0* 0*
Total Rights 0* 0*
Money Market Funds 1,265,235 1,265,235
Total Investments in Securities 439,257,927 0* 439,257,927
    
* Rounds to zero.
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Select Small Cap Value Fund  | Annual Report 2023

Statement of Assets and Liabilities
May 31, 2023
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $343,737,504) $437,992,692
Affiliated issuers (cost $1,265,081) 1,265,235
Receivable for:  
Capital shares sold 204,498
Dividends 501,413
Expense reimbursement due from Investment Manager 350
Prepaid expenses 5,787
Total assets 439,969,975
Liabilities  
Payable for:  
Capital shares purchased 211,192
Management services fees 10,610
Distribution and/or service fees 2,170
Transfer agent fees 41,099
Compensation of board members 108,902
Other expenses 31,169
Total liabilities 405,142
Net assets applicable to outstanding capital stock $439,564,833
Represented by  
Paid in capital 326,594,387
Total distributable earnings (loss) 112,970,446
Total - representing net assets applicable to outstanding capital stock $439,564,833
Class A  
Net assets $299,209,016
Shares outstanding 17,272,676
Net asset value per share $17.32
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) $18.38
Advisor Class  
Net assets $2,657,817
Shares outstanding 126,687
Net asset value per share $20.98
Class C  
Net assets $2,487,553
Shares outstanding 228,517
Net asset value per share $10.89
Institutional Class  
Net assets $46,061,853
Shares outstanding 2,238,644
Net asset value per share $20.58
Institutional 2 Class  
Net assets $2,398,477
Shares outstanding 114,583
Net asset value per share $20.93
Institutional 3 Class  
Net assets $84,977,931
Shares outstanding 3,897,364
Net asset value per share $21.80
Class R  
Net assets $1,772,186
Shares outstanding 112,101
Net asset value per share $15.81
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Small Cap Value Fund  | Annual Report 2023
13

Statement of Operations
Year Ended May 31, 2023
Net investment income  
Income:  
Dividends — unaffiliated issuers $10,266,997
Dividends — affiliated issuers 207,495
Foreign taxes withheld (53,660)
Total income 10,420,832
Expenses:  
Management services fees 4,199,119
Distribution and/or service fees  
Class A 820,654
Class C 33,624
Class R 8,796
Transfer agent fees  
Class A 422,013
Advisor Class 4,710
Class C 4,321
Institutional Class 61,268
Institutional 2 Class 2,089
Institutional 3 Class 6,035
Class R 2,359
Compensation of board members 22,625
Custodian fees 6,117
Printing and postage fees 54,526
Registration fees 129,900
Accounting services fees 30,090
Legal fees 18,824
Compensation of chief compliance officer 93
Other 18,743
Total expenses 5,845,906
Fees waived or expenses reimbursed by Investment Manager and its affiliates (130,337)
Expense reduction (500)
Total net expenses 5,715,069
Net investment income 4,705,763
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers 33,669,817
Investments — affiliated issuers (2,109)
Net realized gain 33,667,708
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers (73,025,441)
Investments — affiliated issuers 154
Net change in unrealized appreciation (depreciation) (73,025,287)
Net realized and unrealized loss (39,357,579)
Net decrease in net assets resulting from operations $(34,651,816)
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Select Small Cap Value Fund  | Annual Report 2023

Statement of Changes in Net Assets
  Year Ended
May 31, 2023
Year Ended
May 31, 2022
Operations    
Net investment income $4,705,763 $1,208,520
Net realized gain 33,667,708 13,916,690
Net change in unrealized appreciation (depreciation) (73,025,287) (63,613,565)
Net decrease in net assets resulting from operations (34,651,816) (48,488,355)
Distributions to shareholders    
Net investment income and net realized gains    
Class A (14,237,839) (25,903,890)
Advisor Class (129,440) (200,508)
Class C (188,057) (451,603)
Institutional Class (1,903,491) (2,351,228)
Institutional 2 Class (178,392) (189,237)
Institutional 3 Class (3,539,160) (6,407,644)
Class R (78,461) (216,248)
Total distributions to shareholders (20,254,840) (35,720,358)
Increase (decrease) in net assets from capital stock activity (30,370,772) 8,016,141
Total decrease in net assets (85,277,428) (76,192,572)
Net assets at beginning of year 524,842,261 601,034,833
Net assets at end of year $439,564,833 $524,842,261
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Small Cap Value Fund  | Annual Report 2023
15

