Columbia Fund Series Trust II

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.

Table of Contents

Fund at a Glance	3
Manager Discussion of Fund Performance	6
Understanding Your Fund’s Expenses	9
Portfolio of Investments	10
Statement of Assets and Liabilities	16
Statement of Operations	18
Statement of Changes in Net Assets	19
Financial Highlights	22
Notes to Financial Statements	26
Report of Independent Registered Public Accounting Firm	40
Federal Income Tax Information	41
Trustees and Officers	41
Liquidity Risk Management Program	47
Approval of Management Agreement	48

If you elect to receive the shareholder report for Columbia Emerging Markets Bond 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 Emerging Markets Bond Fund | Annual Report 2023

Table of Contents

Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks to provide shareholders with high total return through current income and, secondarily, through capital appreciation.

Portfolio management

Adrian Hilton

Lead Portfolio Manager

Managed Fund since 2020

Christopher Cooke

Portfolio Manager

Managed Fund since 2017

Average annual total returns (%) (for the period ended August 31, 2023)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	02/16/06	4.40	0.02	1.89
	Including sales charges		-0.57	-0.95	1.39
Advisor Class		03/19/13	4.77	0.30	2.15
Class C	Excluding sales charges	02/16/06	3.65	-0.73	1.12
	Including sales charges		2.66	-0.73	1.12
Institutional Class		09/27/10	4.66	0.28	2.15
Institutional 2 Class		11/08/12	4.95	0.43	2.31
Institutional 3 Class		11/08/12	4.88	0.46	2.36
Class R		11/16/11	4.26	-0.21	1.64
JPMorgan Emerging Markets Bond Index-Global			4.96	0.84	2.80

Returns for Class A shares are shown with and without the maximum initial sales charge of 4.75%. 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 JPMorgan Emerging Markets Bond Index-Global is based on U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities, such as Brady bonds, Eurobonds and loans, and reflects reinvestment of all distributions and changes in market prices.

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 Emerging Markets Bond Fund | Annual Report 2023

Table of Contents

Fund at a Glance (continued)
(Unaudited)

Quality breakdown (%) (at August 31, 2023)
AA rating	8.6
A rating	9.3
BBB rating	30.4
BB rating	20.4
B rating	20.2
CCC rating	3.2
CC rating	3.7
C rating	0.1
Not rated	4.1
Total	100.0

Percentages indicated are based upon total fixed income investments.

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody’s, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated but has a rating by Knoll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as “Not rated.” Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund’s subadviser incorporates into its credit analysis process, along with such other country-specific factors as the direction and stance of fiscal policy, balance of payment trends and commodity prices, the level and structure of public debt as well as political stability and commitment to strong macroeconomic policies.

Country breakdown (%) (at August 31, 2023)
Angola	1.4
Argentina	2.0
Azerbaijan	0.6
Bahrain	1.8
Brazil	1.3
Chile	0.6
China	0.1
Colombia	4.7
Croatia	0.3
Dominican Republic	2.8
Ecuador	0.9
Egypt	2.4
Guatemala	0.9
Hong Kong	0.6
Hungary	1.3
India	1.5
Indonesia	5.5
Isle of Man	0.2
Ivory Coast	1.3
Jersey	1.2
Jordan	0.3
Kazakhstan	2.2
Malaysia	0.6
Mexico	10.5
Mongolia	0.4
Netherlands	0.7
Nigeria	1.1
Oman	1.3
Pakistan	0.4
Panama	2.3
Paraguay	1.5
Peru	2.0
Philippines	1.0
Qatar	5.0
Romania	1.3
Russian Federation	0.7
Saudi Arabia	6.0
Serbia	0.3
South Africa	1.6
Turkey	4.0
Ukraine	1.1
United Arab Emirates	3.3
United Kingdom	0.5
United States^(a)	17.1
Venezuela	0.7
Virgin Islands	2.7
Total	100.0

(a)	Includes investments in Money Market Funds.

Country breakdown is based primarily on issuer’s place of organization/incorporation. Percentages indicated are based upon total investments, excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.

Columbia Emerging Markets Bond Fund | Annual Report 2023

Table of Contents

Manager Discussion of Fund Performance
(Unaudited)

At August 31, 2023, 55.05% of the Fund’s shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.

For the 12-month period that ended August 31, 2023, Class A shares of Columbia Emerging Markets Bond Fund returned 4.40% excluding sales charge. The Fund’s benchmark, the JPMorgan Emerging Markets Bond Index-Global, returned 4.96% for the same period.

Market overview

During the annual period ended August 31, 2023, emerging markets bonds rallied from the prior 12-month period. Yield spreads, or the differential in yields to U.S. Treasuries, tightened materially, with the majority coming from the high-yield segment of the market. Such strong performance, however, masked volatility throughout the period.

As the annual period began, emerging markets debt, like the broad global financial markets, performed poorly. Central banks, both of developed and emerging markets countries, delivered interest rate hikes. Inflation remained stubbornly resilient and investors fretted about the threat of recession. A fresh escalation of the war in Ukraine also weighed on sentiment. Weaker commodity prices and a stronger U.S. dollar were further headwinds for the emerging markets debt sector. In turn, core government bond yields moved higher. Despite some bouts of volatility, the remainder of the annual period was generally positive for emerging markets bonds. In the fourth quarter of 2022 and into the new year, sentiment was buoyed by signs that inflation was moderating and the U.S. dollar was weakening. Also, China’s reopening following its strict COVID-19 restrictions raised expectations of a sharp rebound in economic activity. Still, sentiment turned negative in February 2023 when the then-latest data showed inflationary pressures remained persistent in the U.S. Escalating geopolitical tensions and a stronger U.S. dollar were additional headwinds for emerging markets assets. March 2023 brought further concerns to markets as the failure of two U.S. regional banks and Credit Suisse led to fears of contagion, adding to interest rate uncertainty. Despite this, emerging markets bonds fared relatively well, aided by lower government bond yields, which fell amid heightened investor risk aversion.

The second calendar quarter of 2023 saw positive returns for emerging markets bonds overall but proved volatile as investor sentiment fluctuated in the aftermath of the banking crisis in March 2023. The containment of problems in the U.S. banking sector fueled a relief rally early in the quarter, but this was swiftly dampened by prolonged U.S. debt ceiling negotiations in May and concerns the U.S. government might default on its debt. In June, the market focus quickly returned to macroeconomic concerns and higher-for-longer interest rates due to sticky inflation as the labor market remained tight in the U.S. Markets were buoyed during the last days of June by news that the 23 biggest banks in the U.S. had passed the regulators’ stress tests. Positive performance continued into July 2023, as lower than consensus expected inflation data from the U.S. boosted investor sentiment, raising hopes of a soft landing for the global economy. Although slightly underwhelming, news from China about the likelihood of further support for its real estate sector, alongside pledges to boost consumption and resolve local government debt problems, provided further positive impetus for emerging markets. Separately, Brent crude oil had its strongest monthly performance since January. In August 2023, emerging market hard currency assets struggled against weakened risk sentiment. Negative news from China, including disappointing economic activity data for July, caused concerns for investors, as did higher U.S. Treasury yields.

Broadly speaking, emerging market central banks across regions continued to tighten monetary policy through most of the annual period, moving to pausing cycles as inflation figures started to edge lower. Toward the end of the annual period, Chile and Brazil actually cut their interest rates. In the last months of the annual period, there was a strong theme of spread compression between high-yield and investment-grade emerging markets debt, and lower quality assets rallied.

The Fund’s notable detractors during the period

•	Underweights to El Salvador and Turkey detracted most from the Fund’s relative results.

6	Columbia Emerging Markets Bond Fund \| Annual Report 2023

Table of Contents

Manager Discussion of Fund Performance (continued)
(Unaudited)

○

Similar factors described above for Venezuela and Ukraine affected the bonds of El Salvador and thus an underweight to its market hurt the Fund. El Salvador’s bond spreads also narrowed during the second half of the period in a rally triggered by hopes a key new adviser to its finance ministry would be able to help secure a debt deal with the International Monetary Fund.

○

The Turkish bond market rallied after Presidential elections were held there in May 2023. Investors hoped incumbent Erdogan’s main opponent Kilicdaroglu would win, anticipating continuation of Erdogan’s unorthodox approach to monetary policy otherwise, i.e., cutting interest rates to bring inflation down. However, after his victory, Erdogan quickly made some market-friendly cabinet appointments. He also appointed a new central bank governor who already went against prior policy and implemented three interest rate hikes in Turkey to combat inflation. Consequently, Turkish bond spreads rallied, and the Fund’s underweight detracted.

The Fund’s notable contributors during the period

•	Overall, duration positioning contributed positively to the Fund’s relative performance, as the Fund maintained a shorter duration than that of the benchmark during a period when U.S. Treasury and other government bond yields rose.
•	Security selection overall added significant value.

○	For example, the Fund had exposure to Studio City, a Macau gaming company, which notably benefited since the lifting of strict COVID-19 restrictions in China.

•	Country allocation positioning had a minimal effect on the Fund’s relative results overall but underweights to China and United Arab Emirates and overweights to Venezuela, Macau and Ukraine contributed positively.

○	Despite a strong rally in the first half of the period given the lifting of its strict zero-COVID policies, Chinese debt assets came under pressure during the second half of the period as a result of persistently negative headlines. Economic growth forecasts for China were downgraded. Also, its property sector came under renewed stress and the response from policymakers in China was underwhelming.
○	There was a strong rally in distressed and semi-distressed names (i.e., bonds rated CCC and below and those rated B-, respectively) in June 2023, especially in Venezuela and Ukraine. These bonds are generally highly sensitive to tighter financial conditions, vulnerable to rising interest rates and high beta assets that tend to sell off in risk-averse times. This was apparent in March 2023 when market volatility increased following the U.S. regional banking crisis. However, in June, these assets enjoyed significant spread tightening as market sentiment shifted and some improving idiosyncratic stories emerged. For example, there was renewed optimism in Ukraine given some advances in the war. In Venezuela, there were murmurs the U.S. could lift sanctions against the country.
○	Macau, a tourist destination for those looking to visit casinos in Asia, benefited significantly from China’s reopening and the resulting significant increase in the number of tourist arrivals, flights and hotel bookings.

•	Allocations to local rates and currencies contributed positively overall to the Fund’s relative results, with positioning in Indonesia proving especially beneficial.

Derivatives usage

During the period, the Fund used emerging market currency forward contracts to manage local rates and currency exposures. The use of these derivative instruments successfully achieved their purpose but overall had a negative impact on the Fund’s performance during the period.

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. Risks are enhanced for emerging market and sovereign debt issuers. Fixed-income securities present issuer default risk. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund’s income and yield. These risks may be heightened for longer maturity and duration securities. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. Prepayment and extension risk exists because the timing of payments on a loan, bond or other investment may accelerate when interest rates fall or decelerate when interest rates rise which may reduce investment opportunities and potential returns. As a

Columbia Emerging Markets Bond Fund | Annual Report 2023

Table of Contents

Manager Discussion of Fund Performance (continued)
(Unaudited)

non-diversified fund, fewer investments could have a greater affect on performance. Market or other (e.g., interest rate) environments may adversely affect the liquidity of Fund investments, negatively impacting their price. Generally, the less liquid the market at the time the Fund sells a holding, the greater the risk of loss or decline of value to the Fund. 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 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.

8	Columbia Emerging Markets Bond Fund \| Annual Report 2023

Table of Contents

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.

March 1, 2023 — August 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	1,023.60	1,019.56	5.71	5.70	1.12
Advisor Class	1,000.00	1,000.00	1,024.80	1,020.77	4.49	4.48	0.88
Class C	1,000.00	1,000.00	1,019.80	1,015.78	9.52	9.50	1.87
Institutional Class	1,000.00	1,000.00	1,024.80	1,020.82	4.44	4.43	0.87
Institutional 2 Class	1,000.00	1,000.00	1,025.70	1,021.42	3.83	3.82	0.75
Institutional 3 Class	1,000.00	1,000.00	1,025.90	1,021.68	3.57	3.57	0.70
Class R	1,000.00	1,000.00	1,022.30	1,018.30	6.98	6.97	1.37

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 Emerging Markets Bond Fund | Annual Report 2023

Table of Contents

Portfolio of Investments
August 31, 2023

(Percentages represent value of investments compared to net assets)

Investments in securities

Corporate Bonds & Notes 9.2%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
China 0.1%
Country Garden Holdings Co., Ltd.^(a),(b)
07/12/2026	0.000%	3,600,000	318,033
Colombia 0.8%
Millicom International Cellular SA^(a)
01/15/2028	5.125%	1,215,000	1,099,508
03/25/2029	6.250%	1,260,000	1,155,056
03/25/2029	6.250%	180,000	165,008
Total			2,419,572
Guatemala 0.6%
Energuate Trust^(a)
05/03/2027	5.875%	1,300,000	1,199,044
05/03/2027	5.875%	550,000	507,287
Total			1,706,331
Hong Kong 0.6%
Xiaomi Best Time International Ltd.^(a)
07/14/2031	2.875%	2,100,000	1,594,229
India 0.3%
Adani Electricity Mumbai Ltd.^(a)
02/12/2030	3.949%	1,300,000	956,071
Isle of Man 0.2%
AngloGold Ashanti Holdings PLC
10/01/2030	3.750%	565,000	468,431
Jersey 1.2%
Galaxy Pipeline Assets Bidco Ltd.^(a)
03/31/2036	2.625%	1,780,000	1,408,888
09/30/2040	2.940%	2,532,300	1,996,371
Total			3,405,259
Jordan 0.3%
Jordan Government International Bond^(a)
01/13/2029	7.500%	722,000	730,630
Netherlands 0.7%
Braskem Netherlands Finance BV^(a)
01/31/2050	5.875%	2,000,000	1,533,596
Mong Duong Finance Holdings BV^(a)
05/07/2029	5.125%	570,000	515,689
Total			2,049,285
Russian Federation 0.3%
Phosagro OAO Via Phosagro Bond Funding DAC^(a)
09/16/2028	2.600%	1,532,000	986,414

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Saudi Arabia 0.4%
Greensaif Pipelines Bidco Sarl^(a)
02/23/2038	6.129%	1,100,000	1,103,687
United Kingdom 0.5%
Tullow Oil PLC^(a)
03/01/2025	7.000%	2,200,000	1,522,442
United States 0.5%
Sasol Financing USA LLC
03/18/2031	5.500%	1,800,000	1,437,630
Virgin Islands 2.7%
JGSH Philippines Ltd.^(a)
07/09/2030	4.125%	6,100,000	5,536,924
Studio City Finance Ltd.^(a)
01/15/2029	5.000%	2,900,000	2,180,335
Total			7,717,259
Total Corporate Bonds & Notes (Cost $30,082,954)			26,415,273

Foreign Government Obligations^(c),(d) 72.7%

Angola 1.4%
Angolan Government International Bond^(a)
11/26/2029	8.000%	3,600,000	2,975,398
05/08/2048	9.375%	1,300,000	991,307
Total			3,966,705
Argentina 2.0%
Argentine Republic Government International Bond^(e)
07/09/2035	3.625%	18,700,000	5,521,930
07/09/2046	3.625%	610,000	181,522
Total			5,703,452
Azerbaijan 0.6%
Republic of Azerbaijan International Bond^(a)
09/01/2032	3.500%	2,000,000	1,679,524
Bahrain 1.8%
Bahrain Government International Bond^(a)
05/18/2034	5.625%	3,100,000	2,724,995
CBB International Sukuk Programme Co. WLL^(a)
05/18/2029	3.875%	2,707,000	2,411,578
Total			5,136,573

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

10	Columbia Emerging Markets Bond Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
August 31, 2023

Foreign Government Obligations^(c),(d) (continued)
Issuer	Coupon Rate		Principal Amount ($)	Value ($)
Brazil 1.3%
Brazilian Government International Bond
06/12/2030	3.875%		2,833,000	2,509,091
01/27/2045	5.000%		1,600,000	1,245,809
Total				3,754,900
Chile 0.6%
Chile Government International Bond
01/25/2050	3.500%		1,500,000	1,088,928
Empresa Nacional del Petroleo^(a)
05/10/2033	6.150%		613,000	604,835
Total				1,693,763
Colombia 3.8%
Colombia Government International Bond
01/30/2030	3.000%		6,600,000	5,246,165
04/15/2031	3.125%		5,675,000	4,375,266
04/22/2032	3.250%		1,652,000	1,238,395
Total				10,859,826
Croatia 0.3%
Croatia Government International Bond^(a)
01/26/2024	6.000%		767,000	765,433
Dominican Republic 2.7%
Dominican Republic International Bond^(a)
01/30/2030	4.500%		2,489,000	2,169,201
09/23/2032	4.875%		3,428,000	2,906,216
04/30/2044	7.450%		1,714,000	1,649,545
06/05/2049	6.400%		1,300,000	1,089,467
Total				7,814,429
Ecuador 0.9%
Ecuador Government International Bond^(a),(e)
07/31/2030	6.000%		3,500,000	1,711,523
07/31/2035	3.500%		630,416	234,205
07/31/2040	2.500%		1,899,850	629,829
Total				2,575,557
Egypt 2.4%
Egypt Government International Bond^(a)
04/16/2030	5.625%	EUR	2,200,000	1,308,152
04/11/2031	6.375%	EUR	1,700,000	1,012,563
05/29/2032	7.625%		2,500,000	1,434,675
09/30/2033	7.300%		3,600,000	1,980,193
02/21/2048	7.903%		2,200,000	1,116,343
Total				6,851,926

Foreign Government Obligations^(c),(d) (continued)
Issuer	Coupon Rate		Principal Amount ($)	Value ($)
Guatemala 0.3%
Guatemala Government Bond^(a)
10/07/2033	3.700%		792,000	638,797
06/01/2050	6.125%		357,000	325,215
Total				964,012
Hungary 1.2%
Hungary Government International Bond^(a)
09/22/2031	2.125%		1,950,000	1,499,725
09/21/2051	3.125%		2,700,000	1,629,141
09/25/2052	6.750%		457,000	463,628
Total				3,592,494
India 1.2%
Export-Import Bank of India^(a)
01/15/2030	3.250%		3,900,000	3,390,826
Indonesia 5.4%
Indonesia Asahan Aluminium Persero PT^(a)
05/15/2050	5.800%		4,400,000	3,773,481
Indonesia Government International Bond^(a)
01/15/2045	5.125%		2,300,000	2,228,886
Indonesia Government International Bond
10/30/2049	3.700%		4,100,000	3,129,801
03/31/2052	4.300%		555,000	463,241
Indonesia Treasury Bond
04/15/2032	6.375%	IDR	50,550,000,000	3,315,466
Perusahaan Penerbit SBSN Indonesia III^(a)
06/23/2025	2.300%		1,145,000	1,080,568
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara^(a)
06/30/2050	4.000%		500,000	349,602
PT Perusahaan Listrik Negara^(a)
07/17/2049	4.875%		1,500,000	1,195,193
Total				15,536,238
Ivory Coast 1.3%
Ivory Coast Government International Bond^(a)
10/17/2031	5.875%	EUR	3,440,000	3,115,009
06/15/2033	6.125%		700,000	598,810
Total				3,713,819
Kazakhstan 2.2%
KazMunayGas National Co. JSC^(a)
04/19/2027	4.750%		2,200,000	2,069,696
04/24/2030	5.375%		3,800,000	3,461,013
04/19/2047	5.750%		1,018,000	817,284
Total				6,347,993

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

Columbia Emerging Markets Bond Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
August 31, 2023

Foreign Government Obligations^(c),(d) (continued)
Issuer	Coupon Rate		Principal Amount ($)	Value ($)
Malaysia 0.6%
Petronas Capital Ltd.^(a)
04/21/2030	3.500%		1,795,000	1,631,847
Mexico 10.3%
Comision Federal de Electricidad^(a)
07/26/2033	3.875%		4,100,000	3,188,937
Mexican Bonos
05/31/2029	8.500%	MXN	61,500,000	3,468,773
Mexico Government International Bond
04/16/2030	3.250%		5,250,000	4,648,438
01/15/2047	4.350%		1,800,000	1,403,118
02/10/2048	4.600%		1,600,000	1,284,923
Petroleos Mexicanos
11/12/2026	7.470%	MXN	50,100,000	2,479,216
01/28/2031	5.950%		5,000,000	3,631,236
02/16/2032	6.700%		5,590,000	4,227,739
01/23/2045	6.375%		4,800,000	2,910,919
01/23/2050	7.690%		2,700,000	1,806,459
Petroleos Mexicanos^(a)
02/07/2033	10.000%		898,000	813,361
Total				29,863,119
Mongolia 0.4%
Mongolia Government International Bond^(a)
01/19/2028	8.650%		340,000	340,449
07/07/2031	4.450%		1,100,000	853,070
Total				1,193,519
Nigeria 1.0%
Nigeria Government International Bond^(a)
09/28/2028	6.125%		1,100,000	908,629
09/28/2033	7.375%		1,600,000	1,224,175
11/28/2047	7.625%		1,300,000	895,788
Total				3,028,592
Oman 1.3%
Oman Government International Bond^(a)
01/25/2031	6.250%		1,339,000	1,354,428
01/17/2048	6.750%		2,400,000	2,324,416
Total				3,678,844
Pakistan 0.4%
Pakistan Government International Bond^(a)
09/30/2025	8.250%		419,000	255,668
12/05/2027	6.875%		1,000,000	505,284
04/08/2031	7.375%		1,078,000	495,973
Total				1,256,925

Foreign Government Obligations^(c),(d) (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Panama 2.3%
Panama Government International Bond
03/16/2025	3.750%	900,000	872,211
09/29/2032	2.252%	2,200,000	1,670,477
01/19/2033	3.298%	2,186,000	1,800,141
02/14/2035	6.400%	919,000	943,804
01/19/2063	4.500%	1,783,000	1,274,459
Total			6,561,092
Paraguay 1.4%
Paraguay Government International Bond^(a)
08/11/2044	6.100%	3,700,000	3,426,074
03/30/2050	5.400%	925,000	773,366
Total			4,199,440
Peru 1.9%
Peruvian Government International Bond
01/15/2034	3.000%	2,625,000	2,132,533
11/18/2050	5.625%	3,462,000	3,446,292
Total			5,578,825
Philippines 1.0%
Philippine Government International Bond
07/06/2046	3.200%	4,100,000	2,915,498
Qatar 4.9%
Ooredoo International Finance Ltd.^(a)
04/08/2031	2.625%	1,063,000	903,096
Qatar Government International Bond^(a)
04/23/2028	4.500%	700,000	693,540
03/14/2029	4.000%	4,700,000	4,541,137
04/23/2048	5.103%	2,350,000	2,256,195
03/14/2049	4.817%	2,550,000	2,377,975
04/16/2050	4.400%	1,276,000	1,123,671
Qatar Petroleum^(a)
07/12/2031	2.250%	2,763,000	2,273,079
Total			14,168,693
Romania 1.3%
Romanian Government International Bond^(a)
02/27/2027	3.000%	2,284,000	2,090,455
02/14/2051	4.000%	2,400,000	1,641,365
Total			3,731,820
Russian Federation 0.3%
Gazprom PJSC via Gaz Finance PLC^(a),(f)
02/25/2030	3.250%	1,383,000	860,143
Saudi Arabia 5.5%
Gaci First Investment Co.^(a)
02/14/2053	5.125%	4,200,000	3,630,436

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

12	Columbia Emerging Markets Bond Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
August 31, 2023

Foreign Government Obligations^(c),(d) (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
KSA Sukuk Ltd.^(a)
10/29/2029	2.969%	1,400,000	1,256,715
Saudi Arabian Oil Co.^(a)
11/24/2030	2.250%	3,200,000	2,631,241
Saudi Government International Bond^(a)
07/18/2033	4.875%	1,596,000	1,573,388
01/21/2055	3.750%	3,950,000	2,829,392
01/21/2055	3.750%	2,200,000	1,575,864
02/02/2061	3.450%	3,500,000	2,323,815
Total			15,820,851
Serbia 0.2%
Serbia International Bond^(a)
12/01/2030	2.125%	965,000	735,112
South Africa 1.6%
Eskom Holdings SOC Ltd.^(a)
02/11/2025	7.125%	2,300,000	2,268,217
Republic of South Africa Government International Bond
09/30/2049	5.750%	2,100,000	1,482,738
04/20/2052	7.300%	1,000,000	841,934
Total			4,592,889
Turkey 3.9%
Turkey Government International Bond
04/14/2026	4.250%	1,350,000	1,245,504
03/25/2027	6.000%	2,000,000	1,885,831
02/17/2028	5.125%	4,900,000	4,400,211
03/14/2029	9.375%	800,000	829,973
04/26/2029	7.625%	2,400,000	2,337,521
05/30/2040	6.750%	760,000	634,487
Total			11,333,527
Ukraine 1.0%
Ukraine Government International Bond^(a)
09/01/2028	7.750%	7,000,000	2,007,779
05/21/2031	6.876%	3,810,000	1,005,351
Total			3,013,130
United Arab Emirates 3.3%
Abu Dhabi Government International Bond^(a)
09/30/2049	3.125%	2,500,000	1,753,316
04/16/2050	3.875%	385,000	310,153

Foreign Government Obligations^(c),(d) (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Abu Dhabi Ports Co. PJSC^(a)
05/06/2031	2.500%	1,800,000	1,497,821
DP World Ltd.^(a)
09/25/2048	5.625%	500,000	461,344
DP World PLC^(a)
07/02/2037	6.850%	3,600,000	3,856,071
MDGH GMTN (RSC), Ltd.^(a)
04/28/2033	5.500%	1,292,000	1,332,572
MDGH GMTN RSC Ltd.^(a)
05/22/2053	5.084%	205,000	194,131
Total			9,405,408
Venezuela 0.7%
Petroleos de Venezuela SA^(a),(b)
05/16/2024	0.000%	22,627,059	1,358,538
Venezuela Government International Bond^(a),(b)
10/13/2024	0.000%	7,500,000	718,290
Total			2,076,828
Total Foreign Government Obligations (Cost $269,931,754)			209,993,572

Money Market Funds 16.3%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 5.476%^(g),(h)	47,096,907	47,082,778
Total Money Market Funds (Cost $47,079,031)		47,082,778
Total Investments in Securities (Cost $347,093,739)		283,491,623
Other Assets & Liabilities, Net		5,302,490
Net Assets		$288,794,113

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

Columbia Emerging Markets Bond Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
August 31, 2023

Investments in derivatives

Forward foreign currency exchange contracts
Currency to be sold	Currency to be purchased	Counterparty	Settlement date	Unrealized appreciation ($)	Unrealized depreciation ($)
6,223,060 EUR	6,819,166 USD	Citi	09/22/2023	65,655	—
200,603 USD	3,372,800 MXN	Goldman Sachs International	09/22/2023	—	(3,382)
913,783 USD	836,057 EUR	HSBC	09/22/2023	—	(6,460)
108,000,000 MXN	6,267,046 USD	Wells Fargo	09/22/2023	—	(48,129)
Total				65,655	(57,971)

Notes to Portfolio of Investments

(a)	Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At August 31, 2023, the total value of these securities amounted to $151,612,735, which represents 52.50% of total net assets.
(b)	Represents a security in default.
(c)	Principal amounts are denominated in United States Dollars unless otherwise noted.
(d)	Principal and interest may not be guaranteed by a governmental entity.
(e)	Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of August 31, 2023.
(f)	As a result of sanctions and restricted cross-border payments, certain income and/or principal has not been recognized by the Fund. The Fund will continue to monitor the net realizable value and record the income when it is considered collectible.
(g)	The rate shown is the seven-day current annualized yield at August 31, 2023.
(h)	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 August 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, 5.476%
	38,514,208	99,501,847	(90,938,056)	4,779	47,082,778	7,157	1,438,673	47,096,907

Currency Legend

EUR	Euro
IDR	Indonesian Rupiah
MXN	Mexican Peso
USD	US Dollar

Fair value measurements

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

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

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

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

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

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

14	Columbia Emerging Markets Bond Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
August 31, 2023

Fair value measurements (continued)
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 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 August 31, 2023:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Corporate Bonds & Notes	—	26,415,273	—	26,415,273
Foreign Government Obligations	—	209,993,572	—	209,993,572
Money Market Funds	47,082,778	—	—	47,082,778
Total Investments in Securities	47,082,778	236,408,845	—	283,491,623
Investments in Derivatives
Asset
Forward Foreign Currency Exchange Contracts	—	65,655	—	65,655
Liability
Forward Foreign Currency Exchange Contracts	—	(57,971)	—	(57,971)
Total	47,082,778	236,416,529	—	283,499,307

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

Derivative instruments are valued at unrealized appreciation (depreciation).

