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Company News

Columbia Funds Series Trust II

10/03/2024 | Press release | Distributed by Public on 10/03/2024 06:17

Semi Annual Report by Investment Company Form N CSRS

8dcdf0692866842

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-21852

Columbia Funds Series Trust II

(Exact name of registrant as specified in charter)

290 Congress Street

Boston, MA 02210

(Address of principal executive offices) (Zip code)

Daniel J. Beckman

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

Ryan C. Larrenaga, Esq.

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

(Name and address of agent for service)

Registrant's telephone number, including area code:

(800) 345-6611

Date of fiscal year end:

January 31

Date of reporting period:

July 31, 2024

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders

Columbia Income Builder Fund

Class A / RBBAX

Semiannual Shareholder Report | July 31, 2024

This

semiannual shareholder report

contains important information about Columbia Income Builder Fund (the Fund) for the period of February 1, 2024 to July 31, 2024.You can find additional information about the Fund at

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class A	$ 19	0.38 %

Key Fund Statistics

Fund net assets	$ 962,175,881
Total number of portfolio holdings	17
Portfolio turnover for the reporting period	12%

Graphical Representation of FundHoldings

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

Top Holdings

Columbia Quality Income Fund, Institutional 3 Class	26.6 %
Columbia High Yield Bond Fund, Institutional 3 Class	8.3 %
Columbia Mortgage Opportunities Fund, Institutional 3 Class 09/11/2018	8.2 %
Columbia Emerging Markets Bond Fund, Institutional 3 Class	7.0 %
Columbia Corporate Income Fund, Institutional 3 Class	6.0 %
Columbia Floating Rate Fund, Institutional 3 Class	5.9 %
Columbia Dividend Income Fund, Institutional 3 Class	5.7 %
Columbia Small Cap Value Fund I, Institutional 3 Class	5.6 %
Columbia Short Duration Bond ETF	5.0 %
Columbia International Dividend Income Fund, Institutional 3 Class	4.9 %

Asset Categories

Availability of Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.

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

Columbia Income Builder Fund

Advisor Class / CNMRX

Semiannual Shareholder Report | July 31, 2024

This

semiannual shareholder report

contains important information about Columbia Income Builder Fund (the Fund) for the period of February 1, 2024 to July 31, 2024.You can find additional information about the Fund at

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Advisor Class	$ 7	0.13 %

Key Fund Statistics

Fund net assets	$ 962,175,881
Total number of portfolio holdings	17
Portfolio turnover for the reporting period	12%

Graphical Representation of FundHoldings

Top Holdings

Columbia Quality Income Fund, Institutional 3 Class	26.6 %
Columbia High Yield Bond Fund, Institutional 3 Class	8.3 %
Columbia Mortgage Opportunities Fund, Institutional 3 Class 09/11/2018	8.2 %
Columbia Emerging Markets Bond Fund, Institutional 3 Class	7.0 %
Columbia Corporate Income Fund, Institutional 3 Class	6.0 %
Columbia Floating Rate Fund, Institutional 3 Class	5.9 %
Columbia Dividend Income Fund, Institutional 3 Class	5.7 %
Columbia Small Cap Value Fund I, Institutional 3 Class	5.6 %
Columbia Short Duration Bond ETF	5.0 %
Columbia International Dividend Income Fund, Institutional 3 Class	4.9 %

Asset Categories

Availability of Additional Information

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

Columbia Income Builder Fund

Class C / RBBCX

Semiannual Shareholder Report | July 31, 2024

This

semiannual shareholder report

contains important information about Columbia Income Builder Fund (the Fund) for the period of February 1, 2024 to July 31, 2024.You can find additional information about the Fund at

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class C	$ 57	1.13 %

Key Fund Statistics

Fund net assets	$ 962,175,881
Total number of portfolio holdings	17
Portfolio turnover for the reporting period	12%

Graphical Representation of FundHoldings

Top Holdings

Columbia Quality Income Fund, Institutional 3 Class	26.6 %
Columbia High Yield Bond Fund, Institutional 3 Class	8.3 %
Columbia Mortgage Opportunities Fund, Institutional 3 Class 09/11/2018	8.2 %
Columbia Emerging Markets Bond Fund, Institutional 3 Class	7.0 %
Columbia Corporate Income Fund, Institutional 3 Class	6.0 %
Columbia Floating Rate Fund, Institutional 3 Class	5.9 %
Columbia Dividend Income Fund, Institutional 3 Class	5.7 %
Columbia Small Cap Value Fund I, Institutional 3 Class	5.6 %
Columbia Short Duration Bond ETF	5.0 %
Columbia International Dividend Income Fund, Institutional 3 Class	4.9 %