Statement of Changes in Net Assets   (continued)
  Year Ended Year Ended
  May 31, 2023 May 31, 2022
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 321,236 5,887,121 507,534 10,965,300
Distributions reinvested 770,489 13,984,370 1,178,095 25,423,289
Redemptions (2,139,697) (39,208,743) (1,910,302) (40,878,780)
Net decrease (1,047,972) (19,337,252) (224,673) (4,490,191)
Advisor Class        
Subscriptions 130,036 2,926,104 49,707 1,274,991
Distributions reinvested 5,717 125,532 7,565 195,996
Redemptions (155,651) (3,413,211) (65,444) (1,694,723)
Net decrease (19,898) (361,575) (8,172) (223,736)
Class C        
Subscriptions 25,729 301,660 78,662 1,121,908
Distributions reinvested 16,416 187,963 32,495 451,353
Redemptions (130,156) (1,494,263) (122,722) (1,718,346)
Net decrease (88,011) (1,004,640) (11,565) (145,085)
Institutional Class        
Subscriptions 874,526 19,159,499 1,067,433 26,463,504
Distributions reinvested 87,951 1,894,466 91,784 2,334,077
Redemptions (872,278) (18,872,412) (707,649) (17,698,937)
Net increase 90,199 2,181,553 451,568 11,098,644
Institutional 2 Class        
Subscriptions 129,707 2,795,414 63,596 1,652,752
Distributions reinvested 8,141 178,294 7,314 189,068
Redemptions (140,134) (3,028,356) (112,688) (2,872,408)
Net decrease (2,286) (54,648) (41,778) (1,030,588)
Institutional 3 Class        
Subscriptions 71,790 1,630,473 447,140 12,070,432
Distributions reinvested 144,097 3,286,854 217,810 5,852,565
Redemptions (698,740) (16,349,545) (537,418) (14,359,466)
Net increase (decrease) (482,853) (11,432,218) 127,532 3,563,531
Class R        
Subscriptions 28,516 472,538 34,423 686,829
Distributions reinvested 3,963 65,710 8,864 175,508
Redemptions (54,230) (900,240) (81,587) (1,618,771)
Net decrease (21,751) (361,992) (38,300) (756,434)
Total net increase (decrease) (1,572,572) (30,370,772) 254,612 8,016,141
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Select Small Cap Value Fund  | Annual Report 2023

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Columbia Select Small Cap Value Fund  | Annual Report 2023
17

Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher. 
  Net asset value,
beginning of
period
Net
investment
income
(loss)
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Class A
Year Ended 5/31/2023 $19.47 0.16 (1.49) (1.33) (0.15) (0.67) (0.82)
Year Ended 5/31/2022 $22.67 0.03 (1.78) (1.75) (0.01) (1.44) (1.45)
Year Ended 5/31/2021 $13.83 0.01 9.98 9.99 (0.01) (1.14) (1.15)
Year Ended 5/31/2020 $15.83 0.01 (1.99) (1.98) (0.02) (0.00)(d) (0.02)
Year Ended 5/31/2019 $18.40 0.01 (1.47) (1.46) (0.02) (1.09) (1.11)
Advisor Class
Year Ended 5/31/2023 $23.40 0.25 (1.80) (1.55) (0.20) (0.67) (0.87)
Year Ended 5/31/2022 $26.94 0.10 (2.14) (2.04) (0.06) (1.44) (1.50)
Year Ended 5/31/2021 $16.27 0.07 11.79 11.86 (0.05) (1.14) (1.19)
Year Ended 5/31/2020 $18.62 0.06 (2.34) (2.28) (0.07) (0.00)(d) (0.07)
Year Ended 5/31/2019 $21.38 0.05 (1.69) (1.64) (0.03) (1.09) (1.12)
Class C
Year Ended 5/31/2023 $12.48 0.02 (0.94) (0.92) (0.67) (0.67)
Year Ended 5/31/2022 $15.15 (0.09) (1.14) (1.23) (1.44) (1.44)
Year Ended 5/31/2021 $9.59 (0.08) 6.78 6.70 (1.14) (1.14)
Year Ended 5/31/2020 $11.05 (0.07) (1.39) (1.46) (0.00)(d) (0.00)(d)
Year Ended 5/31/2019 $13.29 (0.09) (1.06) (1.15) (1.09) (1.09)
Institutional Class
Year Ended 5/31/2023 $22.96 0.24 (1.75) (1.51) (0.20) (0.67) (0.87)
Year Ended 5/31/2022 $26.47 0.09 (2.10) (2.01) (0.06) (1.44) (1.50)
Year Ended 5/31/2021 $16.00 0.07 11.59 11.66 (0.05) (1.14) (1.19)
Year Ended 5/31/2020 $18.31 0.06 (2.30) (2.24) (0.07) (0.00)(d) (0.07)
Year Ended 5/31/2019 $21.05 0.05 (1.67) (1.62) (0.03) (1.09) (1.12)
Institutional 2 Class
Year Ended 5/31/2023 $23.35 0.27 (1.81) (1.54) (0.21) (0.67) (0.88)
Year Ended 5/31/2022 $26.89 0.12 (2.15) (2.03) (0.07) (1.44) (1.51)
Year Ended 5/31/2021 $16.24 0.08 11.77 11.85 (0.06) (1.14) (1.20)
Year Ended 5/31/2020 $18.58 0.07 (2.33) (2.26) (0.08) (0.00)(d) (0.08)
Year Ended 5/31/2019 $21.33 0.08 (1.70) (1.62) (0.04) (1.09) (1.13)
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Select Small Cap Value Fund  | Annual Report 2023