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

Columbia Emerging Markets Bond Fund | Annual Report 2023

Table of Contents

Statement of Operations
Year Ended August 31, 2023

Net investment income
Income:
Dividends — affiliated issuers	$1,438,673
Interest	15,793,794
Interfund lending	1,017
Foreign taxes withheld	(29,712)
Total income	17,203,772
Expenses:
Management services fees	1,737,596
Distribution and/or service fees
Class A	70,539
Class C	15,088
Class R	72,106
Transfer agent fees
Class A	57,515
Advisor Class	2,651
Class C	3,114
Institutional Class	75,982
Institutional 2 Class	24,420
Institutional 3 Class	10,970
Class R	29,403
Trustees’ fees	26,472
Custodian fees	30,988
Printing and postage fees	22,860
Registration fees	107,640
Accounting services fees	38,360
Legal fees	15,589
Compensation of chief compliance officer	57
Other	16,896
Total expenses	2,358,246
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(551)
Fees waived by transfer agent
Institutional 2 Class	(1,673)
Total net expenses	2,356,022
Net investment income	14,847,750
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(15,148,189)
Investments — affiliated issuers	7,157
Foreign currency translations	62,460
Forward foreign currency exchange contracts	(1,724,152)
Net realized loss	(16,802,724)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	15,258,045
Investments — affiliated issuers	4,779
Foreign currency translations	18,986
Forward foreign currency exchange contracts	42,559
Foreign capital gains tax	(2,284)
Net change in unrealized appreciation (depreciation)	15,322,085
Net realized and unrealized loss	(1,480,639)
Net increase in net assets resulting from operations	$13,367,111

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

18	Columbia Emerging Markets Bond Fund \| Annual Report 2023

Table of Contents

Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	August 31, 2023		August 31, 2022
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Shares sold	1,017,525	9,006,889	656,294	6,426,256
Distributions reinvested	149,076	1,322,316	124,289	1,274,044
Shares redeemed	(1,473,922)	(13,067,425)	(1,194,245)	(11,877,927)
Net decrease	(307,321)	(2,738,220)	(413,662)	(4,177,627)
Advisor Class
Shares sold	85,117	766,368	28,096	302,300
Distributions reinvested	7,371	65,338	9,167	94,669
Shares redeemed	(109,203)	(963,309)	(117,546)	(1,204,654)
Net decrease	(16,715)	(131,603)	(80,283)	(807,685)
Class C
Shares sold	19,757	176,605	7,772	75,381
Distributions reinvested	6,968	61,294	8,156	84,422
Shares redeemed	(97,127)	(853,186)	(192,022)	(1,954,058)
Net decrease	(70,402)	(615,287)	(176,094)	(1,794,255)
Institutional Class
Shares sold	761,782	6,813,623	2,789,462	30,371,586
Distributions reinvested	210,377	1,867,335	183,527	1,868,569
Shares redeemed	(1,897,677)	(16,915,498)	(2,247,081)	(22,507,461)
Net increase (decrease)	(925,518)	(8,234,540)	725,908	9,732,694
Institutional 2 Class
Shares sold	993,748	8,886,440	1,162,439	11,724,986
Distributions reinvested	234,524	2,082,197	181,616	1,859,313
Shares redeemed	(1,165,687)	(10,336,921)	(1,418,767)	(14,025,890)
Net increase (decrease)	62,585	631,716	(74,712)	(441,591)
Institutional 3 Class
Shares sold	621,049	5,554,093	2,690,582	27,564,102
Distributions reinvested	999,451	8,880,308	704,745	7,168,606
Shares redeemed	(1,400,138)	(12,521,452)	(1,014,916)	(10,086,443)
Net increase	220,362	1,912,949	2,380,411	24,646,265
Class R
Shares sold	78,465	702,673	111,185	1,194,470
Distributions reinvested	74,700	662,272	60,171	615,880
Shares redeemed	(312,358)	(2,766,875)	(283,526)	(2,887,436)
Net decrease	(159,193)	(1,401,930)	(112,170)	(1,077,086)
Total net increase (decrease)	(1,196,202)	(10,576,915)	2,249,398	26,080,715

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

20	Columbia Emerging Markets Bond Fund \| Annual Report 2023

Table of Contents

Financial Highlights

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

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Total distributions to shareholders
Class A
Year Ended 8/31/2023	$9.00	0.43	(0.05)	0.38	(0.43)	(0.43)
Year Ended 8/31/2022	$11.59	0.37	(2.59)	(2.22)	(0.37)	(0.37)
Year Ended 8/31/2021	$11.31	0.40	0.20	0.60	(0.32)	(0.32)
Year Ended 8/31/2020	$11.29	0.45	(0.08)	0.37	(0.35)	(0.35)
Year Ended 8/31/2019	$10.74	0.59	0.39	0.98	(0.43)	(0.43)
Advisor Class
Year Ended 8/31/2023	$9.01	0.45	(0.03)	0.42	(0.46)	(0.46)
Year Ended 8/31/2022	$11.61	0.40	(2.61)	(2.21)	(0.39)	(0.39)
Year Ended 8/31/2021	$11.33	0.43	0.20	0.63	(0.35)	(0.35)
Year Ended 8/31/2020	$11.31	0.51	(0.11)	0.40	(0.38)	(0.38)
Year Ended 8/31/2019	$10.75	0.61	0.41	1.02	(0.46)	(0.46)
Class C
Year Ended 8/31/2023	$8.93	0.36	(0.04)	0.32	(0.37)	(0.37)
Year Ended 8/31/2022	$11.51	0.30	(2.59)	(2.29)	(0.29)	(0.29)
Year Ended 8/31/2021	$11.23	0.31	0.21	0.52	(0.24)	(0.24)
Year Ended 8/31/2020	$11.22	0.37	(0.09)	0.28	(0.27)	(0.27)
Year Ended 8/31/2019	$10.67	0.51	0.39	0.90	(0.35)	(0.35)
Institutional Class
Year Ended 8/31/2023	$9.01	0.45	(0.04)	0.41	(0.46)	(0.46)
Year Ended 8/31/2022	$11.60	0.40	(2.60)	(2.20)	(0.39)	(0.39)
Year Ended 8/31/2021	$11.32	0.43	0.20	0.63	(0.35)	(0.35)
Year Ended 8/31/2020	$11.30	0.49	(0.09)	0.40	(0.38)	(0.38)
Year Ended 8/31/2019	$10.75	0.62	0.39	1.01	(0.46)	(0.46)
Institutional 2 Class
Year Ended 8/31/2023	$9.00	0.46	(0.03)	0.43	(0.47)	(0.47)
Year Ended 8/31/2022	$11.60	0.41	(2.61)	(2.20)	(0.40)	(0.40)
Year Ended 8/31/2021	$11.31	0.44	0.22	0.66	(0.37)	(0.37)
Year Ended 8/31/2020	$11.30	0.49	(0.09)	0.40	(0.39)	(0.39)
Year Ended 8/31/2019	$10.74	0.63	0.40	1.03	(0.47)	(0.47)

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

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Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 8/31/2023	$8.95	4.40%	1.14%	1.14%	4.79%	22%	$27,469
Year Ended 8/31/2022	$9.00	(19.53%)	1.12%	1.12%	3.65%	28%	$30,371
Year Ended 8/31/2021	$11.59	5.42%	1.12%	1.12%^(c)	3.49%	56%	$43,920
Year Ended 8/31/2020	$11.31	3.40%	1.11%^(d)	1.11%^(d)	4.13%	175%	$46,632
Year Ended 8/31/2019	$11.29	9.33%	1.11%^(d)	1.11%^(d)	5.40%	106%	$54,778
Advisor Class
Year Ended 8/31/2023	$8.97	4.77%	0.89%	0.89%	5.07%	22%	$1,587
Year Ended 8/31/2022	$9.01	(19.38%)	0.87%	0.87%	3.88%	28%	$1,745
Year Ended 8/31/2021	$11.61	5.67%	0.87%	0.87%^(c)	3.75%	56%	$3,180
Year Ended 8/31/2020	$11.33	3.65%	0.85%^(d)	0.85%^(d)	4.51%	175%	$4,799
Year Ended 8/31/2019	$11.31	9.69%	0.86%^(d)	0.86%^(d)	5.51%	106%	$20,141
Class C
Year Ended 8/31/2023	$8.88	3.65%	1.89%	1.89%	4.04%	22%	$1,180
Year Ended 8/31/2022	$8.93	(20.19%)	1.87%	1.87%	2.86%	28%	$1,815
Year Ended 8/31/2021	$11.51	4.66%	1.87%	1.87%^(c)	2.76%	56%	$4,365
Year Ended 8/31/2020	$11.23	2.55%	1.86%^(d)	1.86%^(d)	3.39%	175%	$8,881
Year Ended 8/31/2019	$11.22	8.57%	1.86%^(d)	1.86%^(d)	4.66%	106%	$13,374
Institutional Class
Year Ended 8/31/2023	$8.96	4.66%	0.89%	0.89%	5.04%	22%	$32,918
Year Ended 8/31/2022	$9.01	(19.31%)	0.87%	0.87%	3.91%	28%	$41,413
Year Ended 8/31/2021	$11.60	5.67%	0.87%	0.87%^(c)	3.75%	56%	$44,921
Year Ended 8/31/2020	$11.32	3.66%	0.86%^(d)	0.86%^(d)	4.40%	175%	$51,668
Year Ended 8/31/2019	$11.30	9.60%	0.86%^(d)	0.86%^(d)	5.65%	106%	$71,443
Institutional 2 Class
Year Ended 8/31/2023	$8.96	4.95%	0.75%	0.75%	5.20%	22%	$41,341
Year Ended 8/31/2022	$9.00	(19.29%)	0.73%	0.73%	4.05%	28%	$40,987
Year Ended 8/31/2021	$11.60	5.90%	0.75%	0.75%	3.86%	56%	$53,660
Year Ended 8/31/2020	$11.31	3.69%	0.73%^(d)	0.73%^(d)	4.44%	175%	$42,699
Year Ended 8/31/2019	$11.30	9.83%	0.75%^(d)	0.75%^(d)	5.75%	106%	$35,131

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

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Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Total distributions to shareholders
Institutional 3 Class
Year Ended 8/31/2023	$9.01	0.47	(0.05)	0.42	(0.47)	(0.47)
Year Ended 8/31/2022	$11.60	0.42	(2.60)	(2.18)	(0.41)	(0.41)
Year Ended 8/31/2021	$11.32	0.45	0.20	0.65	(0.37)	(0.37)
Year Ended 8/31/2020	$11.30	0.50	(0.09)	0.41	(0.39)	(0.39)
Year Ended 8/31/2019	$10.75	0.64	0.39	1.03	(0.48)	(0.48)
Class R
Year Ended 8/31/2023	$8.99	0.40	(0.03)	0.37	(0.41)	(0.41)
Year Ended 8/31/2022	$11.58	0.35	(2.60)	(2.25)	(0.34)	(0.34)
Year Ended 8/31/2021	$11.30	0.37	0.20	0.57	(0.29)	(0.29)
Year Ended 8/31/2020	$11.29	0.42	(0.09)	0.33	(0.32)	(0.32)
Year Ended 8/31/2019	$10.73	0.56	0.40	0.96	(0.40)	(0.40)

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)	Ratios include interest on collateral expense which is less than 0.01%.

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

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Notes to Financial Statements
August 31, 2023

Note 1. Organization

Columbia Emerging Markets Bond Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a non-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

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

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.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

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.

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Notes to Financial Statements (continued)
August 31, 2023

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.

Foreign currency transactions and translations

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Derivative instruments

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

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

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA

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Notes to Financial Statements (continued)
August 31, 2023

Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

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

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

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

Forward foreign currency exchange contracts

Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund’s securities and to shift foreign currency exposure back to U.S. dollars. These instruments may be used for other purposes in future periods.

The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund’s portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

Effects of derivative transactions in the financial statements

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

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Notes to Financial Statements (continued)
August 31, 2023

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at August 31, 2023:

	Asset derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts	65,655

	Liability derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts	57,971

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended August 31, 2023:

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category						Forward foreign currency exchange contracts ($)
Foreign exchange risk						(1,724,152)

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category						Forward foreign currency exchange contracts ($)
Foreign exchange risk						42,559

The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended August 31, 2023:

Derivative instrument	Average unrealized appreciation ($)	Average unrealized depreciation ($)
Forward foreign currency exchange contracts	70,704	(144,746)

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Notes to Financial Statements (continued)
August 31, 2023

Offsetting of assets and liabilities

The following table presents the Fund’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of August 31, 2023:

	Citi ($)	Goldman Sachs International ($)	HSBC ($)	Wells Fargo ($)	Total ($)
Assets
Forward foreign currency exchange contracts	65,655	-	-	-	65,655
Liabilities
Forward foreign currency exchange contracts	-	3,382	6,460	48,129	57,971
Total financial and derivative net assets	65,655	(3,382)	(6,460)	(48,129)	7,684
Total collateral received (pledged) ^(a)	-	-	-	-	-
Net amount ^(b)	65,655	(3,382)	(6,460)	(48,129)	7,684

(a)	In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(b)	Represents the net amount due from/(to) counterparties in the event of default.

Security transactions

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

Income recognition

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted.

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

Dividend income is recorded on the ex-dividend date.

Expenses

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

Determination of class net asset value

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

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Notes to Financial Statements (continued)
August 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 monthly. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and indemnifications

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

Recent accounting pronouncements and regulatory updates

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 amendments.

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 0.60% to 0.393% as the Fund’s net assets increase. The effective management services fee rate for the year ended August 31, 2023 was 0.600% of the Fund’s average daily net assets.

Participating Affiliates

The Investment Manager and its investment advisory affiliates (Participating Affiliates) around the world may coordinate in providing services to their clients. From time to time the Investment Manager (or any affiliated investment subadviser to the Fund, as the case may be) may engage its Participating Affiliates to provide a variety of services such as investment research, investment monitoring, trading and discretionary investment management (including portfolio management) to certain accounts managed by the Investment Manager, including the Fund. These Participating Affiliates provide services to the Investment Manager (or any affiliated investment subadviser to the Fund, as the case may be) either pursuant to subadvisory agreements, delegation agreements, personnel-sharing agreements or similar inter-company or other arrangements or relationships, and the Fund pays no additional fees and expenses as a result of any such arrangements.

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Notes to Financial Statements (continued)
August 31, 2023

These Participating Affiliates, like the Investment Manager, are direct or indirect subsidiaries of Ameriprise Financial and are registered with the appropriate respective regulators in their home jurisdictions and, where required, the Securities and Exchange Commission and the Commodity Futures Trading Commission in the United States.

Pursuant to some of these arrangements or relationships, certain personnel of these Participating Affiliates may serve as "associated persons" of the Investment Manager and, in this capacity, subject to the oversight and supervision of the Investment Manager and consistent with the investment objectives, policies and limitations set forth in the Fund’s prospectus and Statement of Additional Information (SAI), provide such services to the Fund.

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 "Trustees’ fees" in the Statement of Operations.

Compensation of Chief Compliance Officer

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

Transfer agency fees

Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. 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. In addition, prior to January 1, 2023, Institutional 2 Class shares were subject to a contractual transfer agency fee annual limitation of not more than 0.05% of the average daily net assets attributable to that share class.

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Notes to Financial Statements (continued)
August 31, 2023

For the year ended August 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	0.20
Advisor Class	0.21
Class C	0.21
Institutional Class	0.21
Institutional 2 Class	0.06
Institutional 3 Class	0.01
Class R	0.20

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 August 31, 2023, no minimum account balance fees were charged by the Fund.

Distribution and service fees

The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution, the Fund pays a fee at the maximum annual rates of up to 0.25%, 1.00% and 0.50% of the Fund’s average daily net assets attributable to Class A, Class C and Class R shares, respectively. For Class C shares, of the 1.00% fee, up to 0.75% can be reimbursed for distribution expenses and up to an additional 0.25% can be reimbursed for shareholder servicing expenses. For Class R shares, of the 0.50% fee, up to 0.25% can be reimbursed for shareholder servicing expenses.

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $311,000 for Class C shares. This amount is based on the most recent information available as of June 30, 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.

Sales charges (unaudited)

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the year ended August 31, 2023, if any, are listed below:

	Front End (%)	CDSC (%)	Amount ($)
Class A	4.75	0.50 - 1.00^(a)	9,912
Class C	—	1.00^(b)	0^(c)

(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.
(c)	Rounds to zero.

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

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Notes to Financial Statements (continued)
August 31, 2023

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:

	January 1, 2023 through December 31, 2023	Prior to January 1, 2023
Class A	1.16%	1.16%
Advisor Class	0.91	0.91
Class C	1.91	1.91
Institutional Class	0.91	0.91
Institutional 2 Class	0.77	0.77
Institutional 3 Class	0.72	0.73
Class R	1.41	1.41

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. Reflected in the contractual cap commitment, prior to January 1, 2023, is the Transfer Agent’s contractual agreement to limit total transfer agency fees to an annual rate of not more than 0.05% for Institutional 2 Class of the average daily net assets attributable to that share class. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

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

At August 31, 2023, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, foreign currency transactions, tax straddles, principal and/or interest from fixed income securities, defaulted securities/troubled debt, capital loss carryforwards, trustees’ deferred compensation and miscellaneous adjustments. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

Excess of distributions over net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
(455,013)	455,013	—

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

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Notes to Financial Statements (continued)
August 31, 2023

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

Year Ended August 31, 2023			Year Ended August 31, 2022
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
15,001,989	—	15,001,989	13,034,184	—	13,034,184

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

At August 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 ($)	Net unrealized (depreciation) ($)
83,324	—	(52,853,120)	(65,547,229)

At August 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) ($)	Net unrealized (depreciation) ($)
349,046,536	1,102,426	(66,649,655)	(65,547,229)

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

The following capital loss carryforwards, determined at August 31, 2023, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended August 31, 2023, capital loss carryforwards utilized, if any, were as follows:

No expiration short-term ($)	No expiration long-term ($)	Total ($)	Utilized ($)
(13,376,002)	(39,477,118)	(52,853,120)	—

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 $56,242,547 and $79,682,827, respectively, for the year ended August 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. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject, by October 2, 2024, to a liquidity fee if daily net redemptions exceed 5% of net assets and, by April 2, 2024, to a discretionary liquidity fee up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF.

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Notes to Financial Statements (continued)
August 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’s activity in the Interfund Program during the year ended August 31, 2023 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Lender	1,520,000	4.95	5

Interest income earned by the Fund is recorded as interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at August 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 August 31, 2023.

Note 9. Significant risks

Credit risk

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

Derivatives risk

Losses involving derivative instruments may be substantial, because a relatively small movement in the underlying reference (which is generally the price, rate or other economic indicator associated with a security(ies), commodity, currency, index or other instrument or asset) may result in a substantial loss for the Fund. In addition to the potential for increased losses, the

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Notes to Financial Statements (continued)
August 31, 2023

use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund’s exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk, liquidity risk and pricing risk.

Foreign securities and emerging market countries risk

Investing in foreign securities may involve heightened risks relative to investments in U.S. securities. Investing in foreign securities subjects the Fund to the risks associated with the issuer’s country of organization and places of business operations, including risks associated with political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, which may result in significant market volatility. In addition, certain foreign securities may be more volatile and less liquid than U.S. securities. Investing in emerging markets may increase these risks and expose the Fund to elevated risks associated with increased inflation, deflation or currency devaluation. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the risks associated with the conditions, events or other factors impacting those countries or regions and may, therefore, have a greater risk than that of a fund that is more geographically diversified. The financial information and disclosure made available by issuers of emerging market securities may be considerably less reliable than publicly available information about other foreign securities. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.

Geographic focus risk

The Fund may be particularly susceptible to risks related to economic, political, regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. The Fund’s net asset value may be more volatile than the net asset value of a more geographically diversified fund.

Latin America Region. The Fund is particularly susceptible to risks related to economic, political, regulatory, legal, social or other events or conditions affecting issuers in, or those that have investment exposure to, the Latin America region. These include risks of elevated and volatile interest, inflation and unemployment rates. Currency devaluations, exchange rate volatility and relatively high dependence upon commodities and international trade may also present additional risks for the Fund. Latin American economies may be susceptible to adverse government regulatory and economic intervention and controls, limitations in the ability to repatriate investment income, capital or the proceeds of the sale of securities, inadequate investor protections, less developed custody, settlement, regulatory, accounting, auditing and financial standards, unfavorable changes in laws or regulations, natural disasters, corruption and military activity.

Middle East and North Africa Region. The Fund is particularly susceptible to risks related to economic, political, regulatory, legal, social or other events or conditions affecting issuers in, or those that have investment exposure to, the Middle East and North Africa region. These include the risk of local and regional conflicts including terrorist activity, religious, ethnic and/or socio-economic unrest, acts of war or other conflicts in the region and elevated risks of volatile interest rates, excessive inflation and unemployment rates. Currency devaluations, exchange rate volatility and relatively high dependence upon commodities and international trade may also present additional risks for the Fund. Middle Eastern and North African economies may be susceptible to adverse government regulatory and economic intervention and controls, limitations in the ability to repatriate investment income, capital or the proceeds of the sale of securities, inadequate investor protections, less developed custody, settlement, regulatory, accounting, auditing and financial standards, unfavorable changes in laws or regulations, natural disasters, corruption and military activity.

High-yield investments risk

Securities and other debt instruments held by the Fund that are rated below investment grade (commonly called "high-yield" or "junk" bonds) and unrated debt instruments of comparable quality expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade debt instruments. In addition, these investments have greater price fluctuations, are less liquid and are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.

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Notes to Financial Statements (continued)
August 31, 2023

Interest rate risk

Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.

Liquidity risk

Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

Market risk

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

Non-diversification risk

A non-diversified fund is permitted to invest a greater percentage of its total assets in fewer issuers than a diversified fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund’s value will likely be more volatile than the value of a more diversified fund.

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Notes to Financial Statements (continued)
August 31, 2023

Shareholder concentration risk

At August 31, 2023, affiliated shareholders of record owned 62.6% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings 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 perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Emerging Markets Bond Fund | Annual Report 2023

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Emerging Markets Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Emerging Markets Bond Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of August 31, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended August 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 August 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 August 31, 2023 and the financial highlights for each of the five years in the period ended August 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 August 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

October 23, 2023

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

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Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended August 31, 2023. Shareholders will be notified in early 2024 of the amounts for use in preparing 2023 income tax returns.

Foreign taxes paid to foreign countries	Foreign taxes paid per share to foreign countries	Foreign source income	Foreign source income per share
$29,711	$0.0009	$15,035,391	$0.47

Foreign taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. Eligible shareholders may claim a foreign tax credit. These taxes, and the corresponding foreign source income, are provided in the table above.

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	173	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

Columbia Emerging Markets Bond Fund | Annual Report 2023

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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	173	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	173	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	173	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	171	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

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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	171	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	173	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	173	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	173	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	171	None

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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	171	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.	173	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	171	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

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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	173	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	173	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.

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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.

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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.

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Approval of Management Agreement

(Unaudited)

The Board, at its June 22, 2023 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory agreements and the Board’s legal responsibilities related to such consideration. The Independent Trustees considered all information that they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:

•	Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

•	Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;

•

The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;

•	Terms of the Management Agreement;

•	Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

•	Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

•	Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

•	Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

•	Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

•	The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

•	Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).

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Approval of Management Agreement (continued)
(Unaudited)
Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.

Nature, extent and quality of services provided by the Investment Manager

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.

In connection with the Board’s evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2022 in the performance of administrative services, and noted the various enhancements anticipated for 2023. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.

Investment performance

The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund’s performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed that the Fund’s performance for certain periods ranked above median based on information provided by Broadridge.

The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.

The Board also considered the Investment Manager’s performance and reputation generally. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund’s expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to the Investment Manager’s profitability.

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Approval of Management Agreement (continued)
(Unaudited)
The Board considered the reports of JDL, which assisted in the Board’s analysis of the Funds’ performance and expenses and the reasonableness of the Funds’ fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current “pricing philosophy” such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) approximated the peer universe’s median expense ratio.

After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2022 had declined from 2021 levels, due to a variety of factors, including the decreased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund’s net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed.The Board observed that the Management Agreement provided for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

On June 22, 2023, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.

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Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	15
Statement of Operations	16
Statement of Changes in Net Assets	17
Financial Highlights	18
Notes to Financial Statements	20
Report of Independent Registered Public Accounting Firm	29
Federal Income Tax Information	30
Trustees and Officers	30
Liquidity Risk Management Program	36
Approval of Management Agreement	36

If you elect to receive the shareholder report for Columbia Ultra Short Duration Municipal Bond 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

Quarterly schedule of investments

Additional Fund information

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

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Fund at a Glance
(Unaudited)

Investment Objective

The Fund seeks to provide shareholders with current income exempt from U.S. federal income tax, consistent with preservation of capital.

Portfolio management

Douglas Rangel, CFA

Lead Portfolio Manager

Managed Fund since June 2022

Catherine Stienstra

Portfolio Manager

Managed Fund since January 2022

Average annual total returns (%) (for the period ended August 31, 2023)
	Inception	1 Year	5 Years	10 Years
Class A*	05/27/14	2.03	0.91	0.80
Advisor Class	09/30/09	2.18	1.13	1.04
Institutional Class*	01/26/22	2.17	1.13	1.04
Institutional 3 Class*	01/26/22	2.28	1.27	1.11
Bloomberg 1 Year Municipal Bond Index		1.83	1.08	0.93

The Fund’s performance prior to January 21, 2022 reflects returns achieved by BMO Ultra Short Tax-Free Fund (the Predecessor Fund), a series of BMO Funds, Inc. The Predecessor Fund was managed by BMO Asset Management Corp. (BMO AM). The Fund’s performance prior to September 1, 2022 reflects returns achieved according to different principal investment strategies. If the Fund’s current strategies had been in place for the prior periods, results shown may have been different.

The Fund’s 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 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 and any predecessor firms that were in place during the performance periods shown. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

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 Bloomberg 1 Year Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum rating of Baa.

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Fund at a Glance (continued)
(Unaudited)

Performance of a hypothetical $10,000 investment (August 31, 2013 — August 31, 2023)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Ultra Short Duration Municipal Bond 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.

Quality breakdown (%) (at August 31, 2023)
AAA rating	23.1
AA rating	43.3
A rating	17.8
BBB rating	8.8
Not rated	7.0
Total	100.0

Percentages indicated are based upon total fixed income investments.

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody’s, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as “Not rated.” Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund’s subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.

Top Ten States/Territories (%) (at August 31, 2023)
Texas	21.7
Illinois	7.6
New York	6.5
Massachusetts	6.2
Michigan	5.8
California	5.7
Pennsylvania	5.1
Connecticut	4.4
Kentucky	4.1
South Carolina	3.9

Percentages indicated are based upon total investments excluding Money Market Funds and investments in derivatives, if any.

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

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Manager Discussion of Fund Performance
(Unaudited)

For the 12-month period that ended August 31, 2023, Class A shares of Columbia Ultra Short Duration Municipal Bond Fund returned 2.03%. Institutional Class shares returned 2.17%. The Fund outperformed its benchmark, the Bloomberg 1 Year Municipal Bond Index, which returned 1.83% for the same period.

Market overview

Municipal bond market sentiment was dominated during the period by caution. In particular, persistently upward pressure on yields kept many investors on the sidelines, partly driven by attractive rates on cash and money market instruments and partly driven by concerns around fixed-income losses in the face of higher yields. Until most believe the interest rate hiking cycle by the U.S. Federal Reserve (Fed) is concluding, or investor expectations shift toward the possibility of interest rate cuts on the horizon, many investors appeared content to sit in cash. This was evidenced by strong inflows during the annual period into money market funds. This backdrop was especially impactful to the ultra-short end of the municipal bond market, where caution was met with municipal valuations at historically rich, or expensive, levels. In turn, such valuations led to broad outflows from short duration and ultra-short duration municipal bond funds across the industry. That said, short duration municipal yields did not rise as quickly, or as high, as U.S. Treasury yields, as lower new issue supply in the municipal market created enough scarcity to prevent them from doing so. For example, one-year AAA municipal yields rose 104 basis points during the annual period, while one-year U.S. Treasury yields increased 191 basis points during the same time frame. (A basis point is 1/100th of a percentage point.) Similarly, two-year and three-year AAA municipal yields rose 86 basis points and 73 basis points, respectively, during the annual period, while duration-equivalent U.S. Treasury yields were 140 basis points and 110 basis points higher, respectively.

Short duration fund outflows, coupled with lower supply, created a rather distinct sort of stability within the municipal bond market. Selling bonds to raise cash to meet client redemptions was generally met with adequate demand. This kept prices near then-current valuations, and reinvestments into bonds were enabled by just enough supply to keep prices stable without overwhelming the market. Fundamental factors in the municipal bond market were also quite supportive, perhaps another dynamic keeping short-term municipal bond valuations tilted toward the rich side of fair value. For most municipal bond sectors, upgrades continued to outpace downgrades during the annual period, and while the pace of post-COVID-19 revenue growth slowed, most municipal bond issuers had strong surplus positions and full rainy day funds.

Municipal bond issuance as a whole was lighter during the annual period compared both to the prior 12 months and to historical averages. However, the lack of supply was particularly pronounced in lower quality segments of the market. Less issuance, solid fundamentals for even lower quality issuers, and attractive yields relative to historical averages combined to support the outperformance during the annual period of lower quality segments of the market.

For the annual period, the short-term municipal bond market outperformed the broader municipal bond market as well as U.S. Treasuries and the broad U.S. fixed-income market. The Bloomberg 1 Year Municipal Bond Index returned 1.83% as compared to a 1.70% return for the Bloomberg Municipal Bond Index, a -2.07% return for the Bloomberg Treasury Index and a -1.19% return for the Bloomberg U.S. Aggregate Bond Index for the annual period.

The Fund’s notable contributors during the period

•	Duration and yield curve positioning contributed most positively to relative performance.

○	The Fund maintained a duration position shorter than that of its benchmark, which proved beneficial as interest rates rose.
○	The Fund had a barbelled yield curve position, with an overweight to the 0-1 year portion of the curve, or spectrum of maturities, a corresponding underweight to the 1-2 year portion of the curve, and some exposure to slightly longer than benchmark securities in the 2-3 year maturity range.

•	Exposure to the ultra short-term end of the curve, i.e., to securities with maturities of 0-3 months, along with exposure to cash, was particularly helpful, as cash yields, variable rate demand note yields and ultra short-term bond yields remained elevated relative to most 1-2 year maturity bonds.
•	Such positioning provided enhanced income with limited duration exposure and helped mitigate the impact of rising interest rates.

Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2023

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Manager Discussion of Fund Performance (continued)
(Unaudited)

•	Sector allocation positioning overall contributed positively.

○	An overweight to local general obligations proved most beneficial.
○	Overweighted exposures to the transportation and resource recovery sectors further boosted relative results.

•	Security selection within the local general obligations sector contributed positively, especially selection among non-rated notes. To a more modest degree, security selection within the electric, water and sewer, and prepaid gas sectors was also additive.

The Fund’s notable detractors during the period

•	Having underweights to the hospitals, industrial development revenue/pollution control revenue (IDR/PCR) and pre-refunded sectors, which each outperformed the benchmark during the annual period, detracted.
•	Allocation positioning and security selection within the housing sector was also a drag on the Fund’s results, especially exposure to lower coupon housing sector issues.
•	Holdings within the 1-2 year maturity segment of the yield curve dampened the Fund’s results. Cash and variable rate demand notes outyielded 1-2 year maturity bonds for most of the annual period, and while the Fund was underweight 1-2 year maturity holdings versus the benchmark, what exposure the Fund did have underperformed shorter maturity, higher yielding holdings.
•	Credit quality positioning overall detracted modestly.

○	The Fund maintained its high quality bias throughout the annual period.
○	As lower quality holdings fared better during the annual period than higher quality issues, the Fund’s up-in-quality bias modestly hurt.