Asset Categories

Availability of Additional Information

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

Columbia Income Builder Fund

Institutional Class / CBUZX

Semiannual Shareholder Report | July 31, 2024

This

semiannual shareholder report

contains important information about Columbia Income Builder Fund (the Fund) for the period of February 1, 2024 to July 31, 2024.You can find additional information about the Fund at

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Institutional Class	$ 7	0.13 %

Key Fund Statistics

Fund net assets	$ 962,175,881
Total number of portfolio holdings	17
Portfolio turnover for the reporting period	12%

Graphical Representation of FundHoldings

Top Holdings

Columbia Quality Income Fund, Institutional 3 Class	26.6 %
Columbia High Yield Bond Fund, Institutional 3 Class	8.3 %
Columbia Mortgage Opportunities Fund, Institutional 3 Class 09/11/2018	8.2 %
Columbia Emerging Markets Bond Fund, Institutional 3 Class	7.0 %
Columbia Corporate Income Fund, Institutional 3 Class	6.0 %
Columbia Floating Rate Fund, Institutional 3 Class	5.9 %
Columbia Dividend Income Fund, Institutional 3 Class	5.7 %
Columbia Small Cap Value Fund I, Institutional 3 Class	5.6 %
Columbia Short Duration Bond ETF	5.0 %
Columbia International Dividend Income Fund, Institutional 3 Class	4.9 %

Asset Categories

Availability of Additional Information

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

Columbia Income Builder Fund

Institutional 2 Class / CKKRX

Semiannual Shareholder Report | July 31, 2024

This

semiannual shareholder report

contains important information about Columbia Income Builder Fund (the Fund) for the period of February 1, 2024 to July 31, 2024.You can find additional information about the Fund at

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Institutional 2 Class	$ 6	0.11 %

Key Fund Statistics

Fund net assets	$ 962,175,881
Total number of portfolio holdings	17
Portfolio turnover for the reporting period	12%

Graphical Representation of FundHoldings

Top Holdings

Columbia Quality Income Fund, Institutional 3 Class	26.6 %
Columbia High Yield Bond Fund, Institutional 3 Class	8.3 %
Columbia Mortgage Opportunities Fund, Institutional 3 Class 09/11/2018	8.2 %
Columbia Emerging Markets Bond Fund, Institutional 3 Class	7.0 %
Columbia Corporate Income Fund, Institutional 3 Class	6.0 %
Columbia Floating Rate Fund, Institutional 3 Class	5.9 %
Columbia Dividend Income Fund, Institutional 3 Class	5.7 %
Columbia Small Cap Value Fund I, Institutional 3 Class	5.6 %
Columbia Short Duration Bond ETF	5.0 %
Columbia International Dividend Income Fund, Institutional 3 Class	4.9 %

Asset Categories

Availability of Additional Information

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

Columbia Income Builder Fund

Institutional 3 Class / CIBYX

Semiannual Shareholder Report | July 31, 2024

This

semiannual shareholder report

contains important information about Columbia Income Builder Fund (the Fund) for the period of February 1, 2024 to July 31, 2024.You can find additional information about the Fund at

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Institutional 3 Class	$ 3	0.06 %

Key Fund Statistics

Fund net assets	$ 962,175,881
Total number of portfolio holdings	17
Portfolio turnover for the reporting period	12%

Graphical Representation of FundHoldings

Top Holdings

Columbia Quality Income Fund, Institutional 3 Class	26.6 %
Columbia High Yield Bond Fund, Institutional 3 Class	8.3 %
Columbia Mortgage Opportunities Fund, Institutional 3 Class 09/11/2018	8.2 %
Columbia Emerging Markets Bond Fund, Institutional 3 Class	7.0 %
Columbia Corporate Income Fund, Institutional 3 Class	6.0 %
Columbia Floating Rate Fund, Institutional 3 Class	5.9 %
Columbia Dividend Income Fund, Institutional 3 Class	5.7 %
Columbia Small Cap Value Fund I, Institutional 3 Class	5.6 %
Columbia Short Duration Bond ETF	5.0 %
Columbia International Dividend Income Fund, Institutional 3 Class	4.9 %

Asset Categories

Availability of Additional Information

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

Columbia Income Builder Fund

Class R / CBURX

Semiannual Shareholder Report | July 31, 2024

This

semiannual shareholder report

contains important information about Columbia Income Builder Fund (the Fund) for the period of February 1, 2024 to July 31, 2024.You can find additional information about the Fund at