Financial Highlights  (continued)
  Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a),(b)
Net investment
income (loss)
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
Class A
Year Ended 5/31/2023 $17.32 (7.04%) 1.31% 1.28%(c) 0.88% 11% $299,209
Year Ended 5/31/2022 $19.47 (8.35%) 1.28% 1.26%(c) 0.12% 7% $356,657
Year Ended 5/31/2021 $22.67 74.66% 1.32% 1.28%(c) 0.08% 30% $420,471
Year Ended 5/31/2020 $13.83 (12.52%) 1.31% 1.31%(c) 0.07% 17% $281,259
Year Ended 5/31/2019 $15.83 (7.80%) 1.30% 1.30%(c) 0.08% 17% $379,113
Advisor Class
Year Ended 5/31/2023 $20.98 (6.79%) 1.06% 1.03%(c) 1.11% 11% $2,658
Year Ended 5/31/2022 $23.40 (8.13%) 1.03% 1.01%(c) 0.37% 7% $3,430
Year Ended 5/31/2021 $26.94 75.04% 1.07% 1.03%(c) 0.33% 30% $4,169
Year Ended 5/31/2020 $16.27 (12.32%) 1.06% 1.06%(c) 0.33% 17% $2,898
Year Ended 5/31/2019 $18.62 (7.50%) 1.04% 1.04%(c) 0.26% 17% $3,219
Class C
Year Ended 5/31/2023 $10.89 (7.65%) 2.06% 2.03%(c) 0.15% 11% $2,488
Year Ended 5/31/2022 $12.48 (9.08%) 2.03% 2.01%(c) (0.62%) 7% $3,951
Year Ended 5/31/2021 $15.15 73.36% 2.07% 2.03%(c) (0.66%) 30% $4,971
Year Ended 5/31/2020 $9.59 (13.18%) 2.06% 2.06%(c) (0.67%) 17% $5,402
Year Ended 5/31/2019 $11.05 (8.46%) 2.04% 2.04%(c) (0.68%) 17% $9,187
Institutional Class
Year Ended 5/31/2023 $20.58 (6.75%) 1.06% 1.03%(c) 1.12% 11% $46,062
Year Ended 5/31/2022 $22.96 (8.15%) 1.03% 1.01%(c) 0.37% 7% $49,338
Year Ended 5/31/2021 $26.47 75.06% 1.07% 1.02%(c) 0.33% 30% $44,918
Year Ended 5/31/2020 $16.00 (12.31%) 1.06% 1.06%(c) 0.32% 17% $29,670
Year Ended 5/31/2019 $18.31 (7.53%) 1.04% 1.04%(c) 0.25% 17% $73,967
Institutional 2 Class
Year Ended 5/31/2023 $20.93 (6.75%) 0.99% 0.96% 1.23% 11% $2,398
Year Ended 5/31/2022 $23.35 (8.10%) 0.97% 0.95% 0.46% 7% $2,729
Year Ended 5/31/2021 $26.89 75.16% 0.99% 0.96% 0.39% 30% $4,265
Year Ended 5/31/2020 $16.24 (12.24%) 0.98% 0.98% 0.36% 17% $2,841
Year Ended 5/31/2019 $18.58 (7.44%) 0.97% 0.97% 0.40% 17% $9,678
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Small Cap Value Fund  | Annual Report 2023
19

Financial Highlights  (continued)
  Net asset value,
beginning of
period
Net
investment
income
(loss)
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Institutional 3 Class
Year Ended 5/31/2023 $24.28 0.29 (1.88) (1.59) (0.22) (0.67) (0.89)
Year Ended 5/31/2022 $27.90 0.13 (2.23) (2.10) (0.08) (1.44) (1.52)
Year Ended 5/31/2021 $16.81 0.10 12.20 12.30 (0.07) (1.14) (1.21)
Year Ended 5/31/2020 $19.23 0.09 (2.42) (2.33) (0.09) (0.00)(d) (0.09)
Year Ended 5/31/2019 $22.03 0.10 (1.77) (1.67) (0.04) (1.09) (1.13)
Class R
Year Ended 5/31/2023 $17.84 0.11 (1.36) (1.25) (0.11) (0.67) (0.78)
Year Ended 5/31/2022 $20.94 0.00(d) (1.64) (1.64) (0.02) (1.44) (1.46)
Year Ended 5/31/2021 $12.83 0.02 9.23 9.25 (1.14) (1.14)
Year Ended 5/31/2020 $14.71 (0.03) (1.85) (1.88) (0.00)(d) (0.00)(d)
Year Ended 5/31/2019 $17.20 (0.03) (1.37) (1.40) (1.09) (1.09)
    
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) Rounds to zero.
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Columbia Select Small Cap Value Fund  | Annual Report 2023