Fixed-income securities present issuer default risk. The Fund invests substantially in municipal securities and will be affected by tax, legislative, regulatory, demographic or political changes, as well as changes impacting a state’s financial, economic or other conditions. A relatively small number of tax-exempt issuers may necessitate the Fund investing more heavily in a single issuer and, therefore, be more exposed to the risk of loss than a fund that invests more broadly. Prepayment and extension risk exists because the timing of payments on a loan, bond or other investment may accelerate when interest rates fall or decelerate when interest rates rise which may reduce investment opportunities and potential returns. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund’s income and yield. These risks may be heightened for longer maturity and duration securities. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Federal and state tax rules apply to capital gain distributions and any gains or losses on sales. Income may be subject to state, local or alternative minimum taxes. Market or other (e.g., interest rate) environments may adversely affect the liquidity of fund investments, negatively impacting their price. Generally, the less liquid the market at the time the Fund sells a holding, the greater the risk of loss or decline of value to the Fund. 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 Ultra Short Duration Municipal Bond Fund \| Annual Report 2023

Table of Contents

Understanding Your Fund’s Expenses
(Unaudited)

As an investor, you incur two types of costs. There are shareholder transaction costs, which 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

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 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.

March 1, 2023 — August 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	1,013.10	1,022.68	2.54	2.55	0.50
Advisor Class	1,000.00	1,000.00	1,013.80	1,023.44	1.78	1.79	0.35
Institutional Class	1,000.00	1,000.00	1,013.80	1,023.49	1.73	1.73	0.34
Institutional 3 Class	1,000.00	1,000.00	1,014.40	1,023.95	1.27	1.28	0.25

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 Ultra Short Duration Municipal Bond Fund | Annual Report 2023

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Portfolio of Investments
August 31, 2023

(Percentages represent value of investments compared to net assets)

Investments in securities

Floating Rate Notes 2.1%
Issue Description	Yield	Principal Amount ($)	Value ($)
New York 1.3%
New York City Water & Sewer System^(a),(b)
Revenue Bonds
2nd General Resolution
Series 2013 (JPMorgan Chase Bank)
06/15/2050	4.000%	1,700,000	1,700,000
Utah 0.8%
City of Murray^(a),(b)
Revenue Bonds
IHC Health Services, Inc.
Series 2005B (JPMorgan Chase Bank)
05/15/2037	4.000%	1,000,000	1,000,000
Total Floating Rate Notes (Cost $2,700,000)			2,700,000

Municipal Bonds 90.1%
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Alaska 0.8%
State of Alaska
Unlimited General Obligation Refunding Bonds
Series 2023A
08/01/2025	5.000%	1,000,000	1,030,457
Arizona 0.8%
Arizona Water Infrastructure Finance Authority
Prerefunded 10/01/24 Revenue Bonds
Water Quality
Series 2014A
10/01/2028	5.000%	1,020,000	1,038,697
California 5.7%
Bay Area Toll Authority^(c)
Revenue Bonds
San Francisco Bay Area Toll Bridge
Series 2012 (Mandatory Put 04/01/24)
Muni Swap Index Yield + 1.100% 04/01/2045	5.570%	1,750,000	1,750,750
California Infrastructure & Economic Development Bank^(d)
Revenue Bonds
Brightline West Passenger Rail Project
Series 2023 (Mandatory Put 01/31/24)
01/01/2050	3.650%	1,000,000	994,754
City of Los Angeles Department of Airports^(d)
Refunding Revenue Bonds
Series 2018B
05/15/2024	5.000%	1,500,000	1,512,556

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Los Angeles Department of Water & Power Water System
Refunding Revenue Bonds
Series 2023A
07/01/2024	5.000%	250,000	253,843
State of California
Unlimited General Obligation Refunding Bonds
Various Purpose
Series 2018
10/01/2025	5.000%	2,880,000	2,989,709
Total			7,501,612
Colorado 2.7%
City & County of Denver Airport System^(d)
Revenue Bonds
Series 2022D
11/15/2024	5.000%	1,000,000	1,012,829
E-470 Public Highway Authority^(c)
Refunding Revenue Bonds
Series 2021B (Mandatory Put 09/01/24)
0.7 x SOFR + 0.350% 09/01/2039	3.901%	2,500,000	2,494,052
Total			3,506,881
Connecticut 4.4%
Connecticut Housing Finance Authority
Refunding Revenue Bonds
Housing Mortgage Finance Program
Series 2020 (Mandatory Put 11/15/23)
05/15/2060	0.500%	325,000	322,231
State of Connecticut
Unlimited General Obligation Refunding Bonds
Series 2022F
11/15/2024	5.000%	2,500,000	2,549,685
State of Connecticut Special Tax
Refunding Revenue Bonds
Transportation Infrastructure Purposes
Series 2014
09/01/2025	5.000%	2,500,000	2,537,851
Revenue Bonds
Transportation Infrasturucture Purposes
Series 2022A
07/01/2024	5.000%	350,000	354,610
Total			5,764,377
District of Columbia 1.2%
District of Columbia Housing Finance Agency
Revenue Bonds
Faircliff Plaza East Apartments Project
Series 2022 (FHA) (Mandatory Put 12/01/25)
12/01/2026	5.000%	600,000	610,727

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

8	Columbia Ultra Short Duration Municipal Bond Fund \| Annual Report 2023

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Portfolio of Investments (continued)
August 31, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Metropolitan Washington Airports Authority Aviation^(d)
Refunding Revenue Bonds
Airport System
Series 2019A
10/01/2024	5.000%	1,000,000	1,012,313
Total			1,623,040
Florida 2.8%
County of Miami-Dade Seaport Department^(d)
Refunding Revenue Bonds
Series 2023A
10/01/2025	5.000%	850,000	869,658
Duval County Public Schools
Certificate of Participation
Series 2022A
07/01/2024	5.000%	1,750,000	1,771,625
Greater Orlando Aviation Authority
Revenue Bonds
Series 2019A
10/01/2024	5.000%	1,000,000	1,011,052
Total			3,652,335
Georgia 1.5%
County of DeKalb Water & Sewerage
Refunding Revenue Bonds
Second Resolution
Series 2022
10/01/2024	5.000%	2,000,000	2,034,753
Hawaii 1.9%
Honolulu City & County Board of Water Supply
Prerefunded 07/01/24 Revenue Bonds
Series 2014A
07/01/2032	4.000%	2,540,000	2,554,075
Illinois 7.6%
City of Joliet Waterworks & Sewerage
Revenue Bonds
Senior Lien
BAN Series 2022
01/01/2024	5.000%	2,000,000	2,004,887
Illinois Finance Authority
Prerefunded 08/01/24 Revenue Bonds
Advocate Health Care
Series 2014
08/01/2031	5.000%	2,580,000	2,612,867
Refunding Revenue Bonds
American Water Capital Corp. Project
Series 2020 (Mandatory Put 09/01/23)
05/01/2040	0.700%	2,800,000	2,800,000

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
State of Illinois
Unlimited General Obligation Bonds
Series 2020C
05/01/2024	5.500%	500,000	505,548
Village of Schaumburg
Unlimited General Obligation Refunding Bonds
Series 2022
12/01/2024	4.000%	2,000,000	2,004,161
Total			9,927,463
Indiana 1.5%
Indiana Finance Authority^(d)
Refunding Revenue Bonds
Fulcrum Centerpoint LLC Project
Series 2022 (Mandatory Put 11/15/23)
12/15/2046	4.500%	2,000,000	1,997,125
Kentucky 4.0%
County of Owen
Refunding Revenue Bonds
Kentucky-American Water Co. Project
Series 2020 (Mandatory Put 09/01/23)
06/01/2040	0.700%	2,800,000	2,800,000
Kentucky Public Energy Authority^(c)
Revenue Bonds
Series 2019A-2 (Mandatory Put 06/01/25)
0.7 x 1-month USD LIBOR + 1.120% 12/01/2049	4.759%	2,500,000	2,497,475
Total			5,297,475
Maryland 0.8%
State of Maryland Department of Transportation
Revenue Bonds
2nd Issue
Series 2018
10/01/2024	5.000%	1,000,000	1,017,800
Massachusetts 2.0%
Berkshire Regional Transit Authority
Revenue Notes
RAN Series 2023
07/25/2024	4.500%	1,600,000	1,608,481
Massachusetts Educational Financing Authority^(d)
Revenue Bonds
Education Loan
Series 2014-I
01/01/2025	5.000%	1,000,000	1,012,871
Total			2,621,352

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

Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2023

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Portfolio of Investments (continued)
August 31, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Michigan 5.8%
Michigan Finance Authority
Prerefunded 06/01/24 Revenue Bonds
MidMichigan Health
Series 2014
06/01/2033	5.000%	2,910,000	2,942,291
University of Michigan
Prerefunded 04/01/24 Revenue Bonds
Series 2014A
04/01/2031	4.500%	3,110,000	3,131,599
Wayne County Airport Authority^(d),(e)
Refunding Revenue Bonds
Detroit Metro Wayne County Airport
Series 2017
12/01/2025	4.000%	1,500,000	1,503,035
Total			7,576,925
Minnesota 0.6%
Minnesota Rural Water Finance Authority, Inc.
Revenue Notes
Public Projects Construction
Series 2022
12/01/2023	2.625%	800,000	795,678
New Jersey 1.2%
New Jersey Higher Education Student Assistance Authority^(d)
Revenue Bonds
Series 2023B
12/01/2025	5.000%	1,000,000	1,019,379
New Jersey Transportation Trust Fund Authority
Revenue Bonds
Series 2023AA
06/15/2025	5.000%	500,000	511,974
Total			1,531,353
New York 5.1%
New York State Urban Development Corp.
Refunding Revenue Bonds
Series 2020E
03/15/2024	5.000%	2,135,000	2,154,357
Port Authority of New York & New Jersey^(d)
Refunding Revenue Bonds
Series 2014-186
10/15/2026	5.000%	1,000,000	1,008,753
Triborough Bridge & Tunnel Authority^(c)
Refunding Revenue Bonds
MTA Bridges and Tunnels
Series 2021 (Mandatory Put 02/01/24)
0.7 x SOFR + 0.380% 01/01/2032	3.931%	485,000	482,755

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Triborough Bridge & Tunnel Authority
Refunding Revenue Bonds
MTA Bridges and Tunnels
Series 2023
11/15/2025	5.000%	2,000,000	2,075,242
Revenue Bonds
BAN Series 2022A
08/15/2024	5.000%	1,000,000	1,015,080
Total			6,736,187
North Carolina 0.9%
North Carolina Medical Care Commission
Revenue Bonds
Friends Home, Inc.
Series 2020B2
09/01/2025	2.300%	1,250,000	1,187,048
North Dakota 1.8%
Cass County Joint Water Resource District
Unlimited General Obligation Bonds
Series 2021A
05/01/2024	0.480%	2,500,000	2,420,294
Ohio 1.1%
City of Columbus
Unlimited General Obligation Bonds
Series 2023A
08/15/2024	5.000%	525,000	533,456
State of Ohio
Revenue Bonds
Series 2022-1
12/15/2025	5.000%	835,000	867,043
Total			1,400,499
Oregon 1.2%
State of Oregon Department of Transportation
Prerefunded 11/15/24 Revenue Bonds
Series 2015A
11/15/2029	5.000%	1,485,000	1,514,461
Pennsylvania 3.6%
Bethlehem Area School District Authority^(c)
Refunding Revenue Bonds
Series 2021 (Mandatory Put 11/01/25)
0.7 x SOFR + 0.350% 01/01/2032	3.901%	1,780,000	1,741,294
Pennsylvania Turnpike Commission
Refunding Revenue Bonds
Series 2022B
12/01/2025	5.000%	400,000	414,518
Revenue Bonds
Subordinated Series 2017B-1
06/01/2025	5.000%	1,580,000	1,618,295

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

10	Columbia Ultra Short Duration Municipal Bond Fund \| Annual Report 2023

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Portfolio of Investments (continued)
August 31, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Southeastern Pennsylvania Transportation Authority
Revenue Bonds
Asset Improvement Program
Series 2022
06/01/2024	5.000%	1,000,000	1,012,415
Total			4,786,522
Rhode Island 0.8%
Rhode Island Student Loan Authority^(d)
Revenue Bonds
Series 2020A
12/01/2025	5.000%	1,000,000	1,021,960
South Carolina 3.9%
Patriots Energy Group Financing Agency^(c)
Revenue Bonds
Series 2018B (Mandatory Put 02/01/24)
0.7 x 1-month USD LIBOR + 0.860% 10/01/2048	4.499%	2,000,000	1,998,237
South Carolina Ports Authority^(d)
Prerefunded 07/01/25 Revenue Bonds
Series 2015
07/01/2050	5.250%	2,000,000	2,050,082
South Carolina Public Service Authority
Refunding Revenue Bonds
Series 2021A
12/01/2025	5.000%	1,000,000	1,027,794
Total			5,076,113
Texas 21.2%
City of San Antonio Electric & Gas Systems
Refunding Revenue Bonds
Series 2022
02/01/2024	5.000%	2,500,000	2,515,915
Colorado River Municipal Water District
Refunding Revenue Bonds
Series 2017
01/01/2025	5.000%	1,055,000	1,076,367
County of Williamson
Prerefunded 02/15/25 Unlimited General Obligation Bonds
Series 2015
02/15/2034	4.000%	2,000,000	2,019,820
Dallas Fort Worth International Airport^(f)
Refunding Revenue Bonds
Series 2023B
11/01/2024	5.000%	660,000	670,621
Dallas Independent School District
Unlimited General Obligation Refunding Bonds
Series 2023
02/15/2024	5.000%	2,500,000	2,519,045

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Matagorda County Navigation District No. 1^(d)
Revenue Bonds
Central Power and Light Co. Project
Series 2020 (Mandatory Put 09/01/23)
05/01/2030	0.900%	3,000,000	3,000,000
Pharr San Juan Alamo Independent School District
Prerefunded 02/01/25 Unlimited General Obligation Bonds
Series 2015
02/01/2030	4.000%	1,450,000	1,461,990
Plano Independent School District
Unlimited General Obligation Bonds
Series 2023
02/15/2025	5.000%	3,000,000	3,068,850
Spring Branch Independent School District
Unlimited General Obligation Bonds
Series 2022
02/01/2024	5.000%	1,000,000	1,006,366
State of Texas
Unlimited General Obligation Bonds
Texas Transportation Commission - Highway Improvement
Series 2016
04/01/2024	5.000%	4,000,000	4,039,017
Unlimited General Obligation Refunding Bonds
Water Financial Assistance
Subordinated Series 2018
08/01/2025	5.000%	2,875,000	2,911,339
Texas Water Development Board
Revenue Bonds
State Revolving Fund
Series 2018
08/01/2024	5.000%	1,610,000	1,632,093
State Water Implementation Fund
Series 2019
10/15/2025	5.000%	1,905,000	1,973,567
Total			27,894,990
Utah 0.8%
Utah Housing Corp.
Revenue Bonds
Moda Shoreline Apartments
Series 2022 (Mandatory Put 09/01/24)
09/01/2025	4.000%	1,000,000	997,155
Virginia 0.9%
Virginia Port Authority Commonwealth Port Fund^(d)
Prerefunded 07/01/25 Revenue Bonds
Series 2015
07/01/2030	5.000%	1,210,000	1,235,026

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

Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
August 31, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Washington 2.9%
King County School District No. 411 Issaquah
Unlimited General Obligation Refunding Bonds
Series 2022
12/01/2025	5.000%	600,000	622,567
Port of Seattle
Refunding Revenue Bonds
Private Activity
Series 2021
09/01/2025	5.000%	1,100,000	1,125,492
State of Washington
Unlimited General Obligation Bonds
Series 2023C
06/01/2025	5.000%	1,985,000	2,044,628
Total			3,792,687
Wisconsin 0.6%
State of Wisconsin
Unlimited General Obligation Refunding Bonds
Series 2022-4
05/01/2025	5.000%	750,000	771,409
Total Municipal Bonds (Cost $119,035,074)			118,305,749

Municipal Short Term 7.3%
Issue Description	Yield	Principal Amount ($)	Value ($)
Indiana 0.6%
Indiana Finance Authority^(d)
Revenue Bonds
Republic Services, Inc. Project
Series 2012 (Mandatory Put 09/01/23)
12/01/2037	4.300%	750,000	750,000
Massachusetts 4.2%
Brockton Area Transit Authority
Revenue Notes
RAN Series 2023
07/26/2024	3.900%	1,000,000	1,005,151
Merrimack Valley Regional Transit Authority
Revenue Notes
RAN Series 2023
06/21/2024	3.860%	1,500,000	1,507,146
Metrowest Regional Transit Authority
Revenue Notes
Series 2022
09/15/2023	3.770%	2,000,000	1,999,871

Municipal Short Term (continued)
Issue Description	Yield	Principal Amount ($)	Value ($)
Pioneer Valley Transit Authority
Revenue Notes
RAN Series 2023
07/12/2024	3.790%	1,000,000	1,007,835
Total			5,520,003
New Jersey 0.8%
New Jersey Economic Development Authority
Refunding Revenue Bonds
Series 2023RRR
03/01/2024	3.700%	1,000,000	1,006,418
Pennsylvania 1.4%
Pennsylvania Economic Development Financing Authority^(d)
Revenue Bonds
Republic Services, Inc. Project
Series 2022 (Mandatory Put 01/16/24)
04/01/2049	4.200%	900,000	899,363
Waste Management, Inc. Project
Series 2013 (Mandatory Put 11/01/23)
07/31/2045	4.130%	1,000,000	999,958
Total			1,899,321
Texas 0.3%
City of Dallas
Limited General Obligation Refunding Bonds
Series 2023A
02/15/2024	3.360%	425,000	428,125
Total Municipal Short Term (Cost $9,609,252)			9,603,867

Money Market Funds 0.1%
	Shares	Value ($)
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 3.904%^(g)	147,976	147,976
Total Money Market Funds (Cost $147,976)		147,976
Total Investments in Securities (Cost $131,492,302)		130,757,592
Other Assets & Liabilities, Net		540,491
Net Assets		$131,298,083

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

12	Columbia Ultra Short Duration Municipal Bond Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
August 31, 2023

Notes to Portfolio of Investments

(a)	The Fund is entitled to receive principal and interest from the guarantor after a day or a week’s notice or upon maturity. The maturity date disclosed represents the final maturity.
(b)	Represents a variable rate security where the coupon rate adjusts on specified dates (generally daily or weekly) using the prevailing money market rate. The interest rate shown was the current rate as of August 31, 2023.
(c)	Variable rate security. The interest rate shown was the current rate as of August 31, 2023.
(d)	Income from this security may be subject to alternative minimum tax.
(e)	Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At August 31, 2023, the total value of these securities amounted to $1,503,035, which represents 1.14% of total net assets.
(f)	Represents a security purchased on a when-issued basis.
(g)	The rate shown is the seven-day current annualized yield at August 31, 2023.

Abbreviation Legend

BAN	Bond Anticipation Note
FHA	Federal Housing Authority
LIBOR	London Interbank Offered Rate
RAN	Revenue Anticipation Note
SOFR	Secured Overnight Financing Rate

Fair value measurements

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.

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

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Statement of Assets and Liabilities
August 31, 2023

Assets
Investments in securities, at value
Unaffiliated issuers (cost $131,492,302)	$130,757,592
Receivable for:
Capital shares sold	614,821
Dividends	1,357
Interest	1,498,498
Prepaid expenses	3,288
Total assets	132,875,556
Liabilities
Due to custodian	8,122
Payable for:
Investments purchased on a delayed delivery basis	670,679
Capital shares redeemed	562,728
Distributions to shareholders	300,331
Management services fees	757
Distribution and/or service fees	18
Transfer agent fees	6,591
Trustees’ fees	10,384
Other expenses	17,863
Total liabilities	1,577,473
Net assets applicable to outstanding capital stock	$131,298,083
Represented by
Paid in capital	134,656,955
Total distributable earnings (loss)	(3,358,872)
Total - representing net assets applicable to outstanding capital stock	$131,298,083
Class A
Net assets	$4,224,337
Shares outstanding	423,810
Net asset value per share	$9.97
Advisor Class
Net assets	$126,309,191
Shares outstanding	12,687,827
Net asset value per share	$9.96
Institutional Class
Net assets	$752,689
Shares outstanding	75,521
Net asset value per share	$9.97
Institutional 3 Class
Net assets	$11,866
Shares outstanding	1,192
Net asset value per share^(a)	$9.96

(a)	Net asset value per share rounds to this amount due to fractional shares outstanding.

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

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Statement of Operations
Year Ended August 31, 2023

Net investment income
Income:
Dividends — unaffiliated issuers	$231,323
Interest	5,096,010
Total income	5,327,333
Expenses:
Management services fees	444,650
Distribution and/or service fees
Class A	9,083
Transfer agent fees
Class A	2,654
Advisor Class	88,446
Institutional Class	1,315
Institutional 3 Class	2
Trustees’ fees	19,456
Custodian fees	6,830
Printing and postage fees	10,234
Registration fees	76,628
Accounting services fees	30,090
Legal fees	14,683
Interest on interfund lending	781
Compensation of chief compliance officer	9
Other	46,980
Total expenses	751,841
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(32,747)
Expense reduction	(20)
Total net expenses	719,074
Net investment income	4,608,259
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(1,347,001)
Net realized loss	(1,347,001)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	1,433,241
Net change in unrealized appreciation (depreciation)	1,433,241
Net realized and unrealized gain	86,240
Net increase in net assets resulting from operations	$4,694,499

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

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Statement of Changes in Net Assets

	Year Ended August 31, 2023	Year Ended August 31, 2022 ^(a)
Operations
Net investment income	$4,608,259	$3,081,885
Net realized loss	(1,347,001)	(796,845)
Net change in unrealized appreciation (depreciation)	1,433,241	(5,177,921)
Net increase (decrease) in net assets resulting from operations	4,694,499	(2,892,881)
Distributions to shareholders
Net investment income and net realized gains
Class A	(122,725)	(51,202)
Advisor Class	(4,423,029)	(2,713,640)
Institutional Class	(68,543)	(6,418)
Institutional 3 Class	(280)	(13,910)
Total distributions to shareholders	(4,614,577)	(2,785,170)
Decrease in net assets from capital stock activity	(147,309,527)	(292,742,453)
Redemption fees	—	170
Total decrease in net assets	(147,229,605)	(298,420,334)
Net assets at beginning of year	278,527,688	576,948,022
Net assets at end of year	$131,298,083	$278,527,688

	Year Ended		Year Ended
	August 31, 2023		August 31, 2022 ^(a)
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Shares sold	136,063	1,357,615	76,162	763,990
Distributions reinvested	11,868	118,411	5,066	50,745
Shares redeemed	(545,836)	(5,452,382)	(393,090)	(3,940,940)
Net decrease	(397,905)	(3,976,356)	(311,862)	(3,126,205)
Advisor Class
Shares sold	6,578,796	65,547,289	35,773,136	359,829,889
Distributions reinvested	159,871	1,593,636	108,173	1,085,073
Shares redeemed	(21,044,492)	(209,960,794)	(64,864,397)	(651,879,114)
Net decrease	(14,305,825)	(142,819,869)	(28,983,088)	(290,964,152)
Institutional Class
Shares sold	493,280	4,907,505	186,283	1,865,120
Distributions reinvested	965	9,629	635	6,351
Shares redeemed	(544,459)	(5,430,436)	(61,183)	(612,381)
Net increase (decrease)	(50,214)	(513,302)	125,735	1,259,090
Institutional 3 Class
Shares sold	—	—	1,044,160	10,504,262
Distributions reinvested	—	—	833	8,348
Shares redeemed	—	—	(1,043,801)	(10,423,796)
Net increase	—	—	1,192	88,814
Total net decrease	(14,753,944)	(147,309,527)	(29,168,023)	(292,742,453)

(a)	Institutional Class and Institutional 3 Class shares are based on operations from January 26, 2022 (commencement of operations) through the stated period end.

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

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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. For periods ended 2022 and thereafter, per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Year Ended 8/31/2023	$9.98	0.20	0.00^(d)	0.20	(0.21)	—	(0.21)
Year Ended 8/31/2022	$10.11	0.06	(0.13)	(0.07)	(0.06)	—	(0.06)
Year Ended 8/31/2021^(h)	$10.09	0.04	0.02	0.06	(0.04)	—	(0.04)
Year Ended 8/31/2020	$10.09	0.09	0.01	0.10	(0.10)	—	(0.10)
Year Ended 8/31/2019	$10.07	0.13	0.03	0.16	(0.14)	—	(0.14)
Advisor Class
Year Ended 8/31/2023	$9.97	0.22	0.00^(d)	0.22	(0.23)	—	(0.23)
Year Ended 8/31/2022⁽ⁱ⁾	$10.10	0.07	(0.13)	(0.06)	(0.07)	—	(0.07)
Year Ended 8/31/2021^(h)	$10.08	0.06	0.03	0.09	(0.07)	—	(0.07)
Year Ended 8/31/2020	$10.09	0.13	(0.01)	0.12	(0.13)	—	(0.13)
Year Ended 8/31/2019	$10.06	0.17	0.03	0.20	(0.17)	—	(0.17)
Institutional Class
Year Ended 8/31/2023	$9.98	0.22	(0.01)^(j)	0.21	(0.22)	—	(0.22)
Year Ended 8/31/2022^(k)	$10.07	0.07	(0.10)	(0.03)	(0.06)	—	(0.06)
Institutional 3 Class
Year Ended 8/31/2023	$9.97	0.23	(0.01)^(j)	0.22	(0.23)	—	(0.23)
Year Ended 8/31/2022^(k)	$10.07	0.04	(0.01)	0.03	(0.13)	—	(0.13)

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)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by BMO Asset Management Corp, and certain of its affiliates, if applicable, for the account periods prior to the closing of the Reorganization, which occurred on January 21, 2022.
(d)	Rounds to zero.
(e)	Ratios include interfund lending expense which is less than 0.01%.
(f)	The benefits derived from expense reductions had an impact of less than 0.01%.
(g)	Ratios include line of credit interest expense which is less than 0.01%.
(h)	Net investment income (loss) per share calculated using the average shares method.
(i)	Redemption fees consisted of per share amounts less than $0.01.
(j)	Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to timing of Fund shares sold and redeemed in relation to fluctuations in the market value of the portfolio.
(k)	Institutional Class and Institutional 3 Class shares commenced operations on January 26, 2022. Per share data and total return reflect activity from that date.

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

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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),(c)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 8/31/2023	$9.97	2.03%	0.50%^(e)	0.48%^(e),(f)	2.02%	82%	$4,224
Year Ended 8/31/2022	$9.98	(0.74%)	0.56%^(e),(g)	0.48%^(e),(g)	0.57%	104%	$8,199
Year Ended 8/31/2021^(h)	$10.11	0.59%	0.64%	0.55%	0.40%	137%	$11,463
Year Ended 8/31/2020	$10.09	1.06%	0.63%	0.55%	1.05%	267%	$12,998
Year Ended 8/31/2019	$10.09	1.62%	0.62%	0.55%	1.41%	155%	$16,498
Advisor Class
Year Ended 8/31/2023	$9.96	2.18%	0.35%^(e)	0.34%^(e),(f)	2.18%	82%	$126,309
Year Ended 8/31/2022⁽ⁱ⁾	$9.97	(0.56%)	0.38%^(e),(g)	0.29%^(e),(g)	0.72%	104%	$269,063
Year Ended 8/31/2021^(h)	$10.10	0.85%	0.39%	0.30%	0.64%	137%	$565,485
Year Ended 8/31/2020	$10.08	1.21%	0.38%	0.30%	1.28%	267%	$523,605
Year Ended 8/31/2019	$10.09	1.98%	0.37%	0.30%	1.66%	155%	$541,859
Institutional Class
Year Ended 8/31/2023	$9.97	2.17%	0.35%^(e)	0.35%^(e),(f)	2.24%	82%	$753
Year Ended 8/31/2022^(k)	$9.98	(0.33%)	0.31%^(e),(g)	0.27%^(e),(g)	1.14%	104%	$1,254
Institutional 3 Class
Year Ended 8/31/2023	$9.96	2.28%	0.33%^(e)	0.25%^(e)	2.35%	82%	$12
Year Ended 8/31/2022^(k)	$9.97	0.27%	0.28%^(e),(g)	0.23%^(e),(g)	0.70%	104%	$12

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

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Notes to Financial Statements
August 31, 2023

Note 1. Organization

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

The Fund commenced operations as of January 21, 2022, upon the Fund’s acquisition of the assets of BMO Ultra Short Tax-Free Fund (the Predecessor Fund), a series of BMO Funds, Inc. in exchange for shares of the Fund (the Reorganization). The Predecessor Fund is considered the accounting survivor of the Reorganization, and accordingly, certain financial history of the Predecessor Fund is included in these financial statements.

Fund shares

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

Note 2. Summary of significant accounting policies

Basis of preparation

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

Security valuation

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.

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Notes to Financial Statements (continued)
August 31, 2023

Redemption Fees

The Predecessor Fund imposed a 2% redemption fee on shares held for 30 days or less. All redemption fees are recorded by the Fund as paid-in-capital and stated separately in the Statement of Changes in Net Assets.

Delayed delivery securities

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

Security transactions

Income recognition

Dividend income is recorded on the ex-dividend date.

Expenses

Determination of class net asset value

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 net tax-exempt and 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.

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Notes to Financial Statements (continued)
August 31, 2023

Distributions to shareholders

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

Guarantees and indemnifications

Recent accounting pronouncements and regulatory updates

Tailored Shareholder Reports

Note 3. Fees and other transactions with affiliates

Management services fees

Compensation of board members

Compensation of Chief Compliance Officer

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Notes to Financial Statements (continued)
August 31, 2023

Transfer agency fees

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 3 Class shares are subject to an annual limitation of not more than 0.02% of the average daily net assets attributable to Institutional 3 Class shares.

For the year ended August 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	0.04
Advisor Class	0.04
Institutional Class	0.04
Institutional 3 Class	0.02

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 August 31, 2023, these minimum account balance fees reduced total expenses of the Fund by $20.

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. The Board of Trustees has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.

Under the Plans, the Fund pays a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.15% of the average daily net assets attributable to Class A shares of the Fund.

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Notes to Financial Statements (continued)
August 31, 2023

Expenses waived/reimbursed by the Investment Manager and its affiliates

	Fee rate(s) contractual through December 31, 2023
Class A	0.51%
Advisor Class	0.36
Institutional Class	0.36
Institutional 3 Class	0.25

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. In addition to the contractual agreement, the Investment Manager and certain of its affiliates have voluntarily agreed to waive fees and/or reimburse Fund expenses (excluding certain fees and expenses described above) so that Fund level expenses (expenses directly attributable to the Fund and not to a specific share class) are waived proportionately across all share classes. This arrangement may be revised or discontinued at any time. 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

At August 31, 2023, these differences were primarily due to differing treatment for capital loss carryforwards, trustees’ deferred compensation and distributions. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

The 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 August 31, 2023				Year Ended August 31, 2022
Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)
8,451	4,606,126	—	4,614,577	7,181	2,777,989	—	2,785,170

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

At August 31, 2023, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed tax- exempt income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized (depreciation) ($)
—	573,011	—	(2,887,883)	(734,710)

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Notes to Financial Statements (continued)
August 31, 2023

At August 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) ($)	Net unrealized (depreciation) ($)
131,492,302	131,188	(865,898)	(734,710)

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

No expiration short-term ($)	No expiration long-term ($)	Total ($)	Utilized ($)
(984,197)	(1,903,686)	(2,887,883)	—

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $153,767,087 and $228,079,648, respectively, for the year ended August 31, 2023. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

The Fund’s activity in the Interfund Program during the year ended August 31, 2023 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Borrower	1,060,000	5.25	5

Interest expense incurred by the Fund is recorded as interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at August 31, 2023.