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class R	$ 32	0.63 %

Key Fund Statistics

Fund net assets	$ 962,175,881
Total number of portfolio holdings	17
Portfolio turnover for the reporting period	12%

Graphical Representation of FundHoldings

Top Holdings

Columbia Quality Income Fund, Institutional 3 Class	26.6 %
Columbia High Yield Bond Fund, Institutional 3 Class	8.3 %
Columbia Mortgage Opportunities Fund, Institutional 3 Class 09/11/2018	8.2 %
Columbia Emerging Markets Bond Fund, Institutional 3 Class	7.0 %
Columbia Corporate Income Fund, Institutional 3 Class	6.0 %
Columbia Floating Rate Fund, Institutional 3 Class	5.9 %
Columbia Dividend Income Fund, Institutional 3 Class	5.7 %
Columbia Small Cap Value Fund I, Institutional 3 Class	5.6 %
Columbia Short Duration Bond ETF	5.0 %
Columbia International Dividend Income Fund, Institutional 3 Class	4.9 %

Asset Categories

Availability of Additional Information

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

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) The registrant's "Schedule I - Investments in securities of unaffiliated issuers" (as set forth in 17 CFR 210.12-12) is included in Item 7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Columbia Income Builder Fund

Semiannual Financial Statements and Additional Information

July 31, 2024 (Unaudited)

Not FDIC or NCUA Insured

No Financial Institution Guarantee

May Lose Value

Table of Contents

Portfolio of Investments	3
Statement of Assets and Liabilities	6
Statement of Operations	8
Statement of Changes in Net Assets	9
Financial Highlights	12
Notes to Financial Statements	16
Approval of Management Agreement	23

Columbia Income Builder Fund | 2024

Portfolio of InvestmentsJuly 31, 2024 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Equity Funds 26.7%
	Shares	Value ($)
Convertible 2.8%
Columbia Convertible Securities Fund, Institutional 3 Class(a)	1,268,269	27,140,949
Dividend Income 15.2%
Columbia Dividend Income Fund, Institutional 3 Class(a)	1,585,279	54,406,777
Columbia Dividend Opportunity Fund, Institutional 3 Class(a)	1,090,733	43,771,121
Columbia International Dividend Income Fund, Institutional 3 Class(a)	2,316,489	47,580,668
Total	145,758,566
Global Real Estate 3.1%
Columbia Real Estate Equity Fund, Institutional 3 Class(a)	2,851,562	29,884,372
U.S. Small Cap 5.6%
Columbia Small Cap Value Fund I, Institutional 3 Class(a)	1,023,593	53,974,068
Total Equity Funds (Cost $208,358,071)	256,757,955

Exchange-Traded Fixed Income Funds 8.0%

Multisector 8.0%
Columbia Diversified Fixed Income Allocation ETF(a)	1,633,929	29,410,722
Columbia Short Duration Bond ETF(a)	2,586,343	48,000,198
Total	77,410,920
Total Exchange-Traded Fixed Income Funds (Cost $83,363,913)	77,410,920

Fixed Income Funds 65.3%

Emerging Markets 7.0%
Columbia Emerging Markets Bond Fund, Institutional 3 Class(a)	7,041,876	66,897,827

Fixed Income Funds (continued)
	Shares	Value ($)
Floating Rate 5.9%
Columbia Floating Rate Fund, Institutional 3 Class(a)	1,685,181	56,487,265
High Yield 8.3%
Columbia High Yield Bond Fund, Institutional 3 Class(a)	7,322,072	79,883,807
Investment Grade 44.1%
Columbia Corporate Income Fund, Institutional 3 Class(a)	6,325,215	57,875,712
Columbia Limited Duration Credit Fund, Institutional 3 Class(a)	1,275,494	12,512,598
Columbia Mortgage Opportunities Fund, Institutional 3 Class(a)	9,717,043	78,805,220
Columbia Quality Income Fund, Institutional 3 Class(a)	14,408,938	256,334,997
Columbia U.S. Treasury Index Fund, Institutional 3 Class(a)	1,905,784	19,134,075
Total	424,662,602
Total Fixed Income Funds (Cost $700,579,272)	627,931,501

Money Market Funds 0.0%

Columbia Government Money Market Fund, Institutional 3 Class, 5.307%(a),(b)	303,633	303,633
Total Money Market Funds (Cost $303,421)	303,633
Total Investments in Securities (Cost: $992,604,677)	962,404,009
Other Assets & Liabilities, Net		(228,128 )
Net Assets	962,175,881