Financial Highlights  (continued)
  Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a),(b)
Net investment
income (loss)
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
Institutional 3 Class
Year Ended 5/31/2023 $21.80 (6.69%) 0.93% 0.91% 1.25% 11% $84,978
Year Ended 5/31/2022 $24.28 (8.05%) 0.92% 0.90% 0.48% 7% $106,349
Year Ended 5/31/2021 $27.90 75.30% 0.94% 0.89% 0.44% 30% $118,636
Year Ended 5/31/2020 $16.81 (12.20%) 0.93% 0.93% 0.46% 17% $11,355
Year Ended 5/31/2019 $19.23 (7.41%) 0.92% 0.92% 0.47% 17% $13,299
Class R
Year Ended 5/31/2023 $15.81 (7.20%) 1.54% 1.51%(c) 0.66% 11% $1,772
Year Ended 5/31/2022 $17.84 (8.52%) 1.39% 1.38%(c) 0.02% 7% $2,388
Year Ended 5/31/2021 $20.94 74.76% 1.26% 1.22%(c) 0.12% 30% $3,604
Year Ended 5/31/2020 $12.83 (12.76%) 1.56% 1.56%(c) (0.19%) 17% $2,579
Year Ended 5/31/2019 $14.71 (7.97%) 1.54% 1.54%(c) (0.21%) 17% $5,720
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Small Cap Value Fund  | Annual Report 2023
21

Notes to Financial Statements
May 31, 2023
Note 1. Organization
Columbia Select Small Cap Value Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different net investment income distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.
As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Class C shares automatically convert to Class A shares after 8 years. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by 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, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, 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.
22 Columbia Select Small Cap Value Fund  | Annual Report 2023

Notes to Financial Statements  (continued)
May 31, 2023
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Columbia Select Small Cap Value Fund  | Annual Report 2023
23

Notes to Financial Statements  (continued)
May 31, 2023
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Recent accounting pronouncement
Tailored Shareholder Reports
In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.87% to 0.75% as the Fund’s net assets increase. The effective management services fee rate for the year ended May 31, 2023 was 0.87% of the Fund’s average daily net assets.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.
24 Columbia Select Small Cap Value Fund  | Annual Report 2023

Notes to Financial Statements  (continued)
May 31, 2023
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. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. 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, 2023, 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 0.13
Advisor Class 0.13
Class C 0.13
Institutional Class 0.13
Institutional 2 Class 0.06
Institutional 3 Class 0.01
Class R 0.13
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, 2023, these minimum account balance fees reduced total expenses of the Fund by $500.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution, the Fund pays a fee at the maximum annual rates of up to 0.25%, 1.00% and 0.50% of the Fund’s average daily net assets attributable to Class A, Class C and Class R shares, respectively. For Class C shares, of the 1.00% fee, up to 0.75% can be reimbursed for distribution expenses and up to an additional 0.25% can be reimbursed for shareholder servicing expenses. For Class R shares, of the 0.50% fee, up to 0.25% can be reimbursed for shareholder servicing expenses.
Columbia Select Small Cap Value Fund  | Annual Report 2023
25

Notes to Financial Statements  (continued)
May 31, 2023
The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $2,113,000 for Class C shares. This amount is based on the most recent information available as of March 31, 2023, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced. For Class R shares, the Fund currently pays the distribution fees up to the point where the Distributor’s expenses are fully recovered.
Sales charges (unaudited)
Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the year ended May 31, 2023, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 5.75 0.50 - 1.00(a) 56,695
Class C 1.00(b) 278
    
(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, 2022
through
September 30, 2023
Prior to
October 1, 2022
Class A 1.28% 1.28%
Advisor Class 1.03 1.03
Class C 2.03 2.03
Institutional Class 1.03 1.03
Institutional 2 Class 0.96 0.97
Institutional 3 Class 0.91 0.92
Class R 1.53 1.53
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
26 Columbia Select Small Cap Value Fund  | Annual Report 2023

Notes to Financial Statements  (continued)
May 31, 2023
At May 31, 2023, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses 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 Fund did not have any permanent differences; therefore, no reclassifications were made.
The tax character of distributions paid during the years indicated was as follows:
Year Ended May 31, 2023 Year Ended May 31, 2022
Ordinary
income ($)
Long-term
capital gains ($)
Total ($) Ordinary
income ($)
Long-term
capital gains ($)
Total ($)
4,567,914 15,686,926 20,254,840 1,977,965 33,742,393 35,720,358
Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.
At May 31, 2023, the components of distributable earnings on a tax basis were as follows:
Undistributed
ordinary income ($)
Undistributed
long-term
capital gains ($)
Capital loss
carryforwards ($)
Net unrealized
appreciation ($)
3,058,416 15,869,279 94,149,438
At May 31, 2023, 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) ($)
Net unrealized
appreciation ($)
345,108,489 133,795,599 (39,646,161) 94,149,438
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $53,800,684 and $92,312,151, respectively, for the year ended May 31, 2023. 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. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
Columbia Select Small Cap Value Fund  | Annual Report 2023
27