Note 7. Line of credit

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Notes to Financial Statements (continued)
August 31, 2023

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 August 31, 2023.

Note 8. Significant risks

Credit risk

Interest rate risk

Liquidity risk

Market risk

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Notes to Financial Statements (continued)
August 31, 2023

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.

Municipal securities risk

Municipal securities are debt obligations generally issued to obtain funds for various public purposes, including general financing for state and local governments, or financing for a specific project or public facility, and include obligations of the governments of the U.S. territories, commonwealths and possessions such as Guam, Puerto Rico and the U.S. Virgin Islands to the extent such obligations are exempt from state and U.S. federal income taxes. The value of municipal securities can be significantly affected by actual or expected political and legislative changes at the federal or state level. Municipal securities may be fully or partially backed by the taxing authority of the local government, by the credit of a private issuer, by the current or anticipated revenues from a specific project or specific assets or by domestic or foreign entities providing credit support, such as letters of credit, guarantees or insurance, and are generally classified into general obligation bonds and special revenue obligations. Because many municipal securities are issued to finance projects in sectors such as education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market.

Issuers in a state, territory, commonwealth or possession in which the Fund invests may experience significant financial difficulties for various reasons, including as the result of events that cannot be reasonably anticipated or controlled such as economic downturns or similar periods of economic stress, social conflict or unrest, labor disruption and natural disasters. Such financial difficulties may lead to credit rating downgrades or defaults of such issuers which in turn, could affect the market values and marketability of many or all municipal obligations of issuers in such state, territory, commonwealth or possession. The value of the Fund’s shares will be negatively impacted to the extent it invests in such securities. The Fund’s annual and semiannual reports show the Fund’s investment exposures at a point in time. The risk of investing in the Fund is directly correlated to the Fund’s investment exposures.

Securities issued by a particular state and its instrumentalities are subject to the risk of unfavorable developments in such state. A municipal security can be significantly affected by adverse tax, legislative, regulatory, demographic or political changes as well as changes in a particular state’s (state and its instrumentalities’) financial, economic or other condition and prospects.

Because the Fund invests significantly in municipal securities issued by the state of Texas and its political subdivisions, the Fund will be particularly affected by any such changes.

Shareholder concentration risk

At August 31, 2023, one unaffiliated shareholder of record owned 59.3% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Note 10. Change in Independent Registered Public Accounting Firm

At a meeting held on November 23, 2021, the Board of Trustees of Columbia Funds Series Trust II, upon recommendation of the Audit Committee, approved the appointment of Cohen & Company, Ltd. ("Cohen") as the independent registered public accounting firm for the Fund. Effective November 10, 2021, KPMG, LLP ("KPMG"), the independent registered public accounting firm for the Fund’s fiscal year ended August 31, 2021, was dismissed.

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Notes to Financial Statements (continued)
August 31, 2023

KPMG’s reports on the financial statements of the Fund as of and for the fiscal years ended August 31, 2021 and August 31, 2020 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During such fiscal years and through November 10, 2021, there were no: (1) disagreements between the Fund and KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to KPMG’s satisfaction, would have caused them to make reference to the subject matter of the disagreement in connection with their reports on the Fund’s financial statements for such periods, or (2) reportable events as defined under the Securities Exchange Act of 1934, as amended.

At a meeting held on November 4, 2022, the Board of Trustees of Columbia Funds Series Trust II, upon recommendation of the Audit Committee, approved and appointed PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm for the Fund. Effective November 16, 2022 ("the Dismissal Date"), Cohen, the independent registered public accounting firm for the Fund’s fiscal year ended August 31, 2022, was dismissed.

Cohen’s report on the financial statements of the Fund as of and for the fiscal year ended August 31, 2022 contained no adverse opinion or disclaimer of opinion and was not qualified or modified as to uncertainty, audit scope or accounting principles. During such fiscal year and through the Dismissal Date, there were no: (1) disagreements between the Fund and Cohen on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to Cohen’s satisfaction, would have caused them to make reference to the subject matter of the disagreement in connection with their reports on the Fund’s financial statements for such period, or (2) reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

During the fiscal year ended August 31, 2022, neither the Fund, nor anyone on its behalf, consulted PwC regarding: (1) the application of accounting principles to a specified transaction, either completed or proposed, (2) the type of audit opinion that might be rendered on the Fund’s financial statements, or (3) any matter that was either the subject of a disagreement or a reportable event, as such terms are described in Item 304(a)(1)(v) of Regulation S-K of the Securities Exchange Act of 1934, as amended.

Note 11. Information regarding pending and settled legal proceedings

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Ultra Short Duration Municipal Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Ultra Short Duration Municipal Bond Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of August 31, 2023, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the year ended August 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 August 31, 2023, and the results of its operations, changes in its net assets, and the financial highlights for the year ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund (i) as of and for the year ended August 31, 2022 and the financial highlights for the year or period indicated therein ended August 31, 2022 and (ii) the financial highlights for each of the three years in the period ended on or prior to August 31, 2021 (not presented herein, other than the statement of changes in net assets for the year ended August 31, 2022 and the financial highlights) were audited by other auditors whose reports dated October 25, 2022 and October 27, 2021, respectively, expressed unqualified opinions on those financial statements and financial highlights.

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 audit. 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 audit 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 audit 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 audit 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 August 31, 2023 by correspondence with the custodian, transfer agent and broker. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

October 23, 2023

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

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Federal Income Tax Information

(Unaudited)

Exempt- interest dividends
99.82%

Exempt-interest dividends. The percentage of net investment income distributed during the fiscal year that qualifies as exempt-interest dividends for federal income tax purposes. A portion of the income may be subject to federal alternative minimum tax.

TRUSTEES AND OFFICERS

(Unaudited)

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	173	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

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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	173	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	173	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	173	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	171	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

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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	171	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	173	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	173	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	173	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	171	None

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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	171	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.	173	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	171	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

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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	173	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	173	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

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.

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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.

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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)

•	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.

Approval of Management Agreement

(Unaudited)

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Approval of Management Agreement (continued)
(Unaudited)
Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Ultra Short Duration Municipal Bond Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds).

•	Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

•	Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;

•

•	Terms of the Management Agreement;

•	Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

•	Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

•	Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

•	Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

•	Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

•	The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

•	Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).

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Nature, extent and quality of services provided by the Investment Manager

Investment performance

The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

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Economies of scale

The Board considered the economies of scale that might be realized as the Fund’s net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. The Board took into account, however, that the Management Agreement already provides for a relatively low flat fee regardless of the Fund’s asset level, and requires Columbia Threadneedle to provide investment advice, as well as administrative, accounting and other services to the Fund.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

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Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	12
Statement of Operations	14
Statement of Changes in Net Assets	15
Financial Highlights	18
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	32
Federal Income Tax Information	33
Trustees and Officers	33
Liquidity Risk Management Program	39
Approval of Management Agreement	40

If you elect to receive the shareholder report for Columbia Integrated 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

Quarterly schedule of investments

Additional Fund information

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

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Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks to provide shareholders with capital appreciation.

Portfolio management

Ernesto Ramos, Ph.D.

Co-Portfolio Manager

Managed Fund since January 21, 2022 (Managed Predecessor Fund 2012 - December 2020 and June 2021 - January 21, 2022)

Jason Hans, CFA

Co-Portfolio Manager

Managed Fund since January 21, 2022 (Managed Predecessor Fund February 2012 - January 21, 2022)

David Rosenblatt, CFA

Co-Portfolio Manager

Managed Fund since April 2023

Morningstar style box^TM

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 August 31, 2023)
		Inception	1 Year	5 Years	10 Years
Class A*	Excluding sales charges	05/27/14	8.83	6.12	8.92
	Including sales charges		2.57	4.87	8.28
Advisor Class		01/31/08	9.10	6.38	9.20
Class C*	Excluding sales charges	01/26/22	7.88	5.30	8.10
	Including sales charges		6.93	5.30	8.10
Institutional Class*		01/26/22	9.12	6.38	9.20
Institutional 2 Class*		01/26/22	9.21	6.42	9.22
Institutional 3 Class*		01/26/22	9.19	6.43	9.22
Class R*		01/26/22	8.49	5.85	8.65
Russell 1000 Value Index			8.59	7.11	9.15

The Fund’s performance prior to January 21, 2022 reflects returns achieved by BMO Large-Cap Value Fund (the Predecessor Fund), a series of BMO Funds, Inc. The Predecessor Fund was managed by BMO Asset Management Corp. (BMO AM) and had the same investment objective and a substantially identical investment strategy to the Fund.

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 and any predecessor firms that were in place during the performance periods shown. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

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.

Columbia Integrated Large Cap Value Fund | Annual Report 2023

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Manager Discussion of Fund Performance
(Unaudited)

For the 12-month period ended August 31, 2023, Class A shares of Columbia Integrated Large Cap Value Fund returned 8.83% excluding sales charges. The Fund outperformed its benchmark, the Russell 1000 Value Index, which returned 8.59% for the same time period.

Market overview

The broad U.S. equity market delivered strong gains during the annual period, despite continued concerns about a future economic slowdown and a series of rate hikes by the U.S. Federal Reserve (Fed) that tapered from aggressive to more measured by period-end. Market momentum picked up as the period progressed as better-than-expected earnings drove equity gains. The period, however, was far from smooth.

In March 2023, the failure of a pair of U.S. banks and the collapse of European giant Credit Suisse led to fears of a financial crisis. In response, the Fed created a lending facility to support bank liquidity while the market began to price in multiple cuts in the federal funds target rate over the second half of 2023. At its March 2023 meeting the Fed raised the federal funds target rate by another quarter-point. The rate hike was generally welcomed by investors as a signal that the Fed viewed the financial system as remaining on stable footing.

Inflation continued to decline as the period progressed. Through August 2023, the rate of year-over-year U.S. inflation had decelerated to 3.7%, a meaningful reduction from the four decade high of 9.1% in June 2022, though still higher than the Fed’s 2% inflation target. Nonetheless, with the economy remaining resilient and employment remaining historically robust, the Fed implemented additional 25 basis point increases at its early May and late July meetings, bringing the federal funds target rate to the 5.25% to 5.50% range.

Sentiment remained positive through the latter months of the period, as the Fed slowed its pace of rate hikes in response to cooling inflation. Investors were further encouraged by the fact that economic growth and corporate earnings, while slowing, did not decline to the extent that the markets had anticipated in late 2022. These factors combined to fuel an impressive gain for equities, but the majority of the positive return was generated by a small group of mega-cap technology-related stocks. Much of the relative strength in this area came from companies expected to benefit from the evolution of artificial intelligence (AI). The growth style strongly outpaced value as a result, with returns of 21.94% and 8.59%, respectively, for the Russell 1000 Growth Index and the Russell 1000 Value Index. The small-cap Russell 2000 Index, now trading at multiples relative to large caps last seen during the early 2000s technology bubble, returned 4.65%, unable to keep pace with the rally in large caps.

The Fund’s notable contributors during the period

•	Overall sector allocation was additive to relative performance.
•	Overall stock selection was also additive to relative performance.
•	The Fund’s underweight to the utilities sector was the top contributor from a sector allocation perspective, followed by an overweight to the industrials sector and slight overweight to the consumer discretionary sector.
•	Stock selection in the communication services sector was the largest positive contribution for the period, followed by the health care and consumer staples sectors.
•	The three largest individual contributors to the fund were Meta Platforms, Inc., Horizon Therapeutics PLC and Exxon Mobil Corp. We sold the Fund’s position in Horizon Therapeutics.

The Fund’s notable detractors during the period

•	The Fund’s slight overweight to the real estate sector was the top detractor from a sector allocation perspective, followed closely by an overweight to the consumer staples sector and an underweight to the materials sector.
•	Stock selection in the financials sector was the largest detractor for the period, followed by the materials and information technology sectors.
•	The three largest individual detractors to the fund were CVS Health Corp., KeyCorp, and Fidelity National Information Services, Inc.

Columbia Integrated Large Cap Value Fund | Annual Report 2023

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Manager Discussion of Fund Performance (continued)
(Unaudited)

Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Generally, large-cap companies are more mature and have limited growth potential compared to smaller companies. In addition, large companies may not be able to adapt as easily to changing market conditions, potentially resulting in lower overall performance compared to the broader securities markets during different market cycles. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth. 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.

6	Columbia Integrated Large Cap Value Fund \| Annual Report 2023

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Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

March 1, 2023 — August 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	1,039.20	1,021.22	4.06	4.02	0.79
Advisor Class	1,000.00	1,000.00	1,040.40	1,022.48	2.78	2.75	0.54
Class C	1,000.00	1,000.00	1,034.40	1,017.44	7.90	7.83	1.54
Institutional Class	1,000.00	1,000.00	1,040.20	1,022.48	2.78	2.75	0.54
Institutional 2 Class	1,000.00	1,000.00	1,041.40	1,022.94	2.32	2.29	0.45
Institutional 3 Class	1,000.00	1,000.00	1,040.90	1,023.19	2.06	2.04	0.40
Class R	1,000.00	1,000.00	1,037.60	1,019.96	5.34	5.30	1.04

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 Integrated Large Cap Value Fund | Annual Report 2023

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Portfolio of Investments
August 31, 2023

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 98.2%
Issuer	Shares	Value ($)
Communication Services 7.0%
Entertainment 1.5%
Electronic Arts, Inc.	25,176	3,020,617
Interactive Media & Services 3.4%
Alphabet, Inc., Class C^(a)	20,917	2,872,950
Meta Platforms, Inc., Class A^(a)	9,440	2,793,201
Pinterest, Inc., Class A^(a)	44,916	1,234,741
Total		6,900,892
Media 2.1%
Charter Communications, Inc., Class A^(a)	4,159	1,822,141
Comcast Corp., Class A	52,853	2,471,406
Total		4,293,547
Total Communication Services		14,215,056
Consumer Discretionary 5.4%
Auto Components 1.6%
Aptiv PLC^(a)	20,446	2,074,247
Gentex Corp.	34,373	1,122,622
Total		3,196,869
Hotels, Restaurants & Leisure 1.7%
Expedia Group, Inc.^(a)	32,191	3,489,182
Specialty Retail 2.1%
AutoZone, Inc.^(a)	1,648	4,171,632
Total Consumer Discretionary		10,857,683
Consumer Staples 8.6%
Beverages 1.7%
PepsiCo, Inc.	18,930	3,368,026
Consumer Staples Distribution & Retail 2.6%
Walmart, Inc.	32,415	5,271,003
Food Products 0.8%
Hershey Co. (The)	7,734	1,661,727
Household Products 3.5%
Colgate-Palmolive Co.	31,177	2,290,574
Procter & Gamble Co. (The)	30,758	4,747,190
Total		7,037,764
Total Consumer Staples		17,338,520

Common Stocks (continued)
Issuer	Shares	Value ($)
Energy 8.9%
Energy Equipment & Services 0.8%
Schlumberger NV	26,484	1,561,497
Oil, Gas & Consumable Fuels 8.1%
Diamondback Energy, Inc.	17,988	2,730,219
EOG Resources, Inc.	26,870	3,456,019
Exxon Mobil Corp.	70,854	7,878,256
Marathon Petroleum Corp.	17,490	2,497,047
Total		16,561,541
Total Energy		18,123,038
Financials 18.7%
Banks 5.0%
Bank of America Corp.	95,568	2,739,935
Citigroup, Inc.	48,543	2,004,340
KeyCorp	85,931	973,598
Wells Fargo & Co.	110,549	4,564,568
Total		10,282,441
Capital Markets 3.6%
Cboe Global Markets, Inc.	17,726	2,653,760
Charles Schwab Corp. (The)	31,239	1,847,787
State Street Corp.	40,518	2,785,207
Total		7,286,754
Consumer Finance 2.0%
American Express Co.	25,630	4,049,284
Financial Services 4.9%
Fidelity National Information Services, Inc.	27,955	1,561,566
FleetCor Technologies, Inc.^(a)	8,193	2,226,284
Global Payments, Inc.	24,451	3,097,697
PayPal Holdings, Inc.^(a)	48,570	3,036,111
Total		9,921,658
Insurance 3.2%
Arch Capital Group Ltd.^(a)	28,045	2,155,538
Chubb Ltd.	4,932	990,691
Everest Group Ltd.	9,150	3,300,222
Total		6,446,451
Total Financials		37,986,588

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

8	Columbia Integrated Large Cap Value Fund \| Annual Report 2023

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Portfolio of Investments (continued)
August 31, 2023

Common Stocks (continued)
Issuer	Shares	Value ($)
Health Care 16.0%
Biotechnology 4.6%
Exelixis, Inc.^(a)	71,245	1,595,175
Incyte Corp.^(a)	30,837	1,989,912
Neurocrine Biosciences, Inc.^(a)	20,233	2,203,171
Vertex Pharmaceuticals, Inc.^(a)	9,932	3,459,713
Total		9,247,971
Health Care Equipment & Supplies 1.9%
Medtronic PLC	48,225	3,930,337
Health Care Providers & Services 3.8%
Elevance Health, Inc.	8,049	3,557,739
McKesson Corp.	4,617	1,903,681
UnitedHealth Group, Inc.	4,908	2,339,055
Total		7,800,475
Life Sciences Tools & Services 0.5%
IQVIA Holdings, Inc.^(a)	4,282	953,302
Pharmaceuticals 5.2%
Johnson & Johnson	23,244	3,758,090
Merck & Co., Inc.	34,967	3,810,704
Pfizer, Inc.	81,835	2,895,322
Total		10,464,116
Total Health Care		32,396,201
Industrials 12.4%
Building Products 2.1%
Fortune Brands Innovations, Inc.	15,444	1,065,945
Owens Corning	22,668	3,262,152
Total		4,328,097
Commercial Services & Supplies 2.2%
Clean Harbors, Inc.^(a)	10,554	1,787,214
Waste Management, Inc.	16,496	2,586,243
Total		4,373,457
Construction & Engineering 1.2%
MasTec, Inc.^(a)	25,313	2,518,390
Electrical Equipment 1.3%
Sensata Technologies Holding	69,983	2,632,760

Common Stocks (continued)
Issuer	Shares	Value ($)
Machinery 1.9%
Gates Industrial Corp. PLC^(a)	155,243	1,906,384
Oshkosh Corp.	18,877	1,959,999
Total		3,866,383
Passenger Airlines 1.0%
United Airlines Holdings, Inc.^(a)	38,750	1,930,138
Trading Companies & Distributors 2.7%
Ferguson PLC	12,747	2,059,405
MSC Industrial Direct Co., Inc., Class A	12,165	1,241,560
W.W. Grainger, Inc.	3,091	2,207,407
Total		5,508,372
Total Industrials		25,157,597
Information Technology 11.4%
Communications Equipment 3.2%
Cisco Systems, Inc.	42,883	2,459,340
F5, Inc.^(a)	14,662	2,399,583
Motorola Solutions, Inc.	6,054	1,716,733
Total		6,575,656
Electronic Equipment, Instruments & Components 0.8%
IPG Photonics Corp.^(a)	14,949	1,619,873
IT Services 1.5%
Akamai Technologies, Inc.^(a)	28,286	2,972,576
Semiconductors & Semiconductor Equipment 2.5%
Advanced Micro Devices, Inc.^(a)	26,402	2,791,220
Texas Instruments, Inc.	13,804	2,319,900
Total		5,111,120
Software 3.4%
Dolby Laboratories, Inc., Class A	13,440	1,135,277
Dropbox, Inc., Class A^(a)	79,489	2,208,999
Salesforce, Inc.^(a)	16,046	3,553,547
Total		6,897,823
Total Information Technology		23,177,048
Materials 2.1%
Chemicals 1.3%
Linde PLC	6,536	2,529,694

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

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Portfolio of Investments (continued)
August 31, 2023

Common Stocks (continued)
Issuer	Shares	Value ($)
Containers & Packaging 0.8%
Sealed Air Corp.	46,037	1,706,131
Total Materials		4,235,825
Real Estate 4.2%
Residential REITs 0.7%
Camden Property Trust	12,738	1,370,864
Retail REITs 1.1%
Brixmor Property Group, Inc.	100,710	2,213,606
Specialized REITs 2.4%
Gaming and Leisure Properties, Inc.	41,117	1,948,946
Public Storage	11,109	3,070,305
Total		5,019,251
Total Real Estate		8,603,721
Utilities 3.5%
Electric Utilities 2.5%
Pinnacle West Capital Corp.	29,934	2,313,000
PPL Corp.	111,109	2,768,837
Total		5,081,837

Common Stocks (continued)
Issuer	Shares	Value ($)
Independent Power and Renewable Electricity Producers 1.0%
AES Corp. (The)	113,185	2,029,407
Total Utilities		7,111,244
Total Common Stocks (Cost $162,757,753)		199,202,521

Money Market Funds 1.7%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 5.476%^(b),(c)	3,516,179	3,515,124
Total Money Market Funds (Cost $3,514,674)		3,515,124
Total Investments in Securities (Cost: $166,272,427)		202,717,645
Other Assets & Liabilities, Net		249,464
Net Assets		202,967,109

Notes to Portfolio of Investments

(a)	Non-income producing investment.
(b)	The rate shown is the seven-day current annualized yield at August 31, 2023.
(c)	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 August 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, 5.476%
	3,583,115	53,781,000	(53,849,432)	441	3,515,124	276	132,193	3,516,179

Fair value measurements

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).

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

10	Columbia Integrated Large Cap Value Fund \| Annual Report 2023

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Portfolio of Investments (continued)
August 31, 2023

The following table is a summary of the inputs used to value the Fund’s investments at August 31, 2023:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Common Stocks
Communication Services	14,215,056	—	—	14,215,056
Consumer Discretionary	10,857,683	—	—	10,857,683
Consumer Staples	17,338,520	—	—	17,338,520
Energy	18,123,038	—	—	18,123,038
Financials	37,986,588	—	—	37,986,588
Health Care	32,396,201	—	—	32,396,201
Industrials	25,157,597	—	—	25,157,597
Information Technology	23,177,048	—	—	23,177,048
Materials	4,235,825	—	—	4,235,825
Real Estate	8,603,721	—	—	8,603,721
Utilities	7,111,244	—	—	7,111,244
Total Common Stocks	199,202,521	—	—	199,202,521
Money Market Funds	3,515,124	—	—	3,515,124
Total Investments in Securities	202,717,645	—	—	202,717,645

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

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

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Statement of Assets and Liabilities
August 31, 2023

Assets
Investments in securities, at value
Unaffiliated issuers (cost $162,757,753)	$199,202,521
Affiliated issuers (cost $3,514,674)	3,515,124
Receivable for:
Capital shares sold	33,834
Dividends	339,007
Expense reimbursement due from Investment Manager	2,569
Prepaid expenses	3,514
Total assets	203,096,569
Liabilities
Payable for:
Capital shares redeemed	61,416
Management services fees	4,187
Distribution and/or service fees	214
Transfer agent fees	30,380
Trustees’ fees	10,992
Accounting services fees	15,045
Other expenses	7,226
Total liabilities	129,460
Net assets applicable to outstanding capital stock	$202,967,109
Represented by
Paid in capital	148,888,318
Total distributable earnings (loss)	54,078,791
Total - representing net assets applicable to outstanding capital stock	$202,967,109
Class A
Net assets	$31,103,591
Shares outstanding	2,251,960
Net asset value per share	$13.81
Maximum sales charge	5.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$14.65
Advisor Class
Net assets	$132,498,500
Shares outstanding	9,582,050
Net asset value per share	$13.83
Class C
Net assets	$2,228
Shares outstanding	161
Net asset value per share^(a)	$13.87
Institutional Class
Net assets	$37,903,710
Shares outstanding	2,725,102
Net asset value per share	$13.91
Institutional 2 Class
Net assets	$627,580
Shares outstanding	45,101
Net asset value per share^(a)	$13.92
Institutional 3 Class
Net assets	$829,270
Shares outstanding	59,600
Net asset value per share	$13.91
Class R
Net assets	$2,230
Shares outstanding	161
Net asset value per share^(a)	$13.89

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

12	Columbia Integrated Large Cap Value Fund \| Annual Report 2023

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Statement of Operations
Year Ended August 31, 2023

Net investment income
Income:
Dividends — unaffiliated issuers	$4,652,316
Dividends — affiliated issuers	132,193
Total income	4,784,509
Expenses:
Management services fees	1,958,693
Distribution and/or service fees
Class A	82,325
Class C	93
Class R	11
Transfer agent fees
Class A	48,420
Advisor Class	199,770
Class C	14
Institutional Class	133,863
Institutional 2 Class	487
Institutional 3 Class	78
Class R	3
Trustees’ fees	20,342
Custodian fees	9,730
Printing and postage fees	21,427
Registration fees	106,338
Accounting services fees	30,090
Legal fees	15,337
Compensation of chief compliance officer	6
Other	71,851
Total expenses	2,698,878
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(1,215,293)
Fees waived by transfer agent
Institutional 3 Class	(29)
Expense reduction	(717)
Total net expenses	1,482,839
Net investment income	3,301,670
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	24,301,571
Investments — affiliated issuers	276
Net realized gain	24,301,847
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(4,284,782)
Investments — affiliated issuers	441
Net change in unrealized appreciation (depreciation)	(4,284,341)
Net realized and unrealized gain	20,017,506
Net increase in net assets resulting from operations	$23,319,176

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

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Statement of Changes in Net Assets

	Year Ended August 31, 2023	Year Ended August 31, 2022 ^(a),(b)
Operations
Net investment income	$3,301,670	$5,170,370
Net realized gain	24,301,847	65,041,500
Net change in unrealized appreciation (depreciation)	(4,284,341)	(97,681,422)
Net increase (decrease) in net assets resulting from operations	23,319,176	(27,469,552)
Distributions to shareholders
Net investment income and net realized gains
Class A	(4,494,329)	(3,482,605)
Advisor Class	(18,921,678)	(51,340,591)
Class C	(423)	(3)
Institutional Class	(15,834,293)	(696,387)
Institutional 2 Class	(115,570)	(4,409)
Institutional 3 Class	(5,296)	(17)
Class R	(306)	(9)
Class R6	—	(3,864,120)
Total distributions to shareholders	(39,371,895)	(59,388,141)
Increase (decrease) in net assets from capital stock activity	(113,088,744)	76,293,216
Redemption fees	—	30
Total decrease in net assets	(129,141,463)	(10,564,447)
Net assets at beginning of year	332,108,572	342,673,019
Net assets at end of year	$202,967,109	$332,108,572

(a)	Class R6 shares are based on operations from September 1, 2021 through the liquidation of Class R6 shares of the Predecessor Fund prior to the Reorganization described in the Notes to Financial Statements.
(b)	Class C, Institutional Class, Institutional 2 Class, Institutional 3 Class, and Class R shares are based on operations from January 26, 2022 (commencement of operations) through the stated period end.

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

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Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	August 31, 2023		August 31, 2022 ^(a),(b)
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Shares sold	23,030	315,761	62,515	998,413
Fund reorganization	—	—	1,901,735^(c)	29,561,709^(c)
Distributions reinvested	336,818	4,458,940	209,483	3,404,751
Shares redeemed	(563,800)	(7,749,651)	(691,968)	(10,867,655)
Net increase (decrease)	(203,952)	(2,974,950)	1,481,765	23,097,218
Advisor Class
Shares sold	2,600,496	35,085,811	3,067,030	51,067,146
Fund reorganization	—	—	15,894,230^(c)	247,297,962^(c)
Distributions reinvested	944,719	12,520,975	2,964,372	48,526,335
Shares redeemed	(4,221,426)	(57,687,814)	(26,593,500)	(426,108,839)
Net decrease	(676,211)	(10,081,028)	(4,667,868)	(79,217,396)
Class C
Shares sold	—	—	3,836	55,500
Distributions reinvested	9	127	—	—
Shares redeemed	(3,684)	(51,694)	—	—
Net increase (decrease)	(3,675)	(51,567)	3,836	55,500
Institutional Class
Shares sold	450,430	6,239,160	16,934,795	271,307,013
Distributions reinvested	1,185,785	15,814,896	50,395	696,048
Shares redeemed	(8,838,661)	(122,470,065)	(7,057,642)	(104,513,477)
Net increase (decrease)	(7,202,446)	(100,416,009)	9,927,548	167,489,584
Institutional 2 Class
Shares sold	—	—	74,067	1,094,096
Distributions reinvested	8,639	115,251	319	4,393
Shares redeemed	(34,558)	(484,848)	(3,366)	(48,662)
Net increase (decrease)	(25,919)	(369,597)	71,020	1,049,827
Institutional 3 Class
Shares sold	64,041	867,478	160	2,500
Distributions reinvested	375	4,975	—	—
Shares redeemed	(4,976)	(68,046)	—	—
Net increase	59,440	804,407	160	2,500
Class R
Shares sold	—	—	161	2,500
Net increase	—	—	161	2,500
Class R6
Shares sold	—	—	241,999	4,417,303
Distributions reinvested	—	—	225,333	3,753,432
Shares redeemed	—	—	(2,527,701)	(44,357,252)
Net decrease	—	—	(2,060,369)	(36,186,517)
Total net increase (decrease)	(8,052,763)	(113,088,744)	4,756,253	76,293,216

(a)	Class R6 shares are based on operations from September 1, 2021 through the liquidation of Class R6 shares of the Predecessor Fund prior to the Reorganization described in the Notes to Financial Statements.
(b)	Class C, Institutional Class, Institutional 2 Class, Institutional 3 Class, and Class R shares are based on operations from January 26, 2022 (commencement of operations) through the stated period end.
(c)	Represents the acquisition of BMO Dividend Income Fund and BMO Low Volatility Fund in connection with the Fund Reorganizations. See Note 9 of the Notes to Financial Statements for additional information.