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

Columbia Income Builder Fund | 2024

Portfolio of Investments(continued)July 31, 2024 (Unaudited)

Notes to Portfolio of Investments

(a)

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 period ended July 31, 2024 are as follows:

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Capital gain distributions($)	Realized gain (loss)($)	Dividends - affiliated issuers ($)	End of period shares
Columbia Convertible Securities Fund, Institutional 3 Class
	29,292,808	339,177	(3,385,319 )	894,283	27,140,949	-	80,011	339,177	1,268,269
Columbia Corporate Income Fund, Institutional 3 Class
	122,599,825	1,792,549	(71,967,223 )	5,450,561	57,875,712	-	(6,435,396 )	1,792,549	6,325,215
Columbia Diversified Fixed Income Allocation ETF
	29,222,820	-	-	187,902	29,410,722	-	-	662,462	1,633,929
Columbia Dividend Income Fund, Institutional 3 Class
	37,074,966	17,956,920	(2,502,696 )	1,877,587	54,406,777	-	1,891,288	446,437	1,585,279
Columbia Dividend Opportunity Fund, Institutional 3 Class
	22,717,012	21,627,235	(4,177,280 )	3,604,154	43,771,121	-	216,704	616,570	1,090,733
Columbia Emerging Markets Bond Fund, Institutional 3 Class
	94,620,489	2,200,552	(37,480,810 )	7,557,596	66,897,827	-	(5,460,705 )	2,200,552	7,041,876
Columbia Floating Rate Fund, Institutional 3 Class
	4,307,834	56,598,632	(4,129,593 )	(289,608 )	56,487,265	-	76,881	1,585,719	1,685,181
Columbia Government Money Market Fund, Institutional 3 Class, 5.307%
	710,392	15,176	(421,697 )	(238 )	303,633	-	237	15,176	303,633
Columbia High Yield Bond Fund, Institutional 3 Class
	90,575,162	2,532,531	(14,703,782 )	1,479,896	79,883,807	-	(309,798 )	2,528,542	7,322,072
Columbia International Dividend Income Fund, Institutional 3 Class
	43,803,631	585,555	-	3,191,482	47,580,668	-	-	585,039	2,316,489
Columbia Limited Duration Credit Fund, Institutional 3 Class
	13,024,446	245,428	(845,321 )	88,045	12,512,598	-	(6,064 )	244,475	1,275,494
Columbia Mortgage Opportunities Fund, Institutional 3 Class
	100,753,381	2,678,827	(28,795,420 )	4,168,432	78,805,220	-	(4,836,306 )	2,678,827	9,717,043
Columbia Quality Income Fund, Institutional 3 Class
	281,361,123	5,667,167	(36,026,905 )	5,333,612	256,334,997	-	(5,710,996 )	5,667,167	14,408,938
Columbia Real Estate Equity Fund, Institutional 3 Class
	41,040,096	727,910	(16,037,671 )	4,154,037	29,884,372	447,214	(2,073,282 )	280,696	2,851,562
Columbia Short Duration Bond ETF
	47,821,482	-	-	178,716	48,000,198	-	-	1,063,116	2,586,343
Columbia Small Cap Value Fund I, Institutional 3 Class
	83,021,430	1,917,879	(33,636,572 )	2,671,331	53,974,068	1,888,404	2,706,444	29,475	1,023,593
Columbia U.S. Treasury Index Fund, Institutional 3 Class
	12,592,242	7,801,472	(1,312,502 )	52,863	19,134,075	-	(34,240 )	300,340	1,905,784
Total	1,054,539,139			40,600,651	962,404,009	2,335,618	(19,895,222 )	21,036,319

(b)	The rate shown is the seven-day current annualized yield at July 31, 2024.

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

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

Columbia Income Builder Fund | 2024

Portfolio of Investments(continued)July 31, 2024 (Unaudited)

Fair value measurements (continued)

pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

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

■

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

■

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

■

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

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

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or 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 July 31, 2024:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Equity Funds	256,757,955	-	-	256,757,955
Exchange-Traded Fixed Income Funds	77,410,920	-	-	77,410,920
Fixed Income Funds	627,931,501	-	-	627,931,501
Money Market Funds	303,633	-	-	303,633
Total Investments in Securities	962,404,009	-	-	962,404,009

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.