Notes to Financial Statements  (continued)
May 31, 2023
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, 2023.
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 27, 2022 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 $950 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, in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 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 $950 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 0.11448% and (iii) the overnight bank funding rate plus, in each case, 1.00%.
The Fund had no borrowings during the year ended May 31, 2023.
Note 9. Significant risks
Financial sector risk
The Fund is more susceptible to the particular risks that may affect companies in the financial services sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the financial services sector are subject to certain risks, including the risk of regulatory change, decreased liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as a high level of loans to one or more industries or sectors, which makes them vulnerable to economic conditions that affect such industries or sectors. Performance of such companies may be affected by competitive pressures and exposure to investments, agreements and counterparties, including credit products that, under certain circumstances, may lead to losses (e.g., subprime loans). Companies in the financial services sector are subject to extensive governmental regulation that may limit the amount and types of loans and other financial commitments they can make, and interest rates and fees that they may charge. In addition, profitability of such companies is largely dependent upon the availability and the cost of capital.
Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant
28 Columbia Select Small Cap Value Fund  | Annual Report 2023

Notes to Financial Statements  (continued)
May 31, 2023
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, 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.
The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, restricted cross-border payments and limited access to investments and/or assets in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.
Shareholder concentration risk
At May 31, 2023, affiliated shareholders of record owned 73.7% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Small- and mid-cap company risk
Investments in small- and mid-capitalization companies (small- and mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because small- and mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Securities of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to
Columbia Select Small Cap Value Fund  | Annual Report 2023
29

Notes to Financial Statements  (continued)
May 31, 2023
perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.
30 Columbia Select Small Cap Value Fund  | Annual Report 2023

Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Select Small Cap Value Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Select Small Cap Value Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of May 31, 2023, the related statement of operations for the year ended May 31, 2023, the statement of changes in net assets for each of the two years in the period ended May 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2023 (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, 2023, 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, 2023 and the financial highlights for each of the five years in the period ended May 31, 2023 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, 2023 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Minneapolis, Minnesota
July 21, 2023
We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.
Columbia Select Small Cap Value Fund  | Annual Report 2023
31

 Federal Income Tax Information
(Unaudited)
The Fund hereby designates the following tax attributes for the fiscal year ended May 31, 2023. Shareholders will be notified in early 2024 of the amounts for use in preparing 2023 income tax returns.
Qualified
dividend
income
Dividends
received
deduction
Capital
gain
dividend
100.00% 100.00% $33,134,015
Qualified dividend income. For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents qualified dividend income subject to reduced tax rates.
Dividends received deduction. The percentage of ordinary income distributed during the fiscal year that qualifies for the corporate dividends received deduction.
Capital gain dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.
 TRUSTEES AND OFFICERS
(Unaudited)
The Board oversees the Fund’s operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund’s Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).
Independent trustees
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past five years
and other relevant Board experience
George S. Batejan
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2017 Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 174 Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994
32 Columbia Select Small Cap Value Fund  | Annual Report 2023

TRUSTEES AND OFFICERS  (continued)
(Unaudited)
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past five years
and other relevant Board experience
Kathleen Blatz
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2006 Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 174 Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021
Pamela G. Carlton
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Chair since 2023; Trustee since 2007 President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 174 Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee) (financial services), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1957
Trustee since 1996 Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 174 Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022
J. Kevin Connaughton
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1964
Trustee since 2020 CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 172 Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios (former mutual fund complex), January 2015-December 2017
Columbia Select Small Cap Value Fund  | Annual Report 2023
33

TRUSTEES AND OFFICERS  (continued)
(Unaudited)
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past five years
and other relevant Board experience
Olive M. Darragh
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1962
Trustee since 2020 Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 172 Treasurer, Edinburgh University US Trust Board, since January 2023; Member, HBS Community Action Partners Board, since September 2022; former Director, University of Edinburgh Business School (Member of US Board), 2004-2019; former Director, Boston Public Library Foundation, 2008-2017
Patricia M. Flynn
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1950
Trustee since 2004 Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 174 Former Trustee, MA Taxpayers Foundation, 1997-2022; former Director, The MA Business Roundtable, 2003-2019; former Chairperson, Innovation Index Advisory Committee, MA Technology Collaborative, 1997-2020
Brian J. Gallagher
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2017 Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 174 Trustee, Catholic Schools Foundation, since 2004
Douglas A. Hacker
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1955
Trustee since 1996 Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 174 Director, SpartanNash Company since November 2013 (Chair of the Board, since May 2021) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing), since August 2006; former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019
Nancy T. Lukitsh
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1956
Trustee since 2011 Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 172 None
34 Columbia Select Small Cap Value Fund  | Annual Report 2023

TRUSTEES AND OFFICERS  (continued)
(Unaudited)
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past five years
and other relevant Board experience
David M. Moffett
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1952
Trustee since 2011 Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank 172 Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Senior Adviser to The Carlyle Group (financial services), March 2008-September 2008; former Governance Consultant to Bridgewater Associates, January 2013-December 2015
Catherine James Paglia
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1952
Trustee since 2004 Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. 174 Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee), since 1987; Trustee, Carnegie Endowment for International Peace (on the Investment Committee), since 2009
Natalie A. Trunow
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1967
Trustee since 2020 Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 172 Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019
Columbia Select Small Cap Value Fund  | Annual Report 2023
35