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

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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. For periods ended 2022 and thereafter, per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Year Ended 8/31/2023	$14.57	0.14	1.04	1.18	(0.17)	(1.77)	(1.94)
Year Ended 8/31/2022^(e)	$19.06	0.18	(1.27)	(1.09)	(0.18)	(3.22)	(3.40)
Year Ended 8/31/2021^(g)	$13.52	0.18	5.53	5.71	(0.17)	—	(0.17)
Year Ended 8/31/2020	$13.72	0.22	(0.18)	0.04	(0.24)	—	(0.24)
Year Ended 8/31/2019	$16.59	0.26	(1.46)	(1.20)	(0.27)	(1.40)	(1.67)
Advisor Class
Year Ended 8/31/2023	$14.59	0.18	1.04	1.22	(0.21)	(1.77)	(1.98)
Year Ended 8/31/2022^(e)	$19.08	0.21	(1.26)	(1.05)	(0.22)	(3.22)	(3.44)
Year Ended 8/31/2021^(g)	$13.53	0.22	5.54	5.76	(0.21)	—	(0.21)
Year Ended 8/31/2020	$13.74	0.27	(0.20)	0.07	(0.28)	—	(0.28)
Year Ended 8/31/2019	$16.61	0.30	(1.46)	(1.16)	(0.31)	(1.40)	(1.71)
Class C
Year Ended 8/31/2023	$14.64	0.03	1.04	1.07	(0.07)	(1.77)	(1.84)
Year Ended 8/31/2022^(h)	$15.57	0.07	(0.98)	(0.91)	(0.02)	—	(0.02)
Institutional Class
Year Ended 8/31/2023	$14.66	0.18	1.05	1.23	(0.21)	(1.77)	(1.98)
Year Ended 8/31/2022^(h)	$15.59	0.13	(0.97)	(0.84)	(0.09)	—	(0.09)
Institutional 2 Class
Year Ended 8/31/2023	$14.67	0.19	1.05	1.24	(0.22)	(1.77)	(1.99)
Year Ended 8/31/2022^(h)	$15.59	0.16	(0.98)	(0.82)	(0.10)	—	(0.10)
Institutional 3 Class
Year Ended 8/31/2023	$14.67	0.19	1.05	1.24	(0.23)	(1.77)	(2.00)
Year Ended 8/31/2022^(h)	$15.59	0.15	(0.96)	(0.81)	(0.11)	—	(0.11)

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

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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),(c)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 8/31/2023	$13.81	8.83%	1.25%	0.79%^(d)	1.04%	39%	$31,104
Year Ended 8/31/2022^(e)	$14.57	(6.97%)	1.17%^(f)	0.79%^(f)	1.11%	51%	$35,789
Year Ended 8/31/2021^(g)	$19.06	42.53%	0.86%	0.79%	1.17%	60%	$18,563
Year Ended 8/31/2020	$13.52	0.43%	0.85%	0.79%	1.62%	76%	$14,047
Year Ended 8/31/2019	$13.72	(7.15%)	0.85%	0.79%	1.78%	67%	$18,621
Advisor Class
Year Ended 8/31/2023	$13.83	9.10%	1.00%	0.54%^(d)	1.29%	39%	$132,499
Year Ended 8/31/2022^(e)	$14.59	(6.72%)	0.89%^(f)	0.54%^(f)	1.28%	51%	$149,646
Year Ended 8/31/2021^(g)	$19.08	42.93%	0.61%	0.54%	1.42%	60%	$284,731
Year Ended 8/31/2020	$13.53	0.70%	0.60%	0.54%	1.90%	76%	$213,466
Year Ended 8/31/2019	$13.74	(6.97%)	0.59%	0.54%	2.01%	67%	$224,930
Class C
Year Ended 8/31/2023	$13.87	7.88%	2.00%	1.53%^(d)	0.24%	39%	$2
Year Ended 8/31/2022^(h)	$14.64	(5.85%)	1.97%^(f)	1.53%^(f)	0.82%	51%	$56
Institutional Class
Year Ended 8/31/2023	$13.91	9.12%	1.00%	0.54%^(d)	1.31%	39%	$37,904
Year Ended 8/31/2022^(h)	$14.66	(5.36%)	0.97%^(f)	0.53%^(f)	1.44%	51%	$145,571
Institutional 2 Class
Year Ended 8/31/2023	$13.92	9.21%	0.92%	0.45%	1.39%	39%	$628
Year Ended 8/31/2022^(h)	$14.67	(5.25%)	0.89%^(f)	0.45%^(f)	1.81%	51%	$1,042
Institutional 3 Class
Year Ended 8/31/2023	$13.91	9.19%	0.88%	0.40%	1.42%	39%	$829
Year Ended 8/31/2022^(h)	$14.67	(5.22%)	0.86%^(f)	0.40%^(f)	1.63%	51%	$2

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

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Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class R
Year Ended 8/31/2023	$14.65	0.10	1.05	1.15	(0.14)	(1.77)	(1.91)
Year Ended 8/31/2022^(h)	$15.57	0.09	(0.95)	(0.86)	(0.06)	—	(0.06)

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)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by BMO Asset Management Corp, and certain of its affiliates, if applicable, for the account periods prior to the closing of the Reorganization, which occurred on January 21, 2022.
(d)	The benefits derived from expense reductions had an impact of less than 0.01%.
(e)	Redemption fees consisted of per share amounts less than $0.01.
(f)	Ratios include interfund lending expense which is less than 0.01%.
(g)	Net investment income (loss) per share calculated using the average shares method.
(h)	Class C, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares commenced operations on January 26, 2022. Per share data and total return reflect activity from that date.

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

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Notes to Financial Statements
August 31, 2023

Note 1. Organization

Columbia Integrated Large 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

Note 2. Summary of significant accounting policies

Basis of preparation

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.

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Notes to Financial Statements (continued)
August 31, 2023

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.

Redemption Fees

The Predecessor Fund (as defined in Note 9) imposed a 2% redemption fee on shares held for 30 days or less. All redemption fees are recorded by the Fund as paid-in-capital and stated separately in the Statement of Changes in Net Assets.

Security transactions

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

Determination of class net asset value

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Notes to Financial Statements (continued)
August 31, 2023

Federal income tax status

Distributions to shareholders

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

Guarantees and indemnifications

Recent accounting pronouncements and regulatory updates

Tailored Shareholder Reports

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 0.75% to 0.55% as the Fund’s net assets increase. The effective management services fee rate for the year ended August 31, 2023 was 0.75% of the Fund’s average daily net assets.

Compensation of board members

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Notes to Financial Statements (continued)
August 31, 2023

Compensation of Chief Compliance Officer

Transfer agency fees

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. In addition, effective through December 31, 2023, Institutional 3 Class shares are subject to a contractual transfer agency fee annual limitation of not more than 0.01% of the average daily net assets attributable to that share class.

For the year ended August 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	0.15
Advisor Class	0.15
Class C	0.15
Institutional Class	0.15
Institutional 2 Class	0.06
Institutional 3 Class	0.01
Class R	0.15

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 August 31, 2023, these minimum account balance fees reduced total expenses of the Fund by $717.

Distribution and service fees

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Notes to Financial Statements (continued)
August 31, 2023

Sales charges (unaudited)

Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the year ended August 31, 2023, if any, are listed below:

	Front End (%)	CDSC (%)	Amount ($)
Class A	5.75	0.50 - 1.00^(a)	1,907
Class C	—	1.00^(b)	—

(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

	Fee rate(s) contractual through December 31, 2023
Class A	0.80%
Advisor Class	0.55
Class C	1.55
Institutional Class	0.55
Institutional 2 Class	0.46
Institutional 3 Class	0.40
Class R	1.05

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. In addition to the contractual agreement, the Investment Manager and certain of its affiliates have voluntarily agreed to waive fees and/or reimburse Fund expenses (excluding certain fees and expenses described above) so that Fund level expenses (expenses directly attributable to the Fund and not to a specific share class) are waived proportionately across all share classes. This arrangement may be revised or discontinued at any time. Reflected in the contractual cap commitment, effective through December 31, 2023, is the Transfer Agent’s contractual agreement to limit total transfer agency fees to an annual rate of not more than 0.01% for Institutional 3 Class of the average daily net assets attributable to that share class, unless sooner terminated at the sole discretion of the Board of Trustees. 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

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Notes to Financial Statements (continued)
August 31, 2023

At August 31, 2023, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, trustees’ deferred compensation, earnings and profits distributed to shareholders on the redemption of shares and miscellaneous adjustments. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

Undistributed net investment income ($)	Accumulated net realized gain ($)	Paid in capital ($)
—	(12,284,000)	12,284,000

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

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

Year Ended August 31, 2023			Year Ended August 31, 2022
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
4,061,251	35,310,644	39,371,895	8,386,631	51,001,510	59,388,141

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

At August 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 ($)	Net unrealized appreciation ($)
553,757	18,104,847	—	35,429,668

At August 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) ($)	Net unrealized appreciation ($)
167,287,977	41,411,517	(5,981,849)	35,429,668

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

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $102,248,587 and $250,959,787, respectively, for the year ended August 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

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Notes to Financial Statements (continued)
August 31, 2023

share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject, by October 2, 2024, to a liquidity fee if daily net redemptions exceed 5% of net assets and, by April 2, 2024, to a discretionary liquidity fee up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF.

Note 7. Interfund lending

The Fund did not borrow or lend money under the Interfund Program during the year ended August 31, 2023.

Note 8. Line of credit

The Fund had no borrowings during the year ended August 31, 2023.

Note 9. Fund reorganizations

Effective after the close of business on January 21, 2022 (the Closing Date), Columbia Integrated Large Cap Value Fund acquired all of the assets of BMO Large-Cap Value Fund (the Predecessor Fund), BMO Dividend Income Fund and BMO Low Volatility Equity Fund (each an Acquired Fund, and collectively, the Acquired Funds), each a series of BMO Funds, Inc. (the Predecessor Company), in exchange for shares of the Fund and the Fund’s assumption of (i) liabilities and obligations of the Acquired Funds reflected in the Statements of Assets and Liabilities prepared as of the close of regular trading on the New York Stock Exchange on the Closing Date in accordance with GAAP and (ii) any obligation of the Acquired Funds to indemnify the members of the Board of Directors of the Predecessor Company under the Predecessor Company’s Articles of Incorporation and By-Laws (the Reorganizations). The Predecessor Fund is considered the accounting survivor of the Reorganizations. Accordingly, the Fund adopted the performance and financial history of the Predecessor Fund.

The purpose of the Reorganizations was to combine three funds with comparable investment objectives and strategies.

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Notes to Financial Statements (continued)
August 31, 2023

The Board of Directors of the Predecessor Company approved agreements and plans of reorganization providing for the Reorganizations at a meeting held in August 2021. Shareholders of BMO Dividend Income Fund and BMO Large-Cap Value Fund approved the Reorganizations at a joint meeting held November 23, 2021, and shareholders of BMO Low Volatility Equity Fund approved the Reorganizations at a joint meeting held January 7, 2022.

The Reorganizations were accomplished by a tax-free exchange in which the Acquired Funds’ shareholders were issued shares of the Fund that were equal in aggregate net asset value to the shares of the Acquired Funds that those shareholders held immediately prior to the effective time of the Reorganizations.

The tax-free exchanges were: 17,905,076 shares of BMO Large-Cap Value Fund valued at $278,568,671 (including $61,124,163 of unrealized appreciation/(depreciation)), 13,981,440 shares of BMO Dividend Income Fund valued at $181,315,640 (including $35,566,694 of unrealized appreciation/(depreciation)) and 8,340,907 shares of BMO Low Volatility Equity Fund valued at $95,544,031 (including $15,721,755 of unrealized appreciation/(depreciation)).

In connection with the Reorganizations, Columbia Integrated Large Cap Value Fund issued the following number of shares:

	Shares
Class A	3,059,526
Advisor Class	32,641,515

For financial reporting purposes, net assets received from the Acquired Funds, and shares issued by Columbia Integrated Large Cap Value Fund were recorded at fair value. The Acquired Funds’ cost of investments was carried forward.

The Fund’s financial statements reflect both the operations of the Predecessor Fund for the period prior to the Reorganizations and the Fund for the period subsequent to the Reorganizations. Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganizations were completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Funds that have been included in the Fund’s Statement of Operations since the Reorganizations were completed.

Assuming the Reorganizations had been completed on September 1, 2021, the Fund’s pro-forma results of operations for the year ended August 31, 2022 would have been approximately:

	($)
Net investment income	7,276,000
Net realized gain	159,215,000
Net change in unrealized appreciation/(depreciation)	(181,663,000)
Net decrease in net assets from operations	(15,172,000)

Note 10. Significant risks

Market risk

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Notes to Financial Statements (continued)
August 31, 2023

Shareholder concentration risk

At August 31, 2023, two unaffiliated shareholders of record owned 46.4% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 11. Subsequent events

Note 12. Change in Independent Registered Public Accounting Firm

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Notes to Financial Statements (continued)
August 31, 2023

Note 13. Information regarding pending and settled legal proceedings

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Integrated Large 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 Integrated Large Cap Value Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of August 31, 2023, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the year ended August 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 August 31, 2023, and the results of its operations, changes in its net assets, and the financial highlights for the year ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audit 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 audit 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 August 31, 2023 by correspondence with the custodian and transfer agent. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

October 23, 2023

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

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Federal Income Tax Information

(Unaudited)

Qualified dividend income	Dividends received deduction	Capital gain dividend
100.00%	100.00%	$23,507,398

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)

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	173	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

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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	173	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	173	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	173	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	171	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

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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	171	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	173	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	173	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	173	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	171	None

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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	171	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.	173	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	171	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

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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	173	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	173	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

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.

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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.

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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)

•	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.

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Approval of Management Agreement

(Unaudited)

On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in February, March, April, May and June 2023, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Management Agreement.The Board, at its June 22, 2023 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory agreements and the Board’s legal responsibilities related to such consideration. The Independent Trustees considered all information that they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:

•	Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

•	Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;

•

•	Terms of the Management Agreement;

•	Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

•	Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

•	Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

•	Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

•	Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

•	The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

•	Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).

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Nature, extent and quality of services provided by the Investment Manager

Investment performance

The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

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Approval of Management Agreement (continued)
(Unaudited)
Investment Manager’s profitability. The Board reviewed the fees charged to comparable institutional or other accounts/vehicles managed by the Investment Manager and discussed differences in how the products are managed and operated, thus explaining many of the differences in fees.

The Board considered the reports of JDL, which assisted in the Board’s analysis of the Funds’ performance and expenses and the reasonableness of the Funds’ fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current “pricing philosophy” such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) was below the peer universe’s median expense ratio shown in the reports.

Economies of scale

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

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Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	12
Statement of Operations	14
Statement of Changes in Net Assets	15
Financial Highlights	18
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	32
Federal Income Tax Information	33
Trustees and Officers	33
Liquidity Risk Management Program	39
Approval of Management Agreement	40

If you elect to receive the shareholder report for Columbia Integrated Large Cap Growth 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

Quarterly schedule of investments

Additional Fund information

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

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Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks to provide shareholders with capital appreciation.

Portfolio management

Ernesto Ramos, Ph.D.

Co-Portfolio Manager

Managed Fund since January 21, 2022 (Managed Predecessor Fund 2012 - December 2020 and June 2021 - January 21, 2022)

Jason Hans, CFA

Co-Portfolio Manager

Managed Fund since January 21, 2022 (Managed Predecessor Fund February 2012 - January 21, 2022)

David Rosenblatt, CFA

Co-Portfolio Manager

Managed Fund since April 2023

Morningstar style box^TM

Average annual total returns (%) (for the period ended August 31, 2023)
		Inception	1 Year	5 Years	10 Years
Class A*	Excluding sales charges	05/27/14	20.51	10.74	14.48
	Including sales charges		13.55	9.44	13.80
Advisor Class		01/31/08	20.64	10.98	14.75
Class C*	Excluding sales charges	01/26/22	19.47	9.88	13.61
	Including sales charges		18.56	9.88	13.61
Institutional Class*		01/26/22	20.62	10.98	14.75
Institutional 2 Class*		01/26/22	20.62	10.99	14.75
Institutional 3 Class*		12/28/15	20.78	11.14	14.88
Class R*		01/26/22	19.99	10.43	14.18
Russell 1000 Growth Index			21.94	13.81	15.63

The Fund’s performance prior to January 21, 2022 reflects returns achieved by BMO Large-Cap Growth Fund (the Predecessor Fund), a series of BMO Funds, Inc. The Predecessor Fund was managed by BMO Asset Management Corp. (BMO AM) and had the same investment objective and a substantially identical investment strategy to the Fund.

The Russell 1000® Growth Index, an unmanaged index, measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

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Fund at a Glance (continued)
(Unaudited)

Performance of a hypothetical $10,000 investment (August 31, 2013 — August 31, 2023)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Integrated Large Cap Growth 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 August 31, 2023)
Common Stocks	98.0
Money Market Funds	2.0
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 August 31, 2023)
Communication Services	11.9
Consumer Discretionary	15.4
Consumer Staples	4.1
Energy	0.5
Financials	8.2
Health Care	12.9
Industrials	5.0
Information Technology	41.6
Materials	0.4
Total	100.0

Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.

Equity sub-industry breakdown (%) (at August 31, 2023)
Information Technology
Application Software	7.2
Communications Equipment	0.9
Internet Services & Infrastructure	1.1
Semiconductors	11.6
Systems Software	11.0
Technology Hardware, Storage & Peripherals	9.8
Total	41.6

Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.

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Manager Discussion of Fund Performance
(Unaudited)

For the 12-month period that ended August 31, 2023, Class A shares of Columbia Integrated Large Cap Growth Fund returned 20.51% excluding sales charges. The Fund underperformed its benchmark, the Russell 1000 Growth Index, which returned 21.94% for the same time period.

Market overview

The Fund’s notable detractors during the period

•	The Fund’s underweight to the information technology sector was the top detractor from a sector allocation perspective, followed closely by an overweight to the financials sector.
•	Overall stock selection was detractive to relative performance.
•	Stock selection in the financials sector was the largest detractor for the period, followed by the industrials sector. The three largest individual detractors were Tesla, Inc., PayPal Holdings, Inc. and Estee Lauder Companies, Inc.

The Fund’s notable contributors during the period

•	Overall sector allocation was additive to relative performance.
•	The Fund’s underweight to the consumer discretionary sector was the top contributor from a sector allocation perspective, followed by an overweight to the health care sector and an underweight to the real estate sector.
•	Stock selection in the health care sector made the largest positive contribution for the period, followed by the communication services and energy sectors.
•	Eight of the top ten individual contributors for the fund came from the information technology sector.
•	The three largest individual contributors were NVIDIA Corp., Microsoft Corp., and Broadcom, Inc. All three companies have strong ties to AI which has sent stocks surrounding the theme upwards.

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Manager Discussion of Fund Performance (continued)
(Unaudited)

Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Generally, large-cap companies are more mature and have limited growth potential compared to smaller companies. In addition, large companies may not be able to adapt as easily to changing market conditions, potentially resulting in lower overall performance compared to the broader securities markets during different market cycles. Growth securities, at times, may not perform as well as value securities or the stock market in general and may be out of favor with investors. 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.

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Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

March 1, 2023 — August 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	1,209.10	1,021.83	3.73	3.41	0.67
Advisor Class	1,000.00	1,000.00	1,209.80	1,022.63	2.84	2.60	0.51
Class C	1,000.00	1,000.00	1,204.00	1,017.64	8.33	7.63	1.50
Institutional Class	1,000.00	1,000.00	1,209.50	1,022.63	2.84	2.60	0.51
Institutional 2 Class	1,000.00	1,000.00	1,210.30	1,022.89	2.56	2.35	0.46
Institutional 3 Class	1,000.00	1,000.00	1,211.00	1,023.19	2.23	2.04	0.40
Class R	1,000.00	1,000.00	1,207.00	1,020.06	5.67	5.19	1.02

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.

Other share classes may have had expense waiver/reimbursement changes; however, the changes were not considered material.

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Portfolio of Investments
August 31, 2023

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 97.9%
Issuer	Shares	Value ($)
Communication Services 11.6%
Entertainment 0.9%
Electronic Arts, Inc.	19,901	2,387,722
Interactive Media & Services 10.7%
Alphabet, Inc., Class A^(a)	26,137	3,559,075
Alphabet, Inc., Class C^(a)	91,858	12,616,696
Meta Platforms, Inc., Class A^(a)	32,531	9,625,598
Pinterest, Inc., Class A^(a)	51,345	1,411,474
Total		27,212,843
Total Communication Services		29,600,565
Consumer Discretionary 15.1%
Automobiles 1.5%
Tesla, Inc.^(a)	14,923	3,851,328
Broadline Retail 5.2%
Amazon.com, Inc.^(a)	96,740	13,351,087
Hotels, Restaurants & Leisure 3.3%
Booking Holdings, Inc.^(a)	456	1,415,894
Domino’s Pizza, Inc.	5,538	2,145,421
Expedia Group, Inc.^(a)	21,758	2,358,349
Starbucks Corp.	24,445	2,381,921
Total		8,301,585
Leisure Products 1.2%
YETI Holdings, Inc.^(a)	61,529	3,073,373
Specialty Retail 2.6%
AutoZone, Inc.^(a)	1,414	3,579,301
TJX Companies, Inc. (The)	14,952	1,382,761
Williams-Sonoma, Inc.	12,395	1,750,174
Total		6,712,236
Textiles, Apparel & Luxury Goods 1.3%
Deckers Outdoor Corp.^(a)	3,547	1,876,682
lululemon athletica, Inc.^(a)	3,448	1,314,585
Total		3,191,267
Total Consumer Discretionary		38,480,876

Common Stocks (continued)
Issuer	Shares	Value ($)
Consumer Staples 4.0%
Beverages 3.1%
Monster Beverage Corp.^(a)	70,753	4,061,930
PepsiCo, Inc.	21,505	3,826,169
Total		7,888,099
Personal Care Products 0.9%
Estee Lauder Companies, Inc. (The), Class A	14,282	2,292,690
Total Consumer Staples		10,180,789
Energy 0.5%
Oil, Gas & Consumable Fuels 0.5%
EOG Resources, Inc.	9,095	1,169,799
Total Energy		1,169,799
Financials 8.0%
Capital Markets 1.6%
Charles Schwab Corp. (The)	38,438	2,273,608
MSCI, Inc.	3,368	1,830,912
Total		4,104,520
Financial Services 5.7%
FleetCor Technologies, Inc.^(a)	10,941	2,972,998
MasterCard, Inc., Class A	20,478	8,450,042
PayPal Holdings, Inc.^(a)	50,976	3,186,510
Total		14,609,550
Insurance 0.7%
Progressive Corp. (The)	13,133	1,752,861
Total Financials		20,466,931
Health Care 12.7%
Biotechnology 4.2%
Exelixis, Inc.^(a)	92,114	2,062,432
Incyte Corp.^(a)	26,307	1,697,591
Neurocrine Biosciences, Inc.^(a)	18,095	1,970,365
Vertex Pharmaceuticals, Inc.^(a)	13,920	4,848,893
Total		10,579,281
Health Care Equipment & Supplies 1.0%
DexCom, Inc.^(a)	13,872	1,400,795
Stryker Corp.	4,033	1,143,557
Total		2,544,352

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

8	Columbia Integrated Large Cap Growth Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
August 31, 2023

Common Stocks (continued)
Issuer	Shares	Value ($)
Health Care Providers & Services 3.9%
Cigna Group (The)	12,087	3,339,155
McKesson Corp.	2,929	1,207,685
UnitedHealth Group, Inc.	11,416	5,440,637
Total		9,987,477
Health Care Technology 1.8%
Veeva Systems Inc., Class A^(a)	21,773	4,544,025
Pharmaceuticals 1.8%
Eli Lilly & Co.	8,235	4,563,837
Total Health Care		32,218,972
Industrials 4.9%
Aerospace & Defense 0.7%
Axon Enterprise, Inc.^(a)	8,525	1,815,058
Commercial Services & Supplies 1.0%
Waste Management, Inc.	16,000	2,508,480
Construction & Engineering 1.4%
Valmont Industries, Inc.	7,230	1,832,805
WillScot Mobile Mini Holdings Corp.^(a)	40,713	1,670,047
Total		3,502,852
Electrical Equipment 0.4%
Acuity Brands, Inc.	5,970	962,841
Ground Transportation 0.9%
Knight-Swift Transportation Holdings, Inc.	22,522	1,234,656
Landstar System, Inc.	6,011	1,140,948
Total		2,375,604
Machinery 0.5%
ITT, Inc.	12,544	1,283,000
Total Industrials		12,447,835
Information Technology 40.7%
Communications Equipment 0.8%
F5, Inc.^(a)	3,865	632,546
Motorola Solutions, Inc.	5,450	1,545,456
Total		2,178,002
IT Services 1.1%
GoDaddy, Inc., Class A^(a)	38,099	2,762,559

Common Stocks (continued)
Issuer	Shares	Value ($)
Semiconductors & Semiconductor Equipment 11.4%
Advanced Micro Devices, Inc.^(a)	41,262	4,362,219
Broadcom, Inc.	7,843	7,238,226
NVIDIA Corp.	25,457	12,564,302
QUALCOMM, Inc.	41,470	4,749,559
Total		28,914,306
Software 17.9%
Adobe, Inc.^(a)	15,267	8,539,444
Autodesk, Inc.^(a)	7,197	1,597,302
Crowdstrike Holdings, Inc., Class A^(a)	7,029	1,145,938
Dropbox, Inc., Class A^(a)	87,723	2,437,822
Microsoft Corp.	66,780	21,887,813
Salesforce, Inc.^(a)	5,540	1,226,889
ServiceNow, Inc.^(a)	7,586	4,466,864
Workday, Inc., Class A^(a)	17,258	4,219,581
Total		45,521,653
Technology Hardware, Storage & Peripherals 9.5%
Apple, Inc.	129,420	24,314,135
Total Information Technology		103,690,655
Materials 0.4%
Containers & Packaging 0.4%
Sealed Air Corp.	29,143	1,080,040
Total Materials		1,080,040
Total Common Stocks (Cost $141,430,977)		249,336,462

Money Market Funds 2.0%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 5.476%^(b),(c)	5,082,232	5,080,707
Total Money Market Funds (Cost $5,080,077)		5,080,707
Total Investments in Securities (Cost: $146,511,054)		254,417,169
Other Assets & Liabilities, Net		187,617
Net Assets		254,604,786

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

Columbia Integrated Large Cap Growth Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
August 31, 2023

Notes to Portfolio of Investments

(a)	Non-income producing investment.
(b)	The rate shown is the seven-day current annualized yield at August 31, 2023.
(c)	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 August 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, 5.476%
	3,862,804	68,308,018	(67,090,500)	385	5,080,707	(215)	159,497	5,082,232

Fair value measurements

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).

The following table is a summary of the inputs used to value the Fund’s investments at August 31, 2023:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Common Stocks
Communication Services	29,600,565	—	—	29,600,565
Consumer Discretionary	38,480,876	—	—	38,480,876
Consumer Staples	10,180,789	—	—	10,180,789
Energy	1,169,799	—	—	1,169,799
Financials	20,466,931	—	—	20,466,931
Health Care	32,218,972	—	—	32,218,972
Industrials	12,447,835	—	—	12,447,835

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

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Statement of Assets and Liabilities
August 31, 2023

Assets
Investments in securities, at value
Unaffiliated issuers (cost $141,430,977)	$249,336,462
Affiliated issuers (cost $5,080,077)	5,080,707
Receivable for:
Capital shares sold	116,994
Dividends	154,739
Expense reimbursement due from Investment Manager	3,065
Prepaid expenses	3,668
Total assets	254,695,635
Liabilities
Payable for:
Capital shares redeemed	37,661
Management services fees	5,206
Distribution and/or service fees	314
Transfer agent fees	15,602
Trustees’ fees	10,495
Accounting services fees	15,045
Other expenses	6,526
Total liabilities	90,849
Net assets applicable to outstanding capital stock	$254,604,786
Represented by
Paid in capital	152,524,911
Total distributable earnings (loss)	102,079,875
Total - representing net assets applicable to outstanding capital stock	$254,604,786
Class A
Net assets	$63,805,437
Shares outstanding	3,872,443
Net asset value per share	$16.48
Maximum sales charge	5.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$17.49
Advisor Class
Net assets	$33,324,180
Shares outstanding	1,978,803
Net asset value per share	$16.84
Class C
Net assets	$15,309
Shares outstanding	940
Net asset value per share	$16.29
Institutional Class
Net assets	$41,369,472
Shares outstanding	2,453,222
Net asset value per share	$16.86
Institutional 2 Class
Net assets	$147,631
Shares outstanding	8,754
Net asset value per share	$16.86
Institutional 3 Class
Net assets	$115,940,711
Shares outstanding	6,848,525
Net asset value per share	$16.93
Class R
Net assets	$2,046
Shares outstanding	124
Net asset value per share^(a)	$16.44

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

12	Columbia Integrated Large Cap Growth Fund \| Annual Report 2023

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Statement of Operations
Year Ended August 31, 2023

Net investment income
Income:
Dividends — unaffiliated issuers	$1,715,653
Dividends — affiliated issuers	159,497
Interfund lending	30
Total income	1,875,180
Expenses:
Management services fees	1,834,497
Distribution and/or service fees
Class A	74,421
Class C	69
Class R	10
Transfer agent fees
Class A	67,216
Advisor Class	38,800
Class C	8
Institutional Class	74,631
Institutional 2 Class	93
Institutional 3 Class	5,730
Class R	2
Trustees’ fees	19,685
Custodian fees	5,696
Printing and postage fees	21,584
Registration fees	105,157
Accounting services fees	30,090
Legal fees	15,069
Compensation of chief compliance officer	4
Other	71,917
Total expenses	2,364,679
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(1,149,759)
Expense reduction	(700)
Total net expenses	1,214,220
Net investment income	660,960
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	12,936,220
Investments — affiliated issuers	(215)
Net realized gain	12,936,005
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	32,304,326
Investments — affiliated issuers	385
Net change in unrealized appreciation (depreciation)	32,304,711
Net realized and unrealized gain	45,240,716
Net increase in net assets resulting from operations	$45,901,676

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

14	Columbia Integrated Large Cap Growth Fund \| Annual Report 2023

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Statement of Changes in Net Assets

	Year Ended August 31, 2023	Year Ended August 31, 2022 ^(a)
Operations
Net investment income	$660,960	$899,469
Net realized gain	12,936,005	110,357,496
Net change in unrealized appreciation (depreciation)	32,304,711	(199,384,850)
Net increase (decrease) in net assets resulting from operations	45,901,676	(88,127,885)
Distributions to shareholders
Net investment income and net realized gains
Class A	(13,522,959)	(246,598)
Advisor Class	(6,382,265)	(27,671,125)
Class C	(995)	—
Institutional Class	(16,988,688)	—
Institutional 2 Class	(30,029)	—
Institutional 3 Class	(23,658,084)	(56,772,058)
Class R	(538)	—
Investor Class	—	(13,323,922)
Total distributions to shareholders	(60,583,558)	(98,013,703)
Increase (decrease) in net assets from capital stock activity	15,384,236	(148,070,471)
Redemption fees	—	20
Total increase (decrease) in net assets	702,354	(334,212,039)
Net assets at beginning of year	253,902,432	588,114,471
Net assets at end of year	$254,604,786	$253,902,432

(a)	Class C, Institutional Class, Institutional 2 Class, and Class R shares are based on operations from January 26, 2022 (commencement of operations) through the stated period end.