Columbia Income Builder Fund | 2024

Statement of Assets and LiabilitiesJuly 31, 2024 (Unaudited)

Assets
Investments in securities, at value
Affiliated issuers (cost $992,604,677)	$962,404,009
Receivable for:
Investments sold	1,219,461
Capital shares sold	63,291
Dividends	2,013,967
Prepaid expenses	11,843
Other assets	5,603
Total assets	965,718,174
Liabilities
Payable for:
Investments purchased	2,013,967
Capital shares redeemed	1,282,752
Management services fees	524
Distribution and/or service fees	6,741
Transfer agent fees	66,517
Compensation of chief compliance officer	92
Compensation of board members	1,986
Other expenses	48,335
Deferred compensation of board members	121,379
Total liabilities	3,542,293
Net assets applicable to outstanding capital stock	$962,175,881
Represented by
Paid in capital	1,038,496,882
Total distributable earnings (loss)	(76,321,001 )
Total - representing net assets applicable to outstanding capital stock	$962,175,881

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

Columbia Income Builder Fund | 2024

Statement of Assets and Liabilities(continued)July 31, 2024 (Unaudited)

Class A
Net assets	$626,065,184
Shares outstanding	53,916,289
Net asset value per share	$11.61
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)	$12.19
Advisor Class
Net assets	$8,508,353
Shares outstanding	729,602
Net asset value per share	$11.66
Class C
Net assets	$86,383,885
Shares outstanding	7,400,957
Net asset value per share	$11.67
Institutional Class
Net assets	$192,520,117
Shares outstanding	16,576,993
Net asset value per share	$11.61
Institutional 2 Class
Net assets	$22,814,215
Shares outstanding	1,955,375
Net asset value per share	$11.67
Institutional 3 Class
Net assets	$16,572,123
Shares outstanding	1,421,892
Net asset value per share	$11.65
Class R
Net assets	$9,312,004
Shares outstanding	795,838
Net asset value per share	$11.70

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

Columbia Income Builder Fund | 2024

Statement of OperationsSix Months Ended July 31, 2024 (Unaudited)

Net investment income
Income:
Dividends - affiliated issuers	$21,036,319
Total income	21,036,319
Expenses:
Management services fees	99,037
Distribution and/or service fees
Class A	788,969
Class C	460,387
Class R	23,384
Transfer agent fees
Class A	256,000
Advisor Class	4,347
Class C	37,336
Institutional Class	83,234
Institutional 2 Class	6,903
Institutional 3 Class	1,215
Class R	3,794
Custodian fees	3,454
Printing and postage fees	37,417
Registration fees	51,613
Accounting services fees	5,747
Legal fees	10,194
Compensation of chief compliance officer	90
Compensation of board members	10,125
Deferred compensation of board members	13,879
Other	12,981
Total expenses	1,910,106
Net investment income	19,126,213
Realized and unrealized gain (loss) - net
Net realized gain (loss) on:
Investments - affiliated issuers	(19,895,222 )
Capital gain distributions from underlying affiliated funds	2,335,618
Increase from payment by affiliate (Note 6)	285,841
Net realized loss	(17,273,763 )
Net change in unrealized appreciation (depreciation) on:
Investments - affiliated issuers	40,600,651
Net change in unrealized appreciation (depreciation)	40,600,651
Net realized and unrealized gain	23,326,888
Net increase in net assets resulting from operations	$42,453,101

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

Columbia Income Builder Fund | 2024

Statement of Changes in Net Assets

	Six Months Ended July 31, 2024 (Unaudited)	Year Ended January 31, 2024
Operations
Net investment income	$19,126,213	$43,813,958
Net realized gain (loss)	(17,273,763 )	167,891
Net change in unrealized appreciation (depreciation)	40,600,651	(7,425,291 )
Net increase in net assets resulting from operations	42,453,101	36,556,558
Distributions to shareholders
Net investment income and net realized gains
Class A	(12,759,429 )	(27,438,366 )
Advisor Class	(224,716 )	(680,854 )
Class C	(1,499,120 )	(3,726,092 )
Institutional Class	(4,378,336 )	(11,001,825 )
Institutional 2 Class	(519,884 )	(1,394,526 )
Institutional 3 Class	(374,129 )	(980,918 )
Class R	(178,049 )	(386,027 )
Total distributions to shareholders	(19,933,663 )	(45,608,608 )
Decrease in net assets from capital stock activity	(114,518,691 )	(244,979,900 )
Total decrease in net assets	(91,999,253 )	(254,031,950 )
Net assets at beginning of period	1,054,175,134	1,308,207,084
Net assets at end of period	$962,175,881	$1,054,175,134

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

Columbia Income Builder Fund | 2024

Statement of Changes in Net Assets (continued)