TRUSTEES AND OFFICERS  (continued)
(Unaudited)
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past five years
and other relevant Board experience
Sandra L. Yeager
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1964
Trustee since 2017 Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 174 Former Director, NAPE (National Alliance for Partnerships in Equity) Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022
Interested trustee affiliated with Investment Manager*
Name,
address,
year of birth
Position held with the Columbia Funds and length of service Principal occupation(s) during the
past five years and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex overseen
Other directorships
held by Trustee
during the past
five years and
other relevant Board experience
Daniel J. Beckman
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1962
Trustee since November 2021 and President since June 2021 Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 174 Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Columbia Threadneedle Canada, Inc., since December 2022
* The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia, and Yeager serve as directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.
** Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.
The Statement of Additional Information has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.
36 Columbia Select Small Cap Value Fund  | Annual Report 2023

TRUSTEES AND OFFICERS  (continued)
(Unaudited)
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
Fund officers
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Michael G. Clarke
290 Congress Street
Boston, MA 02210
1969
Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) Senior Vice President and North America Head of Operations & Investor Services, Columbia Management Investment Advisers, LLC, since June 2023 (previously Senior Vice President and Head of Global Operations, March 2022 – June 2023, Vice President, Head of North America Operations, and Co-Head of Global Operations, June 2019 - February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. Director, Ameriprise Trust Company, since June 2023.
Joseph Beranek
5890 Ameriprise Financial Center
Minneapolis, MN 55474
1965
Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively.
Marybeth Pilat
290 Congress Street
Boston, MA 02210
1968
Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017.
William F. Truscott
290 Congress Street
Boston, MA 02210
1960
Senior Vice President (2001) Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001 - January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively;Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle.
Christopher O. Petersen
5228 Ameriprise Financial Center
Minneapolis, MN 55474
1970
Senior Vice President and Assistant Secretary (2021) Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007.
Thomas P. McGuire
290 Congress Street
Boston, MA 02210
1972
Senior Vice President and Chief Compliance Officer (2012) Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020.
Ryan C. Larrenaga
290 Congress Street
Boston, MA 02210
1970
Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005.
Columbia Select Small Cap Value Fund  | Annual Report 2023
37

TRUSTEES AND OFFICERS  (continued)
(Unaudited)
Fund officers  (continued)
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Michael E. DeFao
290 Congress Street
Boston, MA 02210
1968
Vice President (2011) and Assistant Secretary (2010) Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021).
Lyn Kephart-Strong
5903 Ameriprise Financial Center
Minneapolis, MN 55474
1960
Vice President (2015) Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; Director (since January 2007) and President (since October 2014), Columbia Management Investment Services Corp.; Director (since December 2017) and President (since January 2017), Ameriprise Trust Company.
 Liquidity Risk Management Program
(Unaudited)
Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a liquidity risk management program (Program). The Program’s principal objectives include assessing, managing and periodically reviewing the Fund’s liquidity risk. Liquidity risk is defined as the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.
The Board has appointed the Investment Manager as the program administrator for the Fund’s Program. The Investment Manager has delegated oversight of the Program to its Liquidity Risk Management Committee (the Committee). At a board meeting during the fiscal period, the Committee provided the Board with a report addressing the operations of the program and assessing its adequacy and effectiveness of implementation for the period January 1, 2022, through December 31, 2022, including:
the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders;
there were no material changes to the Program during the period;
the implementation of the Program was effective to manage the Fund’s liquidity risk; and
the Program operated adequately during the period.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
38 Columbia Select Small Cap Value Fund  | Annual Report 2023

[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Select Small Cap Value Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2023 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
ANN218_05_N01_(07/23)

Annual Report
May 31, 2023 
Columbia Select Large Cap Value Fund
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents
If you elect to receive the shareholder report for Columbia Select Large Cap Value Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Select Large Cap Value Fund  |  Annual Report 2023

Fund at a Glance
(Unaudited)
Investment objective
The Fund seeks to provide shareholders with long-term capital appreciation.
Portfolio management
Richard Rosen
Lead Portfolio Manager
Managed Fund since 1997
Richard Taft
Portfolio Manager
Managed Fund since 2016
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2023 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended May 31, 2023)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 04/25/97 -5.98 7.36 9.20
  Including sales charges   -11.40 6.09 8.55
Advisor Class 11/08/12 -5.76 7.62 9.47
Class C Excluding sales charges 05/27/99 -6.68 6.56 8.38
  Including sales charges   -7.61 6.56 8.38
Institutional Class 09/27/10 -5.73 7.63 9.47
Institutional 2 Class 11/30/01 -5.67 7.69 9.55
Institutional 3 Class* 10/01/14 -5.61 7.75 9.56
Class R 04/30/03 -6.22 7.10 8.93
Russell 1000 Value Index   -4.55 6.78 8.42
S&P 500 Index   2.92 11.01 11.99
Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The Russell 1000 Value Index, an unmanaged index, measures the performance of those stocks in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values.
The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.
Columbia Select Large Cap Value Fund  | Annual Report 2023
3