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

Columbia Integrated Large Cap Growth Fund | Annual Report 2023

Table of Contents

Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	August 31, 2023		August 31, 2022 ^(a)
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Shares sold	372,195	5,965,904	3,283,034	66,942,122
Distributions reinvested	984,012	13,185,752	10,578	246,598
Shares redeemed	(573,327)	(8,348,185)	(262,351)	(5,197,256)
Net increase	782,880	10,803,471	3,031,261	61,991,464
Advisor Class
Shares sold	573,257	8,341,217	686,569	15,461,705
Distributions reinvested	438,464	5,998,191	1,121,682	26,347,865
Shares redeemed	(1,390,486)	(23,474,665)	(5,641,994)	(125,324,561)
Net decrease	(378,765)	(9,135,257)	(3,833,743)	(83,514,991)
Class C
Shares sold	676	10,077	230	4,500
Distributions reinvested	34	456	—	—
Net increase	710	10,533	230	4,500
Institutional Class
Shares sold	553,988	8,319,303	4,978,716	104,642,992
Distributions reinvested	1,238,595	16,968,753	—	—
Shares redeemed	(3,982,244)	(60,742,515)	(335,833)	(6,336,622)
Net increase (decrease)	(2,189,661)	(35,454,459)	4,642,883	98,306,370
Institutional 2 Class
Shares sold	—	—	8,316	152,793
Distributions reinvested	2,153	29,489	—	—
Shares redeemed	(1,712)	(27,653)	(3)	(45)
Net increase	441	1,836	8,313	152,748
Institutional 3 Class
Shares sold	2,072,565	35,410,530	1,221,581	28,290,217
Distributions reinvested	1,719,813	23,630,231	2,404,299	56,629,103
Shares redeemed	(642,625)	(9,882,649)	(12,195,076)	(253,954,561)
Net increase (decrease)	3,149,753	49,158,112	(8,569,196)	(169,035,241)
Class R
Shares sold	—	—	124	2,500
Net increase	—	—	124	2,500
Investor Class
Shares sold	—	—	35,788	899,427
Distributions reinvested	—	—	558,721	12,932,997
Shares redeemed	—	—	(3,379,215)	(69,810,245)
Net decrease	—	—	(2,784,706)	(55,977,821)
Total net increase (decrease)	1,365,358	15,384,236	(7,504,834)	(148,070,471)

(a)	Class C, Institutional Class, Institutional 2 Class, and Class R shares are based on operations from January 26, 2022 (commencement of operations) through the stated period end.

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

16	Columbia Integrated Large Cap Growth Fund \| Annual Report 2023

Table of Contents

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. For periods ended 2022 and thereafter, 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 8/31/2023	$18.13	0.02	2.69	2.71	(0.03)	(4.33)	(4.36)
Year Ended 8/31/2022	$27.22	0.03	(4.40)	(4.37)	(0.01)	(4.71)	(4.72)
Year Ended 8/31/2021^(f)	$22.22	(0.01)	6.77	6.76	(0.04)	(1.72)	(1.76)
Year Ended 8/31/2020^(f)	$17.94	0.04	5.12	5.16	(0.09)	(0.79)	(0.88)
Year Ended 8/31/2019	$20.96	0.09	(0.48)	(0.39)	(0.08)	(2.55)	(2.63)
Advisor Class
Year Ended 8/31/2023	$18.44	0.04	2.75	2.79	(0.06)	(4.33)	(4.39)
Year Ended 8/31/2022	$27.60	0.04	(4.42)	(4.38)	(0.07)	(4.71)	(4.78)
Year Ended 8/31/2021^(f)	$22.49	0.05	6.86	6.91	(0.08)	(1.72)	(1.80)
Year Ended 8/31/2020^(f)	$18.15	0.09	5.18	5.27	(0.14)	(0.79)	(0.93)
Year Ended 8/31/2019	$21.17	0.18	(0.53)	(0.35)	(0.12)	(2.55)	(2.67)
Class C
Year Ended 8/31/2023	$18.06	(0.11)	2.67	2.56	—	(4.33)	(4.33)
Year Ended 8/31/2022^(g)	$20.09	(0.07)	(1.96)	(2.03)	—	—	—
Institutional Class
Year Ended 8/31/2023	$18.46	0.04	2.75	2.79	(0.06)	(4.33)	(4.39)
Year Ended 8/31/2022^(g)	$20.41	0.05	(2.00)	(1.95)	—	—	—
Institutional 2 Class
Year Ended 8/31/2023	$18.47	0.05	2.74	2.79	(0.07)	(4.33)	(4.40)
Year Ended 8/31/2022^(g)	$20.41	0.06	(2.00)	(1.94)	—	—	—
Institutional 3 Class
Year Ended 8/31/2023	$18.52	0.06	2.76	2.82	(0.08)	(4.33)	(4.41)
Year Ended 8/31/2022	$27.69	0.06	(4.43)	(4.37)	(0.09)	(4.71)	(4.80)
Year Ended 8/31/2021^(f)	$22.56	0.08	6.88	6.96	(0.11)	(1.72)	(1.83)
Year Ended 8/31/2020^(f)	$18.20	0.12	5.19	5.31	(0.16)	(0.79)	(0.95)
Year Ended 8/31/2019	$21.21	0.13	(0.44)	(0.31)	(0.15)	(2.55)	(2.70)

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

18	Columbia Integrated Large Cap Growth Fund \| Annual Report 2023

Table of Contents

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),(c)	Net investment income (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 8/31/2023	$16.48	20.51%	1.12%	0.65%^(d)	0.12%	48%	$63,805
Year Ended 8/31/2022	$18.13	(19.28%)	0.95%^(e)	0.70%^(e)	0.16%	42%	$56,024
Year Ended 8/31/2021^(f)	$27.22	32.70%	0.84%	0.79%	(0.03%)	50%	$1,587
Year Ended 8/31/2020^(f)	$22.22	29.85%	0.83%	0.79%	0.22%	71%	$687
Year Ended 8/31/2019	$17.94	(0.63%)	0.84%	0.79%	0.49%	89%	$712
Advisor Class
Year Ended 8/31/2023	$16.84	20.64%	0.98%	0.51%^(d)	0.24%	48%	$33,324
Year Ended 8/31/2022	$18.44	(19.10%)	0.82%^(e)	0.53%^(e)	0.16%	42%	$43,484
Year Ended 8/31/2021^(f)	$27.60	33.03%	0.58%	0.54%	0.21%	50%	$170,901
Year Ended 8/31/2020^(f)	$22.49	30.19%	0.58%	0.54%	0.48%	71%	$121,958
Year Ended 8/31/2019	$18.15	(0.40%)	0.59%	0.54%	0.75%	89%	$168,838
Class C
Year Ended 8/31/2023	$16.29	19.47%	1.96%	1.50%^(d)	(0.74%)	48%	$15
Year Ended 8/31/2022^(g)	$18.06	(10.10%)	1.96%	1.51%	(0.62%)	42%	$4
Institutional Class
Year Ended 8/31/2023	$16.86	20.62%	0.98%	0.51%^(d)	0.26%	48%	$41,369
Year Ended 8/31/2022^(g)	$18.46	(9.55%)	0.96%	0.51%	0.42%	42%	$85,728
Institutional 2 Class
Year Ended 8/31/2023	$16.86	20.62%	0.93%	0.46%	0.30%	48%	$148
Year Ended 8/31/2022^(g)	$18.47	(9.50%)	0.90%	0.45%	0.57%	42%	$154
Institutional 3 Class
Year Ended 8/31/2023	$16.93	20.78%	0.87%	0.40%	0.37%	48%	$115,941
Year Ended 8/31/2022	$18.52	(18.97%)	0.61%^(e)	0.40%^(e)	0.26%	42%	$68,507
Year Ended 8/31/2021^(f)	$27.69	33.19%	0.43%	0.39%	0.36%	50%	$339,707
Year Ended 8/31/2020^(f)	$22.56	30.40%	0.43%	0.39%	0.62%	71%	$268,706
Year Ended 8/31/2019	$18.20	(0.22%)	0.43%	0.39%	0.94%	89%	$226,978

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

Columbia Integrated Large Cap Growth Fund | Annual Report 2023

Table of Contents

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
Class R
Year Ended 8/31/2023	$18.12	(0.04)	2.69	2.65	—	(4.33)	(4.33)
Year Ended 8/31/2022^(g)	$20.09	(0.01)	(1.96)	(1.97)	—	—	—

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)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by BMO Asset Management Corp, and certain of its affiliates, if applicable, for the account periods prior to the closing of the Reorganization, which occurred on January 21, 2022.
(d)	The benefits derived from expense reductions had an impact of less than 0.01%.
(e)	Ratios include interfund lending expense which is less than 0.01%.
(f)	Net investment income (loss) per share calculated using the average shares method.
(g)	Class C, Institutional Class, Institutional 2 Class and Class R shares commenced operations on January 26, 2022. Per share data and total return reflect activity from that date.

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

20	Columbia Integrated Large Cap Growth Fund \| Annual Report 2023

Table of Contents

Notes to Financial Statements
August 31, 2023

Note 1. Organization

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

The Fund commenced operations as of January 21, 2022, upon the Fund’s acquisition of the assets of BMO Large-Cap Growth Fund (the Predecessor Fund), a series of BMO Funds, Inc. in exchange for shares of the Fund (the Reorganization). The Predecessor Fund is considered the accounting survivor of the Reorganization, and accordingly, certain financial history of the Predecessor Fund is included in these financial statements.

Fund shares

Note 2. Summary of significant accounting policies

Basis of preparation

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

Security valuation

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.

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Notes to Financial Statements (continued)
August 31, 2023

Redemption Fees

Security transactions

Income recognition

Expenses

Determination of class net asset value

Federal income tax status

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Notes to Financial Statements (continued)
August 31, 2023

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

Recent accounting pronouncements and regulatory updates

Tailored Shareholder Reports

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 0.75% to 0.55% as the Fund’s net assets increase. The effective management services fee rate for the year ended August 31, 2023 was 0.75% of the Fund’s average daily net assets.

Compensation of board members

Compensation of Chief Compliance Officer

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Notes to Financial Statements (continued)
August 31, 2023

Transfer agency fees

For the year ended August 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	0.12
Advisor Class	0.12
Class C	0.11
Institutional Class	0.12
Institutional 2 Class	0.07
Institutional 3 Class	0.01
Class R	0.12

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 August 31, 2023, these minimum account balance fees reduced total expenses of the Fund by $700.

Distribution and service fees

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Notes to Financial Statements (continued)
August 31, 2023

Sales charges (unaudited)

	Front End (%)	CDSC (%)	Amount ($)
Class A	5.75	0.50 - 1.00^(a)	4,106
Class C	—	1.00^(b)	—

(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

	Fee rate(s) contractual through December 31, 2023
Class A	0.80%
Advisor Class	0.55
Class C	1.55
Institutional Class	0.55
Institutional 2 Class	0.46
Institutional 3 Class	0.40
Class R	1.05

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. In addition to the contractual agreement, the Investment Manager and certain of its affiliates have voluntarily agreed to waive fees and/or reimburse Fund expenses (excluding certain fees and expenses described above) so that Fund level expenses (expenses directly attributable to the Fund and not to a specific share class) are waived proportionately across all share classes. This arrangement may be revised or discontinued at any time. 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

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Notes to Financial Statements (continued)
August 31, 2023

At August 31, 2023, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, capital loss carryforwards, trustees’ deferred compensation, distribution reclassifications, earnings and profits distributed to shareholders on the redemption of shares and miscellaneous adjustments. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

Undistributed net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
(2)	(28,989,391)	28,989,393

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

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

Year Ended August 31, 2023			Year Ended August 31, 2022
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
956,890	59,626,668	60,583,558	24,067,569	73,946,134	98,013,703

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

At August 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 ($)	Net unrealized appreciation ($)
346,099	—	(4,226,040)	105,968,761

At August 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) ($)	Net unrealized appreciation ($)
148,448,408	112,294,115	(6,325,354)	105,968,761

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

No expiration short-term ($)	No expiration long-term ($)	Total ($)	Utilized ($)
(4,226,040)	—	(4,226,040)	—

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Notes to Financial Statements (continued)
August 31, 2023

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $116,527,518 and $162,575,048, respectively, for the year ended August 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

Note 7. Interfund lending

The Fund’s activity in the Interfund Program during the year ended August 31, 2023 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Lender	300,000	3.59	1

Interest income earned by the Fund is recorded as interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at August 31, 2023.

Note 8. Line of credit

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Notes to Financial Statements (continued)
August 31, 2023

The Fund had no borrowings during the year ended August 31, 2023.

Note 9. Significant risks

Information technology sector risk

The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies’ securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.

Market risk

Shareholder concentration risk

At August 31, 2023, one unaffiliated shareholder of record owned 46.1% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

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Notes to Financial Statements (continued)
August 31, 2023

Note 10. Subsequent events

Note 11. Change in Independent Registered Public Accounting Firm

Note 12. Information regarding pending and settled legal proceedings

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Integrated Large Cap Growth Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Integrated Large Cap Growth Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of August 31, 2023, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the year ended August 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 August 31, 2023, and the results of its operations, changes in its net assets, and the financial highlights for the year ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audit 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 audit 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 August 31, 2023 by correspondence with the custodian and transfer agent. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

October 23, 2023

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

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Federal Income Tax Information

(Unaudited)

Qualified dividend income	Dividends received deduction	Section 199A dividends
91.29%	91.32%	2.67%

Dividends received deduction. The percentage of ordinary income distributed during the fiscal year that qualifies for the corporate dividends received deduction.

Section 199A dividends. For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents Section 199A dividends potentially eligible for a 20% deduction.

TRUSTEES AND OFFICERS

(Unaudited)

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	173	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

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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	173	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	173	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	173	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	171	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

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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	171	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	173	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	173	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	173	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	171	None

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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	171	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.	173	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	171	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

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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	173	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	173	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

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.

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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.

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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)

•	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.

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Approval of Management Agreement

(Unaudited)

•	Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

•	Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;

•

•	Terms of the Management Agreement;

•	Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

•	Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

•	Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

•	Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

•	Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

•	The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

•	Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).

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Nature, extent and quality of services provided by the Investment Manager

Investment performance

The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

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Table of Contents

Approval of Management Agreement (continued)
(Unaudited)
Investment Manager’s profitability. The Board reviewed the fees charged to comparable institutional or other accounts/vehicles managed by the Investment Manager, including vehicles subadvised by the Investment Manager, and discussed differences in how the products are managed and operated, thus explaining many of the differences in fees.

Economies of scale

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

42	Columbia Integrated Large Cap Growth Fund \| Annual Report 2023

Table of Contents

Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	13
Statement of Operations	15
Statement of Changes in Net Assets	16
Financial Highlights	18
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	33
Trustees and Officers	34
Liquidity Risk Management Program	40
Approval of Management Agreement	41

If you elect to receive the shareholder report for Columbia Integrated Small Cap Growth 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

Quarterly schedule of investments

Additional Fund information

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 Integrated Small Cap Growth Fund | Annual Report 2023

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Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks to provide shareholders with capital appreciation.

Portfolio management

Ernesto Ramos, Ph.D.

Co-Portfolio Manager

Managed Fund since January 21, 2022 (Managed Predecessor Fund June 2021 - January 21, 2022)

Jason Hans, CFA

Co-Portfolio Manager

Managed Fund since January 21, 2022

Thomas Lettenberger, CFA

Co-Portfolio Manager

Managed Fund since January 21, 2022 (Managed Predecessor Fund October 2016 - January 21, 2022)

Morningstar style box^TM

Average annual total returns (%) (for the period ended August 31, 2023)
		Inception	1 Year	5 Years	10 Years
Class A*	Excluding sales charges	05/31/17	8.89	2.03	6.02
	Including sales charges		2.66	0.83	5.39
Advisor Class		01/31/08	9.16	2.28	6.29
Class C*	Excluding sales charges	01/26/22	8.03	1.26	5.23
	Including sales charges		7.03	1.26	5.23
Institutional Class*		01/26/22	9.21	2.29	6.29
Institutional 2 Class*		01/26/22	9.28	2.32	6.30
Institutional 3 Class*		01/26/22	9.36	2.34	6.31
Class R*		01/26/22	8.53	1.75	5.75
Russell 2000® Growth Index			6.78	2.46	8.17

The Fund’s performance prior to January 21, 2022 reflects returns achieved by BMO Small-Cap Growth Fund (the Predecessor Fund), a series of BMO Funds, Inc. The Predecessor Fund was managed by BMO Asset Management Corp. (BMO AM) and had the same investment objective and a substantially identical investment strategy to the Fund.

The Russell 2000® Growth Index measures the performance of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values.

Columbia Integrated Small Cap Growth Fund | Annual Report 2023

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Manager Discussion of Fund Performance
(Unaudited)

For the 12-month period that ended August 31, 2023, Class A shares of Columbia Integrated Small Cap Growth Fund returned 8.89% excluding sales charges. The Fund outperformed its benchmark, the Russell 2000^® Growth Index, which returned 6.78% for the same time period.

Market overview

The broad U.S. equity market delivered strong gains during the annual period, despite continued concerns about a future economic slowdown and a series of rate hikes by the U.S. Federal Reserve (Fed) that tapered from aggressive to more measured by period-end to tame stubborn inflation. Market momentum picked up as the period progressed as better-than-expected earnings drove equity gains. The period, however, was far from smooth.

The Fund’s notable contributors during the period

•	Overall sector allocation was additive to relative performance.
•	Overall stock selection was also additive to relative performance.
•	The Fund’s overweight to the information technology sector was the top contributor from a sector allocation perspective, followed by an underweight to the utilities sector and an underweight to the communication services sector.
•	Stock selection in the financials sector was the largest positive contribution for the period, followed by the energy and consumer discretionary sectors.
•	The three largest individual contributors to the Fund were Oceaneering International, Inc., Duolingo, Inc. and Prothena Corp., PLC.

The Fund’s notable detractors during the period

•	The Fund’s slight overweight to the energy sector was the top detractor from a sector allocation perspective, followed by an overweight to the materials sector.
•	Stock selection in the health care sector was the largest detractor for the period, followed by the communication services and utilities sectors.
•	The three largest individual detractors to the Fund were Funko, Inc., Coherus Biosciences, Inc. and Angiodynamics, Inc. We sold the Fund’s positions in Funko and Angiodynamics.

Columbia Integrated Small Cap Growth Fund | Annual Report 2023

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Manager Discussion of Fund Performance (continued)
(Unaudited)

Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Investments in small-cap companies involve risks, including volatility, that are greater than investments in larger, more established companies. Growth securities, at times, may not perform as well as value securities or the stock market in general and may be out of favor with investors. 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.

6	Columbia Integrated Small Cap Growth Fund \| Annual Report 2023

Table of Contents

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

March 1, 2023 — August 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	1,020.30	1,019.11	6.16	6.16	1.21
Advisor Class	1,000.00	1,000.00	1,021.50	1,020.21	5.04	5.04	0.99
Class C	1,000.00	1,000.00	1,016.00	1,015.17	10.11	10.11	1.99
Institutional Class	1,000.00	1,000.00	1,022.00	1,020.21	5.05	5.04	0.99
Institutional 2 Class	1,000.00	1,000.00	1,022.70	1,020.67	4.59	4.58	0.90
Institutional 3 Class	1,000.00	1,000.00	1,022.70	1,020.92	4.33	4.33	0.85
Class R	1,000.00	1,000.00	1,018.40	1,017.54	7.73	7.73	1.52

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 Integrated Small Cap Growth Fund | Annual Report 2023

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Portfolio of Investments
August 31, 2023

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 99.2%
Issuer	Shares	Value ($)
Communication Services 1.0%
Media 1.0%
Integral Ad Science Holding Corp.^(a)	25,891	369,465
TechTarget, Inc.^(a)	6,986	200,847
Total		570,312
Total Communication Services		570,312
Consumer Discretionary 11.2%
Auto Components 1.5%
Gentherm, Inc.^(a)	7,075	425,986
Standard Motor Products, Inc.	11,301	418,476
Total		844,462
Diversified Consumer Services 2.1%
Duolingo, Inc.^(a)	4,886	719,024
Rover Group, Inc.^(a)	65,353	442,440
Total		1,161,464
Hotels, Restaurants & Leisure 2.9%
Century Casinos, Inc.^(a)	50,010	325,065
Everi Holdings, Inc.^(a)	29,878	432,036
Inspired Entertainment, Inc.^(a)	18,628	245,517
Shake Shack, Inc., Class A^(a)	8,921	624,470
Total		1,627,088
Household Durables 1.7%
M/I Homes, Inc.^(a)	4,677	459,188
Skyline Champion Corp.^(a)	7,074	504,164
Total		963,352
Leisure Products 0.9%
YETI Holdings, Inc.^(a)	9,553	477,172
Specialty Retail 0.7%
Chico’s FAS, Inc.^(a)	74,869	384,078
Textiles, Apparel & Luxury Goods 1.4%
Crocs, Inc.^(a)	3,780	367,945
Movado Group, Inc.	13,955	381,669
Total		749,614
Total Consumer Discretionary		6,207,230

Common Stocks (continued)
Issuer	Shares	Value ($)
Consumer Staples 3.7%
Beverages 1.1%
Primo Water Corp.	40,825	622,990
Consumer Staples Distribution & Retail 0.9%
Sprouts Farmers Market, Inc.^(a)	12,248	499,596
Household Products 1.0%
Central Garden & Pet Co., Class A^(a)	13,360	545,088
Personal Care Products 0.7%
Inter Parfums, Inc.	2,848	397,951
Total Consumer Staples		2,065,625
Energy 5.5%
Energy Equipment & Services 3.2%
ChampionX Corp.	18,347	662,143
DMC Global Inc^(a)	19,892	477,806
Oceaneering International, Inc.^(a)	28,393	647,077
Total		1,787,026
Oil, Gas & Consumable Fuels 2.3%
Magnolia Oil & Gas Corp., Class A	20,100	458,280
Riley Exploration Permian, Inc.	12,036	403,085
W&T Offshore, Inc.^(a)	99,972	407,886
Total		1,269,251
Total Energy		3,056,277
Financials 5.6%
Capital Markets 1.7%
Hamilton Lane, Inc., Class A	6,030	559,524
WisdomTree, Inc.	48,663	355,240
Total		914,764
Financial Services 1.8%
Essent Group Ltd.	13,606	683,293
International Money Express, Inc.^(a)	18,160	314,168
Total		997,461

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

8	Columbia Integrated Small Cap Growth Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
August 31, 2023

Common Stocks (continued)
Issuer	Shares	Value ($)
Insurance 2.1%
Goosehead Insurance, Inc., Class A^(a)	11,261	786,693
Palomar Holdings, Inc.^(a)	7,706	393,083
Total		1,179,776
Total Financials		3,092,001
Health Care 22.5%
Biotechnology 10.4%
ACADIA Pharmaceuticals, Inc.^(a)	16,926	457,341
Aldeyra Therapeutics, Inc.^(a)	42,789	319,206
Amicus Therapeutics, Inc.^(a)	39,688	508,800
Anika Therapeutics, Inc.^(a)	13,027	232,532
Avid Bioservices, Inc.^(a)	33,748	398,226
Deciphera Pharmaceuticals, Inc.^(a)	24,061	337,816
Halozyme Therapeutics, Inc.^(a)	15,987	680,407
Kiniksa Pharmaceuticals^(a)	29,746	512,524
Madrigal Pharmaceuticals, Inc.^(a)	1,606	289,080
Mirum Pharmaceuticals, Inc.^(a)	15,551	411,013
Prothena Corp., PLC^(a)	6,317	333,664
PTC Therapeutics, Inc.^(a)	10,907	430,826
Vericel Corp.^(a)	14,810	486,212
Xencor, Inc.^(a)	17,406	382,584
Total		5,780,231
Health Care Equipment & Supplies 6.0%
Avanos Medical, Inc.^(a)	14,627	307,752
AxoGen, Inc.^(a)	44,790	280,385
Inspire Medical Systems, Inc.^(a)	1,867	423,585
LivaNova PLC^(a)	8,396	466,398
Merit Medical Systems, Inc.^(a)	10,087	658,479
Omnicell, Inc.^(a)	5,903	335,645
Tactile Systems Technology, Inc.^(a)	27,359	518,453
Treace Medical Concepts, Inc.^(a)	20,812	323,627
Total		3,314,324
Health Care Providers & Services 3.1%
Option Care Health, Inc.^(a)	18,173	632,965
PetIQ, Inc.^(a)	30,187	575,968
RadNet, Inc.^(a)	14,621	488,488
Total		1,697,421

Common Stocks (continued)
Issuer	Shares	Value ($)
Health Care Technology 2.0%
Evolent Health, Inc., Class A^(a)	17,033	434,512
Health Catalyst, Inc.^(a)	27,269	318,774
HealthStream, Inc.	16,356	343,967
Total		1,097,253
Life Sciences Tools & Services 0.4%
MaxCyte, Inc.^(a)	65,477	239,646
Pharmaceuticals 0.6%
Intra-Cellular Therapies, Inc.^(a)	6,036	335,119
Total Health Care		12,463,994
Industrials 21.1%
Aerospace & Defense 2.7%
Aerovironment, Inc.^(a)	4,780	463,803
Astronics Corp.^(a)	24,375	427,294
Kratos Defense & Security Solutions, Inc.^(a)	36,818	592,402
Total		1,483,499
Air Freight & Logistics 0.8%
HUB Group, Inc., Class A^(a)	5,358	418,138
Building Products 1.3%
Gibraltar Industries, Inc.^(a)	9,720	729,292
Construction & Engineering 2.3%
MYR Group, Inc.^(a)	4,457	633,206
Primoris Services Corp.	18,797	664,850
Total		1,298,056
Electrical Equipment 0.8%
Thermon^(a)	16,517	453,887
Ground Transportation 1.2%
Marten Transport Ltd.	30,911	649,131
Machinery 5.8%
Alamo Group, Inc.	2,877	493,837
Helios Technologies, Inc.	5,495	318,051
John Bean Technologies Corp.	4,025	442,388
Lindsay Corp.	3,073	381,359
Mueller Water Products, Inc., Class A	39,002	550,708
REV Group, Inc.	33,202	450,883
Tennant Co.	7,113	586,325
Total		3,223,551

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

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Portfolio of Investments (continued)
August 31, 2023

Common Stocks (continued)
Issuer	Shares	Value ($)
Professional Services 4.4%
ExlService Holdings, Inc.^(a)	17,072	499,015
ICF International, Inc.	5,010	676,651
Legalzoom.com, Inc.^(a)	37,952	433,032
NV5 Global, Inc.^(a)	3,790	385,746
Upwork, Inc.^(a)	31,998	473,890
Total		2,468,334
Trading Companies & Distributors 1.8%
Applied Industrial Technologies, Inc.	3,017	465,734
NOW, Inc.^(a)	46,548	519,941
Total		985,675
Total Industrials		11,709,563
Information Technology 22.9%
Communications Equipment 1.7%
Calix, Inc.^(a)	10,997	511,470
Viavi Solutions, Inc.^(a)	40,246	420,571
Total		932,041
Electronic Equipment, Instruments & Components 3.9%
Advanced Energy Industries, Inc.	6,199	731,916
Itron, Inc.^(a)	7,821	535,035
Rogers Corp.^(a)	2,990	432,085
Sanmina Corp.^(a)	7,966	443,706
Total		2,142,742
IT Services 1.7%
Grid Dynamics Holdings, Inc.^(a)	32,818	381,673
Squarespace, Inc., Class A^(a)	17,840	537,876
Total		919,549
Semiconductors & Semiconductor Equipment 5.4%
Amkor Technology, Inc.	16,405	458,684
Formfactor, Inc.^(a)	15,307	540,643
MaxLinear, Inc.^(a)	15,073	354,215
NVE Corp.	4,692	415,007
Onto Innovation, Inc.^(a)	5,523	767,587
Rambus, Inc.^(a)	8,057	454,979
Total		2,991,115

Common Stocks (continued)
Issuer	Shares	Value ($)
Software 10.2%
A10 Networks, Inc.	30,115	448,412
Alkami Technology, Inc.^(a)	26,873	468,128
Box, Inc., Class A^(a)	13,881	367,569
CommVault Systems, Inc.^(a)	7,998	546,344
EngageSmart, Inc.^(a)	24,114	427,059
Everbridge, Inc.^(a)	13,297	329,899
LiveRamp Holdings, Inc.^(a)	20,396	659,607
Mitek Systems, Inc.^(a)	32,107	358,635
N-Able, Inc.^(a)	31,149	416,462
SPS Commerce, Inc.^(a)	2,517	468,489
Tenable Holdings, Inc.^(a)	11,192	507,781
Workiva, Inc., Class A^(a)	6,151	687,989
Total		5,686,374
Total Information Technology		12,671,821
Materials 5.2%
Chemicals 0.6%
Ingevity Corp.^(a)	6,707	361,440
Construction Materials 1.2%
Summit Materials, Inc., Class A^(a)	17,455	652,992
Metals & Mining 3.4%
Commercial Metals Co.	11,186	629,660
Materion Corp.	6,243	679,176
MP Materials Corp.^(a)	13,683	286,522
Piedmont Lithium, Inc.^(a)	6,606	295,684
Total		1,891,042
Total Materials		2,905,474
Utilities 0.5%
Independent Power and Renewable Electricity Producers 0.5%
Altus Power, Inc.^(a)	42,278	273,116
Total Utilities		273,116
Total Common Stocks (Cost $47,449,638)		55,015,413

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

10	Columbia Integrated Small Cap Growth Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
August 31, 2023

Money Market Funds 0.9%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 5.476%^(b),(c)	489,199	489,052
Total Money Market Funds (Cost $488,962)		489,052
Total Investments in Securities (Cost: $47,938,600)		55,504,465
Other Assets & Liabilities, Net		(31,794)
Net Assets		55,472,671

Notes to Portfolio of Investments

(a)	Non-income producing investment.
(b)	The rate shown is the seven-day current annualized yield at August 31, 2023.
(c)	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 August 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, 5.476%
	772,168	9,247,655	(9,530,771)	—	489,052	211	28,860	489,199

Fair value measurements

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).