	Six Months Ended	Year Ended
	July 31, 2024 (Unaudited)	January 31, 2024
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Shares sold	1,175,505	13,308,023	3,034,975	33,487,546
Distributions reinvested	1,113,703	12,550,633	2,467,392	27,010,404
Shares redeemed	(6,390,507 )	(72,331,077 )	(15,171,037 )	(166,459,400 )
Net decrease	(4,101,299 )	(46,472,421 )	(9,668,670 )	(105,961,450 )
Advisor Class
Shares sold	29,783	338,464	478,895	5,297,359
Distributions reinvested	18,056	204,139	58,728	645,447
Shares redeemed	(424,028 )	(4,817,402 )	(920,829 )	(10,115,610 )
Net decrease	(376,189 )	(4,274,799 )	(383,206 )	(4,172,804 )
Class C
Shares sold	126,277	1,429,941	450,736	4,991,470
Distributions reinvested	129,987	1,471,669	330,869	3,638,926
Shares redeemed	(1,827,332 )	(20,759,529 )	(3,821,103 )	(42,103,298 )
Net decrease	(1,571,068 )	(17,857,919 )	(3,039,498 )	(33,472,902 )
Institutional Class
Shares sold	1,246,161	14,091,302	4,650,114	51,301,521
Distributions reinvested	368,549	4,152,593	948,903	10,385,439
Shares redeemed	(4,886,035 )	(55,276,684 )	(12,560,466 )	(137,458,592 )
Net decrease	(3,271,325 )	(37,032,789 )	(6,961,449 )	(75,771,632 )
Institutional 2 Class
Shares sold	228,933	2,602,215	413,927	4,610,912
Distributions reinvested	45,921	519,884	126,825	1,394,526
Shares redeemed	(720,041 )	(8,156,406 )	(1,971,278 )	(21,821,500 )
Net decrease	(445,187 )	(5,034,307 )	(1,430,526 )	(15,816,062 )
Institutional 3 Class
Shares sold	146,749	1,663,001	267,605	2,964,181
Distributions reinvested	32,525	367,853	88,244	969,116
Shares redeemed	(478,397 )	(5,416,036 )	(1,058,442 )	(11,638,700 )
Net decrease	(299,123 )	(3,385,182 )	(702,593 )	(7,705,403 )
Class R
Shares sold	76,552	874,010	109,203	1,207,376
Distributions reinvested	15,658	177,763	34,958	385,475
Shares redeemed	(132,439 )	(1,513,047 )	(332,793 )	(3,672,498 )
Net decrease	(40,229 )	(461,274 )	(188,632 )	(2,079,647 )
Total net decrease	(10,104,420 )	(114,518,691 )	(22,374,574 )	(244,979,900 )

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

Columbia Income Builder Fund | 2024

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Columbia Income Builder Fund | 2024