Fund at a Glance   (continued)
(Unaudited)
Performance of a hypothetical $10,000 investment (May 31, 2013 — May 31, 2023)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Select Large Cap Value Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.
Portfolio breakdown (%) (at May 31, 2023)
Common Stocks 96.7
Money Market Funds 3.2
Preferred Stocks 0.1
Total 100.0
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Equity sector breakdown (%) (at May 31, 2023)
Communication Services 6.9
Consumer Discretionary 3.5
Consumer Staples 3.1
Energy 9.8
Financials 16.4
Health Care 13.4
Industrials 9.8
Information Technology 16.0
Materials 10.7
Utilities 10.4
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
 
4 Columbia Select Large Cap Value Fund  | Annual Report 2023

Manager Discussion of Fund Performance
(Unaudited)
For the 12-month period that ended May 31, 2023, Class A shares of Columbia Select Large Cap Value Fund returned -5.98% excluding sales charges. The Fund underperformed its benchmark, the Russell 1000 Value Index, which returned -4.55% for the same time period. The broad-based S&P 500 Index returned 2.92%.
Market overview
U.S. equities seesawed through the 12-month period ending May 31, 2023, struggling to maintain positive momentum despite frequent rallies that brought major benchmarks above break-even. Although investors grappled with a variety of worries, market trajectory both up and down was driven predominantly by cross currents centered on evolving expectations for inflation and the path of U.S. Federal Reserve (Fed) interest-rate hikes.
Coming into the period, investor confidence had been shaken by persistent inflation that cast doubt on the Fed’s ability to restore price stability without causing a recession. Even though the Fed’s 75 basis point hike in mid-June 2022 had been widely expected and caused little immediate market reaction, its recommitment to fight inflation with more hikes sparked considerable anxiety. (A basis point is 1/100 of a percent.) That anxiety eventually was proven to be well-grounded foresight. In total, the Fed ended up raising rates eight times during the 12 months ended May 31, 2023.
Despite the relatively steady pace of hikes that began to unfold, sentiment occasionally improved as the period progressed. Positives included hints of so-called “peak inflation” and attractive valuations, as well as hopes that China’s economy would reopen after an extended zero-COVID-19 lockdown that gummed up global trade and contributed to cost pressures affecting economies worldwide. Better-than-feared earnings results and guidance helped sentiment, particularly from bellwethers like Alphabet and Microsoft, as well as retailers like Walmart and Target early in the period. But most of the upside was sparked by investors’ interpretation of Fed Chair Powell’s remarks after the Federal Open Market Committee announced an anticipated 75 basis point rate hike at the end of July 2022.  What many seemingly heard were hints that rate hikes would slow in concert with softening economic growth. That takeaway evaporated a month later when Chair Powell spoke at a symposium in Jackson Hole, Wyoming and prioritized fighting inflation no matter how much pain the economy might suffer. His inflation-fighting resolve was confirmed by an additional 75 basis point hike in September, along with a dot-plot showing no expectations for rate cuts until 2024.
Equities continued to deliver lumpy results and briefly turned higher into the start of 2023 as investors yet again seemed comfortable with the notion of a softer landing based on better-than-expected earnings, as well as constructive inflation and economic data. But that bout of optimism proved short-lived during February 2023, as a blowout January employment report and continued higher-for-longer messaging from the Fed, along with mixed earnings reports and geopolitical uncertainties, weighed on sentiment. Then in March 2023, banking sector turmoil dominated headlines as two banks failed in quick succession. While intervention to guarantee uninsured deposits and to provide emergency liquidity helped to limit any broader banking contagion, regional bank stocks still suffered. However, the bank crisis brought with it a rate reprieve and heightened expectations for a Fed pivot, providing a tailwind for technology and other growth-oriented stocks with future earnings that are made currently more attractive by lower interest rates.
Even though the final rate hike of the period on May 3 brought the target federal funds rate upper bound to 5.25% – a level not seen since mid-2006 – sentiment for high-growth stocks remained intact. Chipmaker NVIDIA was a well-publicized beneficiary of the rosy outlook, and it was among a number of mega-cap stocks that received an additional super-charged boost from surging investor interest in artificial intelligence. But NVIDIA’s May performance, which brought its year-to-date return to nearly 160%, also provided support for pessimistic investors focused on risks posed by narrow leadership underlying the market. That concern was well-founded, considering that the chipmaker and six other stocks – Microsoft, Apple, Amazon, Tesla, Meta and Alphabet – account for roughly a quarter of the S&P 500 Index’s market capitalization and collectively have produced more than 100% of the benchmark’s year-to-date performance in 2023.
Headwinds swirling throughout the end of the period included protracted wrangling between the White House and Republican leaders in efforts to raise the debt ceiling and avoid default on U.S. Treasury obligations.  Lingering fears of more turmoil in the banking sector, dampened China reopening momentum and persistent signs of an imminent recession added heft to downside expectations. Better-than-expected first quarter 2023 earnings reports and upbeat guidance helped offset some of these worries, as did resilient consumer spending and a last-minute agreement in principle on May 27 that would suspend the debt ceiling until January 2025.
Columbia Select Large Cap Value Fund  | Annual Report 2023
5