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

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Portfolio of Investments (continued)
August 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 August 31, 2023:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Common Stocks
Communication Services	570,312	—	—	570,312
Consumer Discretionary	6,207,230	—	—	6,207,230
Consumer Staples	2,065,625	—	—	2,065,625
Energy	3,056,277	—	—	3,056,277
Financials	3,092,001	—	—	3,092,001
Health Care	12,463,994	—	—	12,463,994
Industrials	11,709,563	—	—	11,709,563
Information Technology	12,671,821	—	—	12,671,821
Materials	2,905,474	—	—	2,905,474
Utilities	273,116	—	—	273,116
Total Common Stocks	55,015,413	—	—	55,015,413
Money Market Funds	489,052	—	—	489,052
Total Investments in Securities	55,504,465	—	—	55,504,465

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

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

12	Columbia Integrated Small Cap Growth Fund \| Annual Report 2023

Table of Contents

Statement of Operations
Year Ended August 31, 2023

Net investment income
Income:
Dividends — unaffiliated issuers	$348,023
Dividends — affiliated issuers	28,860
Foreign taxes withheld	(3,946)
Total income	372,937
Expenses:
Management services fees	477,222
Distribution and/or service fees
Class A	42,285
Class C	279
Class R	11
Transfer agent fees
Class A	33,145
Advisor Class	5,784
Class C	43
Institutional Class	49,075
Institutional 2 Class	12
Institutional 3 Class	3
Class R	5
Trustees’ fees	16,350
Custodian fees	6,760
Printing and postage fees	17,094
Registration fees	102,745
Accounting services fees	30,090
Legal fees	12,576
Offering costs	54,767
Compensation of chief compliance officer	4
Other	11,219
Total expenses	859,469
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(262,836)
Expense reduction	(779)
Total net expenses	595,854
Net investment loss	(222,917)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(743,162)
Investments — affiliated issuers	211
Net realized loss	(742,951)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	5,700,532
Net change in unrealized appreciation (depreciation)	5,700,532
Net realized and unrealized gain	4,957,581
Net increase in net assets resulting from operations	$4,734,664

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

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Table of Contents

Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	August 31, 2023		August 31, 2022 ^(a)
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Shares sold	28,739	337,940	127,686	1,730,459
Distributions reinvested	98,419	1,085,560	659,788	10,585,029
Shares redeemed	(255,135)	(2,942,610)	(376,964)	(6,073,298)
Net increase (decrease)	(127,977)	(1,519,110)	410,510	6,242,190
Advisor Class
Shares sold	6,943	91,052	240,885	4,343,667
Distributions reinvested	14,045	170,229	1,135,271	20,155,352
Shares redeemed	(39,522)	(500,872)	(4,681,388)	(78,221,553)
Net decrease	(18,534)	(239,591)	(3,305,232)	(53,722,534)
Class C
Shares sold	1,412	16,058	2,757	38,017
Distributions reinvested	189	2,099	—	—
Shares redeemed	(3,680)	(45,358)	—	—
Net increase (decrease)	(2,079)	(27,201)	2,757	38,017
Institutional Class
Shares sold	279,155	3,584,998	2,920,768	43,250,236
Distributions reinvested	115,077	1,411,998	—	—
Shares redeemed	(789,827)	(10,130,447)	(250,386)	(3,258,105)
Net increase (decrease)	(395,595)	(5,133,451)	2,670,382	39,992,131
Institutional 2 Class
Shares sold	—	—	1,725	22,035
Distributions reinvested	60	730	—	—
Shares redeemed	—	—	(342)	(4,236)
Net increase	60	730	1,383	17,799
Institutional 3 Class
Shares sold	—	—	1,073	13,676
Distributions reinvested	44	542	—	—
Net increase	44	542	1,073	13,676
Class R
Shares sold	—	—	189	2,500
Net increase	—	—	189	2,500
Total net decrease	(544,081)	(6,918,081)	(218,938)	(7,416,221)

(a)	Class C, Institutional Class, Institutional 2 Class, Institutional 3 Class, and Class R shares are based on operations from January 26, 2022 (commencement of operations) through the stated period end.

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

Columbia Integrated Small Cap Growth Fund | Annual Report 2023

Table of Contents

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. For periods ended 2022 and thereafter, 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 realized gains	Total distributions to shareholders
Class A
Year Ended 8/31/2023	$11.71	(0.06)	1.04	0.98	(0.60)	(0.60)
Year Ended 8/31/2022^(e)	$23.20	(0.12)	(4.08)	(4.20)	(7.29)	(7.29)
Year Ended 8/31/2021^(g)	$16.64	(0.19)	7.48	7.29	(0.73)	(0.73)
Year Ended 8/31/2020	$15.32	(0.07)	1.69	1.62	(0.30)	(0.30)
Year Ended 8/31/2019	$21.60	(0.02)	(3.51)	(3.53)	(2.75)	(2.75)
Advisor Class
Year Ended 8/31/2023	$12.79	(0.04)	1.15	1.11	(0.60)	(0.60)
Year Ended 8/31/2022^(e)	$24.59	(0.10)	(4.41)	(4.51)	(7.29)	(7.29)
Year Ended 8/31/2021^(g)	$17.55	(0.14)	7.91	7.77	(0.73)	(0.73)
Year Ended 8/31/2020	$16.10	(0.03)	1.78	1.75	(0.30)	(0.30)
Year Ended 8/31/2019	$22.48	0.01	(3.64)	(3.63)	(2.75)	(2.75)
Class C
Year Ended 8/31/2023	$11.79	(0.15)	1.04	0.89	(0.60)	(0.60)
Year Ended 8/31/2022^(h)	$13.25	(0.11)	(1.35)	(1.46)	—	—
Institutional Class
Year Ended 8/31/2023	$12.94	(0.04)	1.17	1.13	(0.60)	(0.60)
Year Ended 8/31/2022^(h)	$14.46	(0.04)	(1.48)	(1.52)	—	—
Institutional 2 Class
Year Ended 8/31/2023	$12.95	(0.03)	1.17	1.14	(0.60)	(0.60)
Year Ended 8/31/2022^(h)	$14.46	(0.03)	(1.48)	(1.51)	—	—
Institutional 3 Class
Year Ended 8/31/2023	$12.95	(0.02)	1.17	1.15	(0.60)	(0.60)
Year Ended 8/31/2022^(h)	$14.46	(0.03)	(1.48)	(1.51)	—	—

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

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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),(c)	Net investment income (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 8/31/2023	$12.09	8.89%	1.65%	1.19%^(d)	(0.52%)	58%	$21,070
Year Ended 8/31/2022^(e)	$11.71	(24.43%)	1.60%^(f)	1.22%^(f)	(0.78%)	54%	$21,895
Year Ended 8/31/2021^(g)	$23.20	44.85%	1.35%	1.24%	(0.86%)	62%	$33,873
Year Ended 8/31/2020	$16.64	10.60%	1.34%	1.24%	(0.46%)	70%	$27,152
Year Ended 8/31/2019	$15.32	(16.12%)	1.30%	1.24%	(0.54%)	61%	$31,378
Advisor Class
Year Ended 8/31/2023	$13.30	9.16%	1.45%	0.99%^(d)	(0.32%)	58%	$3,719
Year Ended 8/31/2022^(e)	$12.79	(24.27%)	1.39%^(f)	0.98%^(f)	(0.51%)	54%	$3,813
Year Ended 8/31/2021^(g)	$24.59	45.27%	1.10%	0.99%	(0.61%)	62%	$88,609
Year Ended 8/31/2020	$17.55	10.89%	1.09%	0.99%	(0.22%)	70%	$69,926
Year Ended 8/31/2019	$16.10	(15.92%)	1.05%	0.99%	(0.29%)	61%	$68,226
Class C
Year Ended 8/31/2023	$12.08	8.03%	2.49%	1.98%^(d)	(1.33%)	58%	$8
Year Ended 8/31/2022^(h)	$11.79	(11.02%)	2.45%	1.98%	(1.55%)	54%	$33
Institutional Class
Year Ended 8/31/2023	$13.47	9.21%	1.46%	0.99%^(d)	(0.32%)	58%	$30,639
Year Ended 8/31/2022^(h)	$12.94	(10.51%)	1.45%	0.98%	(0.58%)	54%	$34,566
Institutional 2 Class
Year Ended 8/31/2023	$13.49	9.28%	1.37%	0.90%	(0.23%)	58%	$19
Year Ended 8/31/2022^(h)	$12.95	(10.44%)	1.37%	0.90%	(0.44%)	54%	$18
Institutional 3 Class
Year Ended 8/31/2023	$13.50	9.36%	1.31%	0.85%	(0.18%)	58%	$15
Year Ended 8/31/2022^(h)	$12.95	(10.44%)	1.32%	0.85%	(0.40%)	54%	$14

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

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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 realized gains	Total distributions to shareholders
Class R
Year Ended 8/31/2023	$11.82	(0.10)	1.05	0.95	(0.60)	(0.60)
Year Ended 8/31/2022^(h)	$13.25	(0.08)	(1.35)	(1.43)	—	—

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)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by BMO Asset Management Corp, and certain of its affiliates, if applicable, for the account periods prior to the closing of the Reorganization, which occurred on January 21, 2022.
(d)	The benefits derived from expense reductions had an impact of less than 0.01%.
(e)	Redemption fees consisted of per share amounts less than $0.01.
(f)	Ratios include interfund lending expense which is less than 0.01%.
(g)	Net investment income (loss) per share calculated using the average shares method.
(h)	Class C, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares commenced operations on January 26, 2022. Per share data and total return reflect activity from that date.

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

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Notes to Financial Statements
August 31, 2023

Note 1. Organization

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

The Fund commenced operations as of January 21, 2022, upon the Fund’s acquisition of the assets of BMO Small-Cap Growth Fund (the Predecessor Fund), a series of BMO Funds, Inc. in exchange for shares of the Fund (the Reorganization). The Predecessor Fund is considered the accounting survivor of the Reorganization, and accordingly, certain financial history of the Predecessor Fund is included in these financial statements.

Fund shares

Note 2. Summary of significant accounting policies

Basis of preparation

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

Security valuation

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Notes to Financial Statements (continued)
August 31, 2023

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.

Redemption Fees

Security transactions

Income recognition

Expenses

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Notes to Financial Statements (continued)
August 31, 2023

Determination of class net asset value

Federal income tax status

Foreign taxes

Distributions to shareholders

Guarantees and indemnifications

Recent accounting pronouncements and regulatory updates

Tailored Shareholder Reports

Note 3. Fees and other transactions with affiliates

Management services fees

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Notes to Financial Statements (continued)
August 31, 2023

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 0.85% to 0.73% as the Fund’s net assets increase. The effective management services fee rate for the year ended August 31, 2023 was 0.85% of the Fund’s average daily net assets.

Offering costs

Offering costs were incurred prior to the shares of the Fund being offered. Offering costs may include, among other things, state registration filing fees, legal fees, printing costs and other miscellaneous costs, if applicable. The Fund amortizes offering costs over a period of 12 months from the commencement of operations.

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

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Notes to Financial Statements (continued)
August 31, 2023

For the year ended August 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	0.16
Advisor Class	0.16
Class C	0.16
Institutional Class	0.16
Institutional 2 Class	0.07
Institutional 3 Class	0.02
Class R	0.19

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 August 31, 2023, these minimum account balance fees reduced total expenses of the Fund by $779.

Distribution and service fees

Sales charges (unaudited)

	Front End (%)	CDSC (%)	Amount ($)
Class A	5.75	0.50 - 1.00^(a)	748
Class C	—	1.00^(b)	—

(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.

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Notes to Financial Statements (continued)
August 31, 2023

Expenses waived/reimbursed by the Investment Manager and its affiliates

	Fee rate(s) contractual through December 31, 2023
Class A	1.27%
Advisor Class	1.02
Class C	2.02
Institutional Class	1.02
Institutional 2 Class	0.90
Institutional 3 Class	0.85
Class R	1.52

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. In addition to the contractual agreement, the Investment Manager and certain of its affiliates have voluntarily agreed to waive fees and/or reimburse Fund expenses (excluding certain fees and expenses described above) so that Fund level expenses (expenses directly attributable to the Fund and not to a specific share class) are waived proportionately across all share classes. This arrangement may be revised or discontinued at any time. 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

At August 31, 2023, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, late-year ordinary losses, capital loss carryforwards, trustees’ deferred compensation, net operating loss reclassification and excess distributions. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

Excess of distributions over net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
366,294	16,897	(383,191)

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

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Notes to Financial Statements (continued)
August 31, 2023

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

Year Ended August 31, 2023			Year Ended August 31, 2022
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
—	2,684,328	2,684,328	7,005,722	26,275,645	33,281,367

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

At August 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 ($)	Net unrealized appreciation ($)
—	—	(5,234,184)	7,301,811

At August 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) ($)	Net unrealized appreciation ($)
48,202,654	10,822,126	(3,520,315)	7,301,811

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

No expiration short-term ($)	No expiration long-term ($)	Total ($)	Utilized ($)
(4,952,244)	(281,940)	(5,234,184)	—

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. As of August 31, 2023, the Fund will elect to treat the following late-year ordinary losses and post-October capital losses as arising on September 1, 2023.

Late year ordinary losses ($)	Post-October capital losses ($)
160,633	—

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $32,698,964 and $42,238,208, respectively, for the year ended August 31, 2023. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

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Notes to Financial Statements (continued)
August 31, 2023

Note 6. Affiliated money market fund

Note 7. Interfund lending

The Fund did not borrow or lend money under the Interfund Program during the year ended August 31, 2023.

Note 8. Line of credit

The Fund had no borrowings during the year ended August 31, 2023.

Note 9. Significant risks

Health care sector risk

The Fund is more susceptible to the particular risks that may affect companies in the health care sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the health care sector are subject to certain risks, including restrictions on government reimbursement for medical expenses, government approval of medical products and services, competitive pricing pressures, and the rising cost of medical products and services (especially for companies dependent upon a relatively limited number of products or services). Performance of such companies may be affected by factors including government regulation, obtaining and protecting patents (or the failure to do so), product liability and other similar litigation as well as product obsolescence.

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Notes to Financial Statements (continued)
August 31, 2023

Industrials sector risk

The Fund is more susceptible to the particular risks that may affect companies in the industrials sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the industrials sector are subject to certain risks, including changes in supply and demand for their specific product or service and for industrial sector products in general, including decline in demand for such products due to rapid technological developments and frequent new product introduction. Performance of such companies may be affected by factors including government regulation, world events, economic conditions and risks for environmental damage and product liability claims.

Information technology sector risk

Market risk

Shareholder concentration risk

At August 31, 2023, one unaffiliated shareholder of record owned 58.3% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a

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Notes to Financial Statements (continued)
August 31, 2023

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

Note 11. Change in Independent Registered Public Accounting Firm

Note 12. Information regarding pending and settled legal proceedings

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Notes to Financial Statements (continued)
August 31, 2023

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.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Integrated Small Cap Growth Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Integrated Small Cap Growth Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of August 31, 2023, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the year ended August 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 August 31, 2023, and the results of its operations, changes in its net assets, and the financial highlights for the year ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audit 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 audit 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 August 31, 2023 by correspondence with the custodian and transfer agent. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

October 23, 2023

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

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TRUSTEES AND OFFICERS

(Unaudited)

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	173	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
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	173	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

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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
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	173	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	173	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	171	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
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	171	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

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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
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	173	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	173	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	173	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	171	None

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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	171	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.	173	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	171	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

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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	173	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	173	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

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.

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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.

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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)

•	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.

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Approval of Management Agreement

(Unaudited)

•	Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

•	Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;

•

•	Terms of the Management Agreement;

•	Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

•	Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

•	Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

•	Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

•	Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

•	The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

•	Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).

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Nature, extent and quality of services provided by the Investment Manager

Investment performance

The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

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Economies of scale

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

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Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	9
Statement of Assets and Liabilities	13
Statement of Operations	15
Statement of Changes in Net Assets	16
Financial Highlights	18
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	33
Federal Income Tax Information	34
Trustees and Officers	34
Liquidity Risk Management Program	40
Approval of Management and Subadvisory Agreements	41

If you elect to receive the shareholder report for Columbia Pyrford International Stock 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

Quarterly schedule of investments

Additional Fund information

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

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Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks to provide shareholders with capital appreciation.

Portfolio management

Pyrford International Ltd

Tony Cousins, CFA

Paul Simons, CFA

Daniel McDonagh, CFA

Morningstar style box^TM

Average annual total returns (%) (for the period ended August 31, 2023)
		Inception	1 Year	5 Years	10 Years
Class A*	Excluding sales charges	05/27/14	14.42	3.86	3.99
	Including sales charges		7.81	2.64	3.37
Advisor Class		12/29/11	14.73	4.11	4.25
Class C*	Excluding sales charges	12/15/21	13.48	3.08	3.21
	Including sales charges		12.48	3.08	3.21
Institutional Class*		12/15/21	14.75	4.14	4.26
Institutional 2 Class*		12/15/21	14.87	4.16	4.27
Institutional 3 Class*		05/27/14	14.86	4.27	4.39
Class R*		12/15/21	14.10	3.60	3.73
MSCI EAFE Index (Net)			17.92	4.14	4.93

The Fund’s performance prior to December 10, 2021 reflects returns achieved by BMO Pyrford International Stock Fund (the Predecessor Fund), a series of BMO Funds, Inc. The Predecessor Fund was managed by BMO Asset Management Corp. (BMO AM) and had the same investment objective and a substantially identical investment strategy to the Fund.

The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The index is compiled from a composite of securities markets of Europe, Australasia and the Far East and is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American securities.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

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Fund at a Glance (continued)
(Unaudited)

Performance of a hypothetical $10,000 investment (August 31, 2013 — August 31, 2023)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Pyrford International Stock 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.

Equity sector breakdown (%) (at August 31, 2023)
Communication Services	10.9
Consumer Discretionary	3.9
Consumer Staples	16.1
Energy	4.4
Financials	13.4
Health Care	9.9
Industrials	25.6
Information Technology	6.6
Materials	5.7
Utilities	3.5
Total	100.0

Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.

Country breakdown (%) (at August 31, 2023)
Australia	10.2
Finland	2.4
France	7.5
Germany	10.4
Hong Kong	4.6
Indonesia	2.9
Japan	13.9
Malaysia	2.7
Netherlands	3.9
Norway	1.9
Singapore	7.5
Sweden	2.3
Switzerland	8.1
Taiwan	2.8
United Kingdom	15.6
United States^(a)	3.3
Total	100.0

(a)	Includes investments in Money Market Funds.

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Manager Discussion of Fund Performance
(Unaudited)

For the 12-month period that ended August 31, 2023, Class A shares of Columbia Pyrford International Stock Fund returned 14.42% excluding sales charges. The Fund underperformed its benchmark, the MSCI EAFE Index (Net), which returned 17.92% for the same time period.

Market overview

Global equity markets delivered outsized gains during the one-year period ending August 31, 2023, and bounced back after 2022 proved challenging. Macro pressures weighed on the market to start the year-long period, as they did at the end, and equities sold off during both the start and end of the period. However, the market did advance steadily in the interim as macro pressures eased and the world broadly re-opened following the COVID-19 pandemic. Most notably China abandoned its zero-COVID policy to start 2023, allowing for activity to begin to normalize after the prolonged period of rolling lockdowns across much of the country. Europe benefitted from falling inflation particularly in Italy and Spain, and warm weather during the winter alleviated concerns of energy shortages resulting from the loss of Russian supplies after the invasion of Ukraine. Consumer spending recovered and business confidence strengthened in the Asia Pacific region. Fluctuations in the U.S. dollar, which had eroded returns significantly for U.S. investors over the previous 12-month period, proved favorable and provided a boost.

While a resilient consumer and easing fears of a recession drove broad swaths of the market recovery, the world’s introduction to consumer-facing artificial intelligence (AI) products powered by large-language models (LLMs) resonated and drove technology outperformance. A LLM is a sophisticated AI system that uses advanced computer science techniques to process large amounts of text data and patterns in language, enabling human-like responses to queries. Almost as if programmed by lines of code, the steady cadence of new product releases from the world’s leading technology companies drove investor enthusiasm, especially for large-cap technology companies.

The uneven recovery of the Chinese economy, in addition to increased escalation of the decades-in-the-making technology cold war between the United States and China, did cause some market angst. Elsewhere in the world, declining property values, elevated local government debt and contraction in industrial activity did weigh on the economic outlook as well.

The Fund’s notable detractors during the period

•	The Fund’s currency exposure detracted from relative performance. This was led by an underweight to the euro and an overweight to the Australian dollar.
•	The Fund’s overall country allocation detracted from relative performance. This was led by an overweight to Singapore and an overweight to Malaysia. The underweight to the eurozone also detracted.
•	On a sector basis, selections within the communication services, financials and industrials sectors detracted the most from relative performance.
•	The three largest individual detractors to the fund were Vodafone Group PLC, Nabtesco Corp. and Axiata Group Bhd.

The Fund’s notable contributors during the period

•	The Fund’s overall stock selection was additive to relative performance, led by stock selection in Japan, the eurozone and Australia.
•	Within the Fund’s currency exposure, an underweight to the Yen was additive as the Bank of Japan was looking to depreciate the currency, with the Yen down 4.78% over the period.
•	On a sector basis, selections within the materials, energy and information technology sectors were additive to performance. An underweight to the real estate sector also contributed.
•	The three largest individual contributors to the fund were Fuchs Petrolub SE, Japan Tobacco, Inc. and Koninklijke Vopak NV.

Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. International investing involves certain risks and volatility due to potential political, economic or currency instabilities and different financial and accounting standards. Risks are enhanced for emerging market issuers. Investing in derivatives is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as

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Manager Discussion of Fund Performance (continued)
(Unaudited)

leverage, and may result in greater fluctuation in fund value. The value of the Fund‘s portfolio may be more volatile than a more geographically diversified fund. 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.

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Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

March 1, 2023 — August 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	1,047.80	1,019.76	5.57	5.50	1.08
Advisor Class	1,000.00	1,000.00	1,049.00	1,021.02	4.29	4.23	0.83
Class C	1,000.00	1,000.00	1,043.20	1,015.98	9.42	9.30	1.83
Institutional Class	1,000.00	1,000.00	1,049.50	1,021.02	4.29	4.23	0.83
Institutional 2 Class	1,000.00	1,000.00	1,049.50	1,021.42	3.87	3.82	0.75
Institutional 3 Class	1,000.00	1,000.00	1,049.70	1,021.42	3.87	3.82	0.75
Class R	1,000.00	1,000.00	1,046.10	1,018.50	6.86	6.77	1.33

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.

From time to time, the Investment Manager and its affiliates may waive fees and/or reimburse certain expenses of the Fund so that Fund level expenses (expenses directly attributable to the Fund and not to a specific share class) are waived proportionately across all share classes. This arrangement may be revised or terminated at any time without notice. Had the Investment Manager and its affiliates not waived fees and/or reimbursed the expenses of the Fund during the six months ended August 31, 2023, the annualized expense ratios would have been 1.17% for Class A, 0.92% for Class Advisor, 1.92% for Class C, 0.92% for Institutional Class, 0.81% for Institutional 2 Class and 1.42% for Class R. The actual expenses paid would have been $6.04 for Class A, $4.75 for Class Advisor, $9.89 for Class C, $4.75 for Institutional Class, $4.18 for Institutional 2 Class and $7.32 for Class R; the hypothetical expenses paid would have been $5.96 for Class A, $4.69 for Class Advisor, $9.75 for Class C, $4.69 for Institutional Class, $4.13 for Institutional 2 Class and $7.22 for Class R.

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Portfolio of Investments
August 31, 2023

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 95.8%
Issuer	Shares	Value ($)
Australia 10.0%
Brambles Ltd.	1,039,233	10,063,909
Computershare Ltd.	519,606	8,447,206
Endeavour Group Ltd.	778,391	2,768,445
QBE Insurance Group Ltd.	612,227	5,905,471
Rio Tinto Ltd.	62,086	4,496,667
Woodside Energy Group Ltd.	244,890	5,846,073
Woolworths Group Ltd.	315,561	7,776,334
Total		45,304,105
Finland 2.4%
KONE OYJ, Class B	84,699	3,852,890
Sampo OYJ, Class A	158,951	6,977,002
Total		10,829,892
France 7.4%
Air Liquide SA	52,763	9,533,018
Bureau Veritas A	217,019	5,813,529
Legrand SA	71,016	6,996,454
Rubis SCA	131,910	3,215,944
Sanofi	72,189	7,688,415
Total		33,247,360
Germany 8.3%
Brenntag SE	111,130	8,988,657
DHL Group	172,997	8,067,375
Fielmann Group AG	90,115	4,229,567
GEA Group AG	105,821	4,172,874
Nemetschek SE	42,388	2,927,554
SAP SE	66,039	9,212,732
Total		37,598,759
Hong Kong 4.6%
AIA Group Ltd.	711,200	6,435,122
ASMPT Ltd.	435,070	4,353,708
Power Assets Holdings Ltd.	991,569	4,881,031
VTech Holdings Ltd.	821,700	5,016,077
Total		20,685,938

Common Stocks (continued)
Issuer	Shares	Value ($)
Indonesia 2.8%
PT Bank Rakyat Indonesia Persero Tbk	19,029,700	6,932,446
PT Telekomunikasi Indonesia Persero Tbk	23,851,600	5,830,257
Total		12,762,703
Japan 13.7%
ABC-Mart, Inc.	382,800	6,964,132
Japan Tobacco, Inc.	661,268	14,479,312
KDDI Corp.	318,700	9,474,133
Mitsubishi Electric Corp.	710,500	9,256,450
Nabtesco Corp.	253,600	4,794,987
Nihon Kohden Corp.	284,800	7,582,608
Sumitomo Rubber Industries Ltd.	535,500	5,643,486
Toyota Tsusho Corp.	63,300	3,768,161
Total		61,963,269
Malaysia 2.7%
Axiata Group Bhd	6,946,100	3,534,755
Malayan Banking Bhd	4,451,300	8,737,812
Total		12,272,567
Netherlands 3.9%
Koninklijke Philips NV^(a)	139,598	3,136,988
Koninklijke Vopak NV	143,194	5,162,684
Shell PLC	144,954	4,432,008
Wolters Kluwer NV	39,646	4,776,961
Total		17,508,641
Norway 1.9%
Telenor ASA	787,898	8,435,519
Singapore 7.4%
ComfortDelGro Corp., Ltd.	6,948,500	6,524,011
Singapore Technologies Engineering Ltd.	1,899,900	5,352,986
Singapore Telecommunications Ltd.	5,677,407	9,975,424
United Overseas Bank Ltd.	547,002	11,491,072
Total		33,343,493

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

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Portfolio of Investments (continued)
August 31, 2023

Common Stocks (continued)
Issuer	Shares	Value ($)
Sweden 2.3%
ASSA ABLOY AB, Class B	147,663	3,323,294
Atlas Copco AB, Class A	232,874	3,078,879
Essity AB, Class B	173,453	4,049,468
Total		10,451,641
Switzerland 8.0%
Geberit AG	5,026	2,601,168
Givaudan SA	781	2,601,537
Nestlé SA, Registered Shares	94,355	11,345,190
Novartis AG, Registered Shares	91,390	9,197,651
Schindler Holding AG	11,009	2,451,693
SGS SA, Registered Shares	29,625	2,690,626
Zurich Insurance Group AG	10,927	5,123,596
Total		36,011,461
Taiwan 2.8%
Advantech Co., Ltd.	227,674	2,450,083
Chunghwa Telecom Co., Ltd.	1,215,000	4,429,709
Merida Industry Co., Ltd.	89,000	537,999
Taiwan Semiconductor Manufacturing Co., Ltd.	291,000	5,000,241
Total		12,418,032
United Kingdom 15.4%
BP PLC	614,674	3,798,247
British American Tobacco PLC	235,402	7,797,547
Bunzl PLC	120,110	4,301,028
GSK PLC	360,683	6,317,704
Haleon PLC	450,854	1,846,042
IMI PLC	189,243	3,591,369

Common Stocks (continued)
Issuer	Shares	Value ($)
Imperial Brands PLC	222,987	5,048,781
Legal & General Group PLC	2,718,104	7,509,849
National Grid PLC	596,671	7,447,890
Reckitt Benckiser Group PLC	92,400	6,668,115
Unilever PLC	179,174	9,166,570
Vodafone Group PLC	6,772,174	6,278,174
Total		69,771,316
United States 2.2%
Roche Holding AG, Genusschein Shares	33,993	9,976,552
Total Common Stocks (Cost $364,557,534)		432,581,248

Preferred Stocks 1.9%
Issuer	Shares	Value ($)
Germany 1.9%
FUCHS SE	207,939	8,619,692
Total Preferred Stocks (Cost $6,859,283)		8,619,692

Money Market Funds 1.0%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 5.476%^(b),(c)	4,716,201	4,714,786
Total Money Market Funds (Cost $4,714,314)		4,714,786
Total Investments in Securities (Cost $376,131,131)		445,915,726
Other Assets & Liabilities, Net		5,781,502
Net Assets		$451,697,228

Notes to Portfolio of Investments

(a)	Non-income producing investment.
(b)	The rate shown is the seven-day current annualized yield at August 31, 2023.
(c)	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 August 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, 5.476%
	13,344,812	112,200,600	(120,829,787)	(839)	4,714,786	4,645	440,535	4,716,201

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

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Portfolio of Investments (continued)
August 31, 2023

Fair value measurements

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).

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.