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)	Increase from payment by affiliate	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Six Months Ended 7/31/2024 (Unaudited)	$11.34	0.22	0.28	0.00 (c)	0.50	(0.23 )	-	(0.23 )
Year Ended 1/31/2024	$11.34	0.42	0.02 (e)	-	0.44	(0.44 )	-	(0.44 )
Year Ended 1/31/2023	$12.82	0.37	(1.30 )	-	(0.93 )	(0.38 )	(0.17 )	(0.55 )
Year Ended 1/31/2022	$13.01	0.30	0.13	-	0.43	(0.35 )	(0.27 )	(0.62 )
Year Ended 1/31/2021	$12.35	0.34	0.85	-	1.19	(0.42 )	(0.11 )	(0.53 )
Year Ended 1/31/2020	$11.70	0.35	0.78	-	1.13	(0.37 )	(0.11 )	(0.48 )
Advisor Class
Six Months Ended 7/31/2024 (Unaudited)	$11.39	0.23	0.28	0.00 (c)	0.51	(0.24 )	-	(0.24 )
Year Ended 1/31/2024	$11.39	0.44	0.03 (e)	-	0.47	(0.47 )	-	(0.47 )
Year Ended 1/31/2023	$12.87	0.40	(1.31 )	-	(0.91 )	(0.40 )	(0.17 )	(0.57 )
Year Ended 1/31/2022	$13.05	0.34	0.13	-	0.47	(0.38 )	(0.27 )	(0.65 )
Year Ended 1/31/2021	$12.39	0.37	0.85	-	1.22	(0.45 )	(0.11 )	(0.56 )
Year Ended 1/31/2020	$11.74	0.38	0.78	-	1.16	(0.40 )	(0.11 )	(0.51 )
Class C
Six Months Ended 7/31/2024 (Unaudited)	$11.40	0.18	0.28	0.00 (c)	0.46	(0.19 )	-	(0.19 )
Year Ended 1/31/2024	$11.39	0.34	0.03 (e)	-	0.37	(0.36 )	-	(0.36 )
Year Ended 1/31/2023	$12.88	0.28	(1.31 )	-	(1.03 )	(0.29 )	(0.17 )	(0.46 )
Year Ended 1/31/2022	$13.07	0.21	0.12	-	0.33	(0.25 )	(0.27 )	(0.52 )
Year Ended 1/31/2021	$12.40	0.25	0.86	-	1.11	(0.33 )	(0.11 )	(0.44 )
Year Ended 1/31/2020	$11.75	0.26	0.78	-	1.04	(0.28 )	(0.11 )	(0.39 )
Institutional Class
Six Months Ended 7/31/2024 (Unaudited)	$11.34	0.23	0.28	0.00 (c)	0.51	(0.24 )	-	(0.24 )
Year Ended 1/31/2024	$11.34	0.45	0.02 (e)	-	0.47	(0.47 )	-	(0.47 )
Year Ended 1/31/2023	$12.82	0.39	(1.30 )	-	(0.91 )	(0.40 )	(0.17 )	(0.57 )
Year Ended 1/31/2022	$13.01	0.34	0.12	-	0.46	(0.38 )	(0.27 )	(0.65 )
Year Ended 1/31/2021	$12.35	0.37	0.85	-	1.22	(0.45 )	(0.11 )	(0.56 )
Year Ended 1/31/2020	$11.70	0.38	0.78	-	1.16	(0.40 )	(0.11 )	(0.51 )
Institutional 2 Class
Six Months Ended 7/31/2024 (Unaudited)	$11.39	0.23	0.29	0.00 (c)	0.52	(0.24 )	-	(0.24 )
Year Ended 1/31/2024	$11.39	0.45	0.02 (e)	-	0.47	(0.47 )	-	(0.47 )
Year Ended 1/31/2023	$12.88	0.40	(1.31 )	-	(0.91 )	(0.41 )	(0.17 )	(0.58 )
Year Ended 1/31/2022	$13.06	0.34	0.14	-	0.48	(0.39 )	(0.27 )	(0.66 )
Year Ended 1/31/2021	$12.39	0.38	0.86	-	1.24	(0.46 )	(0.11 )	(0.57 )
Year Ended 1/31/2020	$11.74	0.38	0.78	-	1.16	(0.40 )	(0.11 )	(0.51 )

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

Columbia Income Builder Fund | 2024

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
Six Months Ended 7/31/2024 (Unaudited)	$11.61	4.47% (d)	0.38%	0.38%	3.87%	12%	$626,065
Year Ended 1/31/2024	$11.34	4.11%	0.38%	0.38% (f)	3.81%	22%	$657,792
Year Ended 1/31/2023	$11.34	(7.20% )	0.37%	0.37% (f)	3.18%	24%	$767,458
Year Ended 1/31/2022	$12.82	3.26%	0.37%	0.37% (f)	2.28%	10%	$959,012
Year Ended 1/31/2021	$13.01	10.00%	0.38%	0.38% (f)	2.83%	22%	$882,861
Year Ended 1/31/2020	$12.35	9.82%	0.38%	0.38% (f)	2.89%	16%	$817,461
Advisor Class
Six Months Ended 7/31/2024 (Unaudited)	$11.66	4.58% (d)	0.13%	0.13%	4.10%	12%	$8,508
Year Ended 1/31/2024	$11.39	4.35%	0.13%	0.13% (f)	4.02%	22%	$12,590
Year Ended 1/31/2023	$11.39	(6.93% )	0.12%	0.12% (f)	3.45%	24%	$16,954
Year Ended 1/31/2022	$12.87	3.58%	0.12%	0.12% (f)	2.52%	10%	$20,850
Year Ended 1/31/2021	$13.05	10.24%	0.13%	0.13% (f)	3.06%	22%	$21,125
Year Ended 1/31/2020	$12.39	10.05%	0.13%	0.13% (f)	3.12%	16%	$26,795
Class C
Six Months Ended 7/31/2024 (Unaudited)	$11.67	4.06% (d)	1.13%	1.13%	3.12%	12%	$86,384
Year Ended 1/31/2024	$11.40	3.40%	1.13%	1.13% (f)	3.05%	22%	$102,241
Year Ended 1/31/2023	$11.39	(7.94% )	1.12%	1.12% (f)	2.39%	24%	$136,860
Year Ended 1/31/2022	$12.88	2.48%	1.12%	1.12% (f)	1.53%	10%	$193,954
Year Ended 1/31/2021	$13.07	9.22%	1.13%	1.13% (f)	2.06%	22%	$178,448
Year Ended 1/31/2020	$12.40	8.96%	1.13%	1.13% (f)	2.15%	16%	$216,206
Institutional Class
Six Months Ended 7/31/2024 (Unaudited)	$11.61	4.60% (d)	0.13%	0.13%	4.11%	12%	$192,520
Year Ended 1/31/2024	$11.34	4.37%	0.13%	0.13% (f)	4.05%	22%	$225,073
Year Ended 1/31/2023	$11.34	(6.96% )	0.12%	0.12% (f)	3.39%	24%	$304,024
Year Ended 1/31/2022	$12.82	3.52%	0.12%	0.12% (f)	2.53%	10%	$445,488
Year Ended 1/31/2021	$13.01	10.28%	0.13%	0.13% (f)	3.08%	22%	$313,565
Year Ended 1/31/2020	$12.35	10.09%	0.13%	0.13% (f)	3.14%	16%	$310,774
Institutional 2 Class
Six Months Ended 7/31/2024 (Unaudited)	$11.67	4.69% (d)	0.11%	0.11%	4.13%	12%	$22,814
Year Ended 1/31/2024	$11.39	4.37%	0.10%	0.10%	4.05%	22%	$27,345
Year Ended 1/31/2023	$11.39	(6.99% )	0.10%	0.10%	3.46%	24%	$43,634
Year Ended 1/31/2022	$12.88	3.60%	0.10%	0.10%	2.57%	10%	$52,219
Year Ended 1/31/2021	$13.06	10.35%	0.11%	0.11%	3.12%	22%	$38,800
Year Ended 1/31/2020	$12.39	10.07%	0.11%	0.11%	3.15%	16%	$24,549