Manager Discussion of Fund Performance  (continued)
(Unaudited)
Against this backdrop, the broad-market S&P 500 Index delivered a return of 2.92%.  Within the index, the best performers were information technology, communication services and industrials. Real estate and materials stocks fared the worst, dropping more than double digits. Growth stocks, as measured by the Russell 1000 Growth Index, significantly outperformed value stocks, as measured by the Russell 1000 Value Index. Small-cap stocks, as measured by the Russell 2000 Index, and mid-cap stocks, represented by the Russell Midcap Index, each lost over 4.5%.
The Fund’s most notable detractors during the period
The Fund’s underperformance of its benchmark during the period was driven primarily by overall stock selection, particularly within the industrials, health care and communication services sectors. These results more than offset strong stock selection within the utilities and energy sectors.
Significant individual detractors included telecom provider Verizon Communications, Inc., which fell primarily on competitive pressure; Southwest Airlines Co., which was beset by technology problems with its scheduling systems; and medical supplies provider Baxter International, Inc., which was hurt by cost and supply-chain pressures.
The Fund’s most notable contributors during the period
Overall sector allocation was a positive for relative results, particularly the Fund’s longstanding overweight to the information technology sector as well as underweights to the real estate and financials sectors. Please note that sector variances are a byproduct of the portfolio’s longstanding bottom-up security selection process.
Top individual contributors included California electric utility PG&E Corp., which continued to execute and become a better company while delivering strong earnings growth (another milestone, in our view, came when the stock was added to the S&P 500 Index); subsea oil equipment and services provider TechnipFMC PLC, which rose on strong contract wins despite the general slowdown in energy; and data analytics provider Teradata Corp., which rose as investors appreciated its solid results in transitioning to a cloud-based platform despite an uneven macro environment.
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth. Investments in a limited number of companies subject the Fund to greater risk of loss. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. See the Fund’s prospectus for more information on these and other risks.
The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.
6 Columbia Select Large Cap Value Fund  | Annual Report 2023

Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
December 1, 2022 — May 31, 2023
  Account value at the
beginning of the
period ($)
Account value at the
end of the
period ($)
Expenses paid during
the period ($)
Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Class A 1,000.00 1,000.00 908.50 1,020.99 3.76 3.98 0.79
Advisor Class 1,000.00 1,000.00 909.60 1,022.24 2.57 2.72 0.54
Class C 1,000.00 1,000.00 905.00 1,017.25 7.31 7.75 1.54
Institutional Class 1,000.00 1,000.00 909.60 1,022.24 2.57 2.72 0.54
Institutional 2 Class 1,000.00 1,000.00 909.90 1,022.59 2.24 2.37 0.47
Institutional 3 Class 1,000.00 1,000.00 910.30 1,022.84 2.00 2.12 0.42
Class R 1,000.00 1,000.00 907.30 1,019.75 4.95 5.24 1.04
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.
Columbia Select Large Cap Value Fund  | Annual Report 2023
7

Portfolio of Investments
May 31, 2023
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 97.3%
Issuer Shares Value ($)
Communication Services 6.7%
Diversified Telecommunication Services 3.9%
Verizon Communications, Inc. 2,566,857 91,457,115
Interactive Media & Services 2.8%
Alphabet, Inc., Class A(a) 526,407 64,679,628
Total Communication Services 156,136,743
Consumer Discretionary 3.3%
Broadline Retail 0.1%
Qurate Retail, Inc.(a) 2,950,380 2,449,110
Specialty Retail 3.2%
Lowe’s Companies, Inc. 364,997 73,411,847
Total Consumer Discretionary 75,860,957
Consumer Staples 3.0%
Tobacco 3.0%
Philip Morris International, Inc. 785,098 70,666,671
Total Consumer Staples 70,666,671
Energy 9.5%
Energy Equipment & Services 2.8%
TechnipFMC PLC(a) 4,826,863 63,424,980
Oil, Gas & Consumable Fuels 6.7%
Chevron Corp. 295,698 44,538,033
Marathon Petroleum Corp. 476,372 49,976,186
Williams Companies, Inc. (The) 2,137,710 61,266,769
Total   155,780,988
Total Energy 219,205,968
Financials 16.0%
Banks 9.8%
Bank of America Corp. 1,778,666 49,429,128
Citigroup, Inc. 985,553 43,679,709
JPMorgan Chase & Co. 410,901 55,763,375
Wells Fargo & Co. 1,959,678 78,014,781