The following table is a summary of the inputs used to value the Fund’s investments at August 31, 2023:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Common Stocks
Australia	—	45,304,105	—	45,304,105
Finland	—	10,829,892	—	10,829,892
France	—	33,247,360	—	33,247,360
Germany	—	37,598,759	—	37,598,759
Hong Kong	—	20,685,938	—	20,685,938
Indonesia	—	12,762,703	—	12,762,703
Japan	—	61,963,269	—	61,963,269
Malaysia	—	12,272,567	—	12,272,567
Netherlands	—	17,508,641	—	17,508,641
Norway	—	8,435,519	—	8,435,519
Singapore	—	33,343,493	—	33,343,493
Sweden	—	10,451,641	—	10,451,641
Switzerland	—	36,011,461	—	36,011,461
Taiwan	—	12,418,032	—	12,418,032

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

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Portfolio of Investments (continued)
August 31, 2023

Fair value measurements (continued)

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
United Kingdom	—	69,771,316	—	69,771,316
United States	—	9,976,552	—	9,976,552
Total Common Stocks	—	432,581,248	—	432,581,248
Preferred Stocks
Germany	—	8,619,692	—	8,619,692
Total Preferred Stocks	—	8,619,692	—	8,619,692
Money Market Funds	4,714,786	—	—	4,714,786
Total Investments in Securities	4,714,786	441,200,940	—	445,915,726

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

The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.

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

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Statement of Operations
Year Ended August 31, 2023

Net investment income
Income:
Dividends — unaffiliated issuers	$18,937,472
Dividends — affiliated issuers	440,535
Interfund lending	80
Foreign taxes withheld	(1,428,561)
Total income	17,949,526
Expenses:
Management services fees	4,068,901
Distribution and/or service fees
Class A	4,787
Class C	23
Class R	12
Transfer agent fees
Class A	1,974
Advisor Class	325,291
Class C	4
Institutional Class	2,787
Institutional 2 Class	2,420
Institutional 3 Class	7,309
Class R	4
Trustees’ fees	23,878
Custodian fees	54,233
Printing and postage fees	10,316
Registration fees	106,045
Accounting services fees	30,090
Legal fees	18,022
Interest on interfund lending	629
Compensation of chief compliance officer	93
Other	67,181
Total expenses	4,723,999
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(889,592)
Expense reduction	(300)
Total net expenses	3,834,107
Net investment income	14,115,419
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	12,885,038
Investments — affiliated issuers	4,645
Foreign currency translations	(82,624)
Net realized gain	12,807,059
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	37,325,639
Investments — affiliated issuers	(839)
Foreign currency translations	294,015
Net change in unrealized appreciation (depreciation)	37,618,815
Net realized and unrealized gain	50,425,874
Net increase in net assets resulting from operations	$64,541,293

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

Columbia Pyrford International Stock Fund | Annual Report 2023

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Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	August 31, 2023		August 31, 2022 ^(a)
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Shares sold	25,281	347,457	16,215	239,949
Distributions reinvested	4,527	59,252	3,688	53,915
Shares redeemed	(17,063)	(230,242)	(16,412)	(230,422)
Net increase	12,745	176,467	3,491	63,442
Advisor Class
Shares sold	252,082	3,266,002	2,682,236	38,124,461
Distributions reinvested	814,016	10,386,839	975,399	13,918,949
Shares redeemed	(6,407,774)	(85,584,836)	(9,773,907)	(135,441,338)
Net decrease	(5,341,676)	(71,931,995)	(6,116,272)	(83,397,928)
Class C
Shares sold	—	—	173	2,500
Net increase	—	—	173	2,500
Institutional Class
Shares sold	170,036	2,128,730	104,939	1,415,111
Distributions reinvested	8,042	101,417	—	—
Shares redeemed	(59,006)	(779,518)	(4,015)	(51,336)
Net increase	119,072	1,450,629	100,924	1,363,775
Institutional 2 Class
Shares sold	322,802	4,321,432	3,241,704	41,713,761
Distributions reinvested	121,794	1,534,610	—	—
Shares redeemed	(1,095,181)	(14,634,248)	(55,457)	(738,302)
Net increase (decrease)	(650,585)	(8,778,206)	3,186,247	40,975,459
Institutional 3 Class
Shares sold	2,285,545	30,829,967	1,345,251	18,944,248
Distributions reinvested	300,337	3,832,298	619,048	8,833,813
Shares redeemed	(2,191,297)	(28,299,038)	(11,135,983)	(154,819,714)
Net increase (decrease)	394,585	6,363,227	(9,171,684)	(127,041,653)
Class R
Shares sold	—	—	173	2,500
Net increase	—	—	173	2,500
Total net decrease	(5,465,859)	(72,719,878)	(11,996,948)	(168,031,905)

(a)	Class C, Institutional Class, Institutional 2 Class, and Class R shares are based on operations from December 15, 2021 (commencement of operations) through the stated period end.

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

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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. For periods ended 2022 and thereafter, per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Year Ended 8/31/2023	$12.88	0.39	1.43	1.82	(0.44)	—	(0.44)
Year Ended 8/31/2022	$15.58	0.36	(2.61)	(2.25)	(0.36)	(0.09)	(0.45)
Year Ended 8/31/2021^(f),(g)	$13.56	0.37	1.89	2.26	(0.24)	—	(0.24)
Year Ended 8/31/2020^(f),(g)	$13.08	0.26	0.54	0.80	(0.32)	—	(0.32)
Year Ended 8/31/2019^(g)	$13.43	0.32	(0.34)	(0.02)	(0.33)	—	(0.33)
Advisor Class
Year Ended 8/31/2023	$12.58	0.39	1.42	1.81	(0.47)	—	(0.47)
Year Ended 8/31/2022	$15.24	0.37	(2.55)	(2.18)	(0.39)	(0.09)	(0.48)
Year Ended 8/31/2021^(f),(g)	$13.29	0.40	1.85	2.25	(0.30)	—	(0.30)
Year Ended 8/31/2020^(f),(g)	$12.84	0.31	0.51	0.82	(0.37)	—	(0.37)
Year Ended 8/31/2019^(g)	$13.18	0.33	(0.33)	0.00^(h)	(0.34)	—	(0.34)
Class C
Year Ended 8/31/2023	$12.67	0.27	1.41	1.68	(0.34)	—	(0.34)
Year Ended 8/31/2022⁽ⁱ⁾	$14.42	0.24	(1.99)	(1.75)	—	—	—
Institutional Class
Year Ended 8/31/2023	$12.45	0.39	1.40	1.79	(0.47)	—	(0.47)
Year Ended 8/31/2022⁽ⁱ⁾	$14.07	0.27	(1.89)	(1.62)	—	—	—
Institutional 2 Class
Year Ended 8/31/2023	$12.45	0.40	1.41	1.81	(0.49)	—	(0.49)
Year Ended 8/31/2022⁽ⁱ⁾	$14.07	0.28	(1.90)	(1.62)	—	—	—
Institutional 3 Class
Year Ended 8/31/2023	$12.60	0.42	1.41	1.83	(0.49)	—	(0.49)
Year Ended 8/31/2022^(g)	$15.26	0.39	(2.55)	(2.16)	(0.41)	(0.09)	(0.50)
Year Ended 8/31/2021^(f),(g)	$13.31	0.43	1.84	2.27	(0.32)	—	(0.32)
Year Ended 8/31/2020^(f),(g)	$12.86	0.34	0.50	0.84	(0.39)	—	(0.39)
Year Ended 8/31/2019^(g)	$13.20	0.34	(0.31)	0.03	(0.37)	—	(0.37)

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

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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),(c)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 8/31/2023	$14.26	14.42%	1.28%^(d)	1.09%^(d),(e)	2.81%	7%	$2,049
Year Ended 8/31/2022	$12.88	(14.81%)	1.29%^(d)	1.12%^(d)	2.51%	17%	$1,686
Year Ended 8/31/2021^(f),(g)	$15.58	16.83%	1.20%	1.19%	2.54%	13%	$1,986
Year Ended 8/31/2020^(f),(g)	$13.56	6.11%	1.20%	1.19%	1.95%	28%	$1,816
Year Ended 8/31/2019^(g)	$13.08	0.04%	1.21%	1.19%	2.32%	16%	$4,621
Advisor Class
Year Ended 8/31/2023	$13.92	14.73%	1.03%^(d)	0.84%^(d),(e)	2.93%	7%	$285,141
Year Ended 8/31/2022	$12.58	(14.68%)	1.04%^(d)	0.88%^(d)	2.65%	17%	$324,963
Year Ended 8/31/2021^(f),(g)	$15.24	17.18%	0.95%	0.94%	2.78%	13%	$486,673
Year Ended 8/31/2020^(f),(g)	$13.29	6.38%	0.95%	0.94%	2.40%	28%	$463,023
Year Ended 8/31/2019^(g)	$12.84	0.25%	0.96%	0.94%	2.71%	16%	$486,114
Class C
Year Ended 8/31/2023	$14.01	13.48%	2.03%^(d)	1.84%^(d),(e)	2.04%	7%	$2
Year Ended 8/31/2022⁽ⁱ⁾	$12.67	(12.14%)	2.03%^(d)	1.85%^(d)	2.36%	17%	$2
Institutional Class
Year Ended 8/31/2023	$13.77	14.75%	1.03%^(d)	0.84%^(d),(e)	2.97%	7%	$3,028
Year Ended 8/31/2022⁽ⁱ⁾	$12.45	(11.51%)	1.03%^(d)	0.85%^(d)	3.00%	17%	$1,256
Institutional 2 Class
Year Ended 8/31/2023	$13.77	14.87%	0.94%^(d)	0.75%^(d)	3.02%	7%	$34,905
Year Ended 8/31/2022⁽ⁱ⁾	$12.45	(11.51%)	0.92%^(d)	0.75%^(d)	3.12%	17%	$39,674
Institutional 3 Class
Year Ended 8/31/2023	$13.94	14.86%	0.94%^(d)	0.75%^(d)	3.17%	7%	$126,568
Year Ended 8/31/2022^(g)	$12.60	(14.53%)	0.88%^(d)	0.75%^(d)	2.74%	17%	$109,460
Year Ended 8/31/2021^(f),(g)	$15.26	17.31%	0.80%	0.79%	2.99%	13%	$272,505
Year Ended 8/31/2020^(f),(g)	$13.31	6.54%	0.80%	0.79%	2.65%	28%	$230,148
Year Ended 8/31/2019^(g)	$12.86	0.44%	0.81%	0.79%	2.86%	16%	$163,829

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

Columbia Pyrford International Stock Fund | Annual Report 2023

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Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class R
Year Ended 8/31/2023	$12.71	0.34	1.42	1.76	(0.41)	—	(0.41)
Year Ended 8/31/2022⁽ⁱ⁾	$14.42	0.29	(2.00)	(1.71)	—	—	—

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)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by BMO Asset Management Corp, and certain of its affiliates, if applicable, for the account periods prior to the closing of the Reorganization, which occurred on December 10, 2021.
(d)	Ratios include interfund lending expense which is less than 0.01%.
(e)	The benefits derived from expense reductions had an impact of less than 0.01%.
(f)	Net investment income (loss) per share calculated using the average shares method.
(g)	Redemption fees consisted of per share amounts less than $0.01.
(h)	Rounds to zero.
(i)	Class C, Institutional Class, Institutional 2 Class and Class R shares commenced operations on December 15, 2021. Per share data and total return reflect activity from that date.

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

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Notes to Financial Statements
August 31, 2023

Note 1. Organization

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

The Fund commenced operations as of December 10, 2021, upon the Fund’s acquisition of the assets of BMO Pyrford International Stock Fund (the Predecessor Fund), a series of BMO Funds, Inc. in exchange for shares of the Fund (the Reorganization). The Predecessor Fund is considered the accounting survivor of the Reorganization, and accordingly, certain financial history of the Predecessor Fund is included in these financial statements.

Fund shares

Note 2. Summary of significant accounting policies

Basis of preparation

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

Security valuation

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.

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Notes to Financial Statements (continued)
August 31, 2023

Redemption Fees

Foreign currency transactions and translations

Security transactions

Income recognition

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Notes to Financial Statements (continued)
August 31, 2023

Expenses

Determination of class net asset value

Federal income tax status

Foreign taxes

Distributions to shareholders

Guarantees and indemnifications

Recent accounting pronouncements and regulatory updates

Tailored Shareholder Reports

24	Columbia Pyrford International Stock Fund \| Annual Report 2023

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Notes to Financial Statements (continued)
August 31, 2023

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 Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund’s subadviser (see Subadvisory agreement below) has the primary responsibility for the day-to-day portfolio management of the Fund. 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 0.62% as the Fund’s net assets increase. The effective management services fee rate for the year ended August 31, 2023 was 0.86% of the Fund’s average daily net assets.

Subadvisory agreement

The Investment Manager has entered into a Subadvisory Agreement with Pyrford International Ltd (Pyrford) to serve as the subadviser to the Fund. Pyrford is an affiliate of the Investment Manager. The Investment Manager compensates Pyrford to manage the investment of the Fund’s assets.

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

Columbia Pyrford International Stock Fund | Annual Report 2023

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Notes to Financial Statements (continued)
August 31, 2023

For the year ended August 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	0.10
Advisor Class	0.10
Class C	0.10
Institutional Class	0.10
Institutional 2 Class	0.01
Institutional 3 Class	0.01
Class R	0.10

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 August 31, 2023, these minimum account balance fees reduced total expenses of the Fund by $300.

Distribution and service fees

Sales charges (unaudited)

	Front End (%)	CDSC (%)	Amount ($)
Class A	5.75	0.50 - 1.00^(a)	40
Class C	—	1.00^(b)	—

(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.

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Notes to Financial Statements (continued)
August 31, 2023

Expenses waived/reimbursed by the Investment Manager and its affiliates

	Fee rate(s) contractual through December 31, 2023
Class A	1.17%
Advisor Class	0.92
Class C	1.92
Institutional Class	0.92
Institutional 2 Class	0.81
Institutional 3 Class	0.75
Class R	1.42

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. In addition to the contractual agreement, the Investment Manager and certain of its affiliates have voluntarily agreed to waive fees and/or reimburse Fund expenses (excluding certain fees and expenses described above) so that Fund level expenses (expenses directly attributable to the Fund and not to a specific share class) are waived proportionately across all share classes. This arrangement may be revised or discontinued at any time. 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

At August 31, 2023, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, trustees’ deferred compensation, foreign currency transactions and earnings and profits distributed to shareholders on the redemption of shares. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

Undistributed net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
(82,624)	(815,376)	898,000

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

Columbia Pyrford International Stock Fund | Annual Report 2023

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Notes to Financial Statements (continued)
August 31, 2023

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

Year Ended August 31, 2023			Year Ended August 31, 2022
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
17,167,820	—	17,167,820	20,753,308	3,609,339	24,362,647

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

At August 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 ($)	Net unrealized appreciation ($)
11,249,881	8,639,744	—	61,134,702

At August 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) ($)	Net unrealized appreciation ($)
384,781,024	94,151,734	(33,017,032)	61,134,702

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

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $31,766,683 and $100,038,879, respectively, for the year ended August 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

Note 7. Interfund lending

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Notes to Financial Statements (continued)
August 31, 2023

The Fund’s activity in the Interfund Program during the year ended August 31, 2023 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Borrower	1,300,000	4.73	4
Lender	800,000	3.60	1

Interest income earned and interest expense incurred by the Fund is recorded as interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at August 31, 2023.

Note 8. Line of credit

The Fund had no borrowings during the year ended August 31, 2023.

Note 9. Significant risks

Foreign securities and emerging market countries risk

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Notes to Financial Statements (continued)
August 31, 2023

Geographic focus risk

Asia Pacific Region. The Fund is particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries in the Asia Pacific region. Many of the countries in the region are considered underdeveloped or developing, including from a political, economic and/or social perspective, and may have relatively unstable governments and economies based on limited business, industries and/or natural resources or commodities. Events in any one country within the region may impact other countries in the region or the region as a whole. As a result, events in the region will generally have a greater effect on the Fund than if the Fund were more geographically diversified. This could result in increased volatility in the value of the Fund’s investments and losses for the Fund. Also, securities of some companies in the region can be less liquid than U.S. or other foreign securities, potentially making it difficult for the Fund to sell such securities at a desirable time and price.

Europe. The Fund is particularly susceptible to risks related to economic, political, regulatory or other events or conditions, including acts of war or other conflicts in the region, affecting issuers and countries in Europe. Countries in Europe are often closely connected and interdependent, and events in one European country can have an adverse impact on, and potentially spread to, other European countries. In addition, significant private or public debt problems in a single European Union (EU) country can pose economic risks to the EU as a whole. As a result, the Fund’s net asset value may be more volatile than the net asset value of a more geographically diversified fund. If securities of issuers in Europe fall out of favor, it may cause the Fund to underperform other funds that do not focus their investments in this region of the world. Uncertainty caused by the departure of the United Kingdom (UK) from the EU, which occurred in January 2020, could have negative impacts on the UK and EU, as well as other European economies and the broader global economy. These could include negative impacts on currencies and financial markets as well as increased volatility and illiquidity, and potentially lower economic growth in markets in Europe, which could adversely affect the value of your investment in the Fund.

Industrials sector risk

Market risk

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Notes to Financial Statements (continued)
August 31, 2023

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.

Note 10. Subsequent events

Note 11. Change in Independent Registered Public Accounting Firm

Note 12. Information regarding pending and settled legal proceedings

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Pyrford International Stock Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Pyrford International Stock Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of August 31, 2023, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the year ended August 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 August 31, 2023, and the results of its operations, changes in its net assets, and the financial highlights for the year ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audit 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 audit 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 August 31, 2023 by correspondence with the custodian and transfer agent. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

October 23, 2023

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

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Federal Income Tax Information

(Unaudited)

Qualified dividend income	Capital gain dividend	Foreign taxes paid to foreign countries	Foreign taxes paid per share to foreign countries	Foreign source income	Foreign source income per share
99.00%	$10,014,631	$1,428,561	$0.04	$18,937,100	$0.58

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)

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	173	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

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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	173	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	173	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	173	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	171	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

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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	171	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	173	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	173	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	173	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	171	None

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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	171	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.	173	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	171	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

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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	173	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	173	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

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.

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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.

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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)

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 December 10, 2021, through December 31, 2021, 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.

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Approval of Management and SubadvisoryAgreements

(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Pyrford International Stock Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds). In addition, under a Subadvisory Agreement (the Subadvisory Agreement) between the Investment Manager and Pyrford International Ltd. (the Subadviser), an affiliate of the Investment Manager, the Subadviser provides portfolio management and related services for the Fund.

On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement and the Subadvisory Agreement (together, the Advisory Agreements). The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in February, March, April, May and June 2023, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Advisory Agreements.

The Board, at its June 22, 2023 Board meeting (the June Meeting), considered the renewal of each of the Advisory Agreements for additional one-year terms. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory and subadvisory agreements and the Board’s legal responsibilities related to such consideration. The Independent Trustees considered all information that they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of each of the Advisory Agreements. Among other things, the information and factors considered included the following:

•	Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

•	Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;

•

•	Terms of the Advisory Agreements;

•	Subadvisory fees payable by the Investment Manager under the Subadvisory Agreement;

•	Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

•	Descriptions of various services performed by the Investment Manager and the Subadviser under the Advisory Agreements, including portfolio management and portfolio trading practices;

•	Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

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Approval of Management and Subadvisory

Agreements (continued)

(Unaudited)

•	Information regarding the resources of the Investment Manager and the Subadviser, including information regarding senior management, portfolio managers and other personnel;

•	Information regarding the capabilities of the Investment Manager and the Subadviser with respect to compliance monitoring services;

•	The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

•	Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement and the Subadvisory Agreement.

Nature, extent and quality of services provided by the Investment Manager and the Subadviser

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager and the Subadviser, as well as their history, expertise, resources and relative capabilities, and the qualifications of their personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager, including, in particular, detailed information regarding the process employed for selecting and overseeing affiliated and unaffiliated subadvisers. With respect to the Investment Manager, the Board also noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to each subadvised Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.

In connection with the Board’s evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2022 in the performance of administrative services, and noted the various enhancements anticipated for 2023. In evaluating the quality of services provided under the Advisory Agreements, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement (including the relatively broad scope of services required to be performed by the Investment Manager in addition to monitoring the Subadviser), noting that no changes were proposed from the forms of agreements previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

The Board considered the Subadviser’s organizational strength and resources, portfolio management team depth and capabilities and investment process. The Board also considered the Subadviser’s capability and wherewithal to carry out its responsibilities under the Subadvisory Agreement. In addition, the Board discussed the acceptability of the terms of the Subadvisory Agreement, including the scope of services required to be performed. The Board noted that the terms of the Subadvisory Agreement are generally consistent with the terms of other subadvisory agreements for subadvisers who manage other funds managed by the Investment Manager. It was observed that no changes were recommended to the Subadvisory Agreement. The Board took into account the Investment Manager’s representation that the Subadviser was in a position to provide quality services to the Fund. In this regard, the Board further observed the various services provided by the Investment Manager’s subadvisory oversight team.

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Approval of Management and Subadvisory

Agreements (continued)

(Unaudited)

After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Advisory Agreements supported the continuation of the Management Agreement and the Subadvisory Agreement.

Investment performance

Additionally, the Board reviewed the performance of the Subadviser. The Board considered, in particular, management’s rationale for recommending the continued retention of the Subadviser.

The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.

The Board also considered the Investment Manager’s and Subadviser’s performance and reputation generally and the Investment Manager’s evaluation of the Subadviser’s contribution to the Fund’s investment mandate. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund, the Investment Manager and the Subadviser, in light of other considerations, supported the continuation of the Management Agreement and the Subadvisory Agreement.

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under each of the Advisory Agreements. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund’s expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to the Investment Manager’s profitability.

The Board considered the reports of JDL, which assisted in the Board’s analysis of the Funds’ performance and expenses and the reasonableness of the Funds’ fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current “pricing philosophy” such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) approximated the peer universe’s median expense ratio.

Additionally, the Board reviewed the level of subadvisory fees paid to the Subadviser, noting that the fees are paid by the Investment Manager and do not impact the fees paid by the Fund. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees, subadvisory fees and expenses of the Fund, in light of other considerations, supported the continuation of each of the Management Agreement and the Subadvisory Agreement.

Columbia Pyrford International Stock Fund | Annual Report 2023

Table of Contents

Approval of Management and Subadvisory

Agreements (continued)

(Unaudited)

Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement and the Subadvisory Agreement.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund’s net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement provided for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement and the Subadvisory Agreement. In reaching its conclusions, no single factor was determinative.

On June 22, 2023, the Board, including all of the Independent Trustees, determined that fees payable under each of the Advisory Agreements were fair and reasonable in light of the extent and quality of services provided and approved the renewal of each of the Advisory Agreements.

44	Columbia Pyrford International Stock Fund \| Annual Report 2023

The registrant’s Board of Trustees has determined that David M. Moffett, Brian J. Gallagher, J. Kevin Connaughton, Sandra L. Yeager, and Douglas A. Hacker, each of whom are members of the registrant’s Board of Trustees and Audit Committee, each qualify as an audit committee financial expert. Mr. Moffett, Mr. Gallagher, Mr. Connaughton, Ms. Yeager, and Mr. Hacker are each independent trustees, as defined in paragraph (a)(2) of this item’s instructions.

Fee information below is disclosed for the six series of the registrant whose reports to stockholders are included in this annual filing.

(a) Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended August 31, 2023 and August 31, 2022 are approximately as follows:

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

(b) Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended August 31, 2023 and August 31, 2022 are approximately as follows:

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

During the fiscal years ended August 31, 2023 and August 31, 2022, there were no Audit-Related Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(c) Tax Fees. Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended August 31, 2023 and August 31, 2022 are approximately as follows:

Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning. Fiscal Years 2023 and 2022 also include Tax Fees for foreign tax filings.

During the fiscal years ended August 31, 2023 and August 31, 2022, there were no Tax Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(d) All Other Fees. Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended August 31, 2023 and August 31, 2022 are approximately as follows:

All Other Fees, if any, include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above.

Aggregate All Other Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant during the fiscal years ended August 31, 2023 and August 31, 2022 are approximately as follows:

In fiscal years 2023 and 2022, All Other Fees primarily consists of fees billed for internal control examinations of the registrant’s transfer agent and investment adviser.

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

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

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

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

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

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

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended August 31, 2023 and August 31, 2022 are approximately as follows:

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

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Assets
Investments in securities, at value
Unaffiliated issuers (cost $300,014,708)	$236,408,845
Affiliated issuers (cost $47,079,031)	47,082,778
Cash	45,766
Foreign currency (cost $1,500)	1,459
Unrealized appreciation on forward foreign currency exchange contracts	65,655
Receivable for:
Investments sold	1,380,869
Capital shares sold	458,424
Dividends	212,819
Interest	3,492,145
Foreign tax reclaims	8,036
Prepaid expenses	8,218
Total assets	289,165,014
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts	57,971
Payable for:
Capital shares redeemed	173,444
Foreign capital gains taxes deferred	2,284
Management services fees	4,747
Distribution and/or service fees	415
Transfer agent fees	18,968
Trustees’ fees	83,593
Other expenses	29,479
Total liabilities	370,901
Net assets applicable to outstanding capital stock	$288,794,113
Represented by
Paid in capital	407,194,994
Total distributable earnings (loss)	(118,400,881)
Total - representing net assets applicable to outstanding capital stock	$288,794,113

Class A
Net assets	$27,469,269
Shares outstanding	3,069,062
Net asset value per share	$8.95
Maximum sales charge	4.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$9.40
Advisor Class
Net assets	$1,587,185
Shares outstanding	176,958
Net asset value per share	$8.97
Class C
Net assets	$1,179,666
Shares outstanding	132,811
Net asset value per share	$8.88
Institutional Class
Net assets	$32,917,518
Shares outstanding	3,673,154
Net asset value per share	$8.96
Institutional 2 Class
Net assets	$41,340,736
Shares outstanding	4,615,085
Net asset value per share	$8.96
Institutional 3 Class
Net assets	$170,183,183
Shares outstanding	18,990,345
Net asset value per share	$8.96
Class R
Net assets	$14,116,556
Shares outstanding	1,577,765
Net asset value per share	$8.95

	Year Ended August 31, 2023	Year Ended August 31, 2022
Operations
Net investment income	$14,847,750	$13,436,396
Net realized loss	(16,802,724)	(9,246,253)
Net change in unrealized appreciation (depreciation)	15,322,085	(77,828,822)
Net increase (decrease) in net assets resulting from operations	13,367,111	(73,638,679)
Distributions to shareholders
Net investment income and net realized gains
Class A	(1,368,336)	(1,326,434)
Advisor Class	(65,338)	(94,669)
Class C	(61,294)	(84,422)
Institutional Class	(1,880,246)	(1,881,366)
Institutional 2 Class	(2,083,914)	(1,860,774)
Institutional 3 Class	(8,880,547)	(7,168,624)
Class R	(662,314)	(617,895)
Total distributions to shareholders	(15,001,989)	(13,034,184)
Increase (decrease) in net assets from capital stock activity	(10,576,915)	26,080,715
Total decrease in net assets	(12,211,793)	(60,592,148)
Net assets at beginning of year	301,005,906	361,598,054
Net assets at end of year	$288,794,113	$301,005,906

Portfolio breakdown (%) (at August 31, 2023)
Common Stocks	98.3
Money Market Funds	1.7
Total	100.0

Portfolio breakdown (%) (at August 31, 2023)
Common Stocks	99.1
Money Market Funds	0.9
Total	100.0

Assets
Investments in securities, at value
Unaffiliated issuers (cost $47,449,638)	$55,015,413
Affiliated issuers (cost $488,962)	489,052
Receivable for:
Capital shares sold	26,383
Dividends	20,125
Foreign tax reclaims	327
Expense reimbursement due from Investment Manager	548
Prepaid expenses	3,071
Total assets	55,554,919
Liabilities
Payable for:
Capital shares redeemed	41,955
Management services fees	1,296
Distribution and/or service fees	133
Transfer agent fees	9,728
Trustees’ fees	8,585
Accounting services fees	15,045
Other expenses	5,506
Total liabilities	82,248
Net assets applicable to outstanding capital stock	$55,472,671
Represented by
Paid in capital	53,572,960
Total distributable earnings (loss)	1,899,711
Total - representing net assets applicable to outstanding capital stock	$55,472,671

Class A
Net assets	$21,069,885
Shares outstanding	1,742,384
Net asset value per share	$12.09
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)	$12.83
Advisor Class
Net assets	$3,718,887
Shares outstanding	279,577
Net asset value per share	$13.30
Class C
Net assets	$8,191
Shares outstanding	678
Net asset value per share	$12.08
Institutional Class
Net assets	$30,638,879
Shares outstanding	2,274,787
Net asset value per share	$13.47
Institutional 2 Class
Net assets	$19,457
Shares outstanding	1,443
Net asset value per share^(a)	$13.49
Institutional 3 Class
Net assets	$15,075
Shares outstanding	1,117
Net asset value per share	$13.50
Class R
Net assets	$2,297
Shares outstanding	189
Net asset value per share^(a)	$12.17

Assets
Investments in securities, at value
Unaffiliated issuers (cost $371,416,817)	$441,200,940
Affiliated issuers (cost $4,714,314)	4,714,786
Foreign currency (cost $253,727)	252,397
Receivable for:
Capital shares sold	61,303
Dividends	1,698,427
Foreign tax reclaims	3,886,797
Expense reimbursement due from Investment Manager	2,244
Prepaid expenses	4,329
Total assets	451,821,223
Liabilities
Payable for:
Capital shares redeemed	7,018
Management services fees	10,738
Distribution and/or service fees	14
Transfer agent fees	59,391
Trustees’ fees	13,672
Accounting services fees	15,045
Custodian fees	15,842
Other expenses	2,275
Total liabilities	123,995
Net assets applicable to outstanding capital stock	$451,697,228
Represented by
Paid in capital	370,564,987
Total distributable earnings (loss)	81,132,241
Total - representing net assets applicable to outstanding capital stock	$451,697,228

Class A
Net assets	$2,048,963
Shares outstanding	143,702
Net asset value per share	$14.26
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)	$15.13
Advisor Class
Net assets	$285,141,283
Shares outstanding	20,479,968
Net asset value per share	$13.92
Class C
Net assets	$2,430
Shares outstanding	173
Net asset value per share^(a)	$14.01
Institutional Class
Net assets	$3,028,413
Shares outstanding	219,996
Net asset value per share	$13.77
Institutional 2 Class
Net assets	$34,905,259
Shares outstanding	2,535,662
Net asset value per share	$13.77
Institutional 3 Class
Net assets	$126,568,442
Shares outstanding	9,082,485
Net asset value per share	$13.94
Class R
Net assets	$2,438
Shares outstanding	173
Net asset value per share^(a)	$14.06

(registrant)	Columbia Funds Series Trust II

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

Date	October 23, 2023

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

Date	October 23, 2023

By (Signature and Title)	/s/ Joseph Beranek
	Joseph Beranek, Treasurer, Chief Accounting
	Officer and Principal Financial Officer

Date	October 23, 2023