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

Columbia Income Builder Fund | 2024

Financial Highlights(continued)

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Increase from payment by affiliate	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Institutional 3 Class
Six Months Ended 7/31/2024 (Unaudited)	$11.38	0.24	0.28	0.00 (c)	0.52	(0.25 )	-	(0.25 )
Year Ended 1/31/2024	$11.38	0.46	0.02 (e)	-	0.48	(0.48 )	-	(0.48 )
Year Ended 1/31/2023	$12.86	0.41	(1.31 )	-	(0.90 )	(0.41 )	(0.17 )	(0.58 )
Year Ended 1/31/2022	$13.05	0.35	0.12	-	0.47	(0.39 )	(0.27 )	(0.66 )
Year Ended 1/31/2021	$12.38	0.38	0.86	-	1.24	(0.46 )	(0.11 )	(0.57 )
Year Ended 1/31/2020	$11.74	0.39	0.77	-	1.16	(0.41 )	(0.11 )	(0.52 )
Class R
Six Months Ended 7/31/2024 (Unaudited)	$11.42	0.21	0.28	0.00 (c)	0.49	(0.21 )	-	(0.21 )
Year Ended 1/31/2024	$11.42	0.39	0.02 (e)	-	0.41	(0.41 )	-	(0.41 )
Year Ended 1/31/2023	$12.91	0.34	(1.31 )	-	(0.97 )	(0.35 )	(0.17 )	(0.52 )
Year Ended 1/31/2022	$13.09	0.27	0.14	-	0.41	(0.32 )	(0.27 )	(0.59 )
Year Ended 1/31/2021	$12.42	0.32	0.85	-	1.17	(0.39 )	(0.11 )	(0.50 )
Year Ended 1/31/2020	$11.77	0.32	0.78	-	1.10	(0.34 )	(0.11 )	(0.45 )

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)	Rounds to zero.
(d)	The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.
(e)	Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to timing of Fund shares sold and redeemed in relation to fluctuations in the market value of the portfolio.
(f)	The benefits derived from expense reductions had an impact of less than 0.01%.

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

Columbia Income Builder Fund | 2024

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)
Institutional 3 Class
Six Months Ended 7/31/2024 (Unaudited)	$11.65	4.62% (d)	0.06%	0.06%	4.16%	12%	$16,572
Year Ended 1/31/2024	$11.38	4.43%	0.06%	0.06%	4.12%	22%	$19,583
Year Ended 1/31/2023	$11.38	(6.88% )	0.06%	0.06%	3.52%	24%	$27,576
Year Ended 1/31/2022	$12.86	3.57%	0.05%	0.05%	2.61%	10%	$30,313
Year Ended 1/31/2021	$13.05	10.40%	0.06%	0.06%	3.15%	22%	$15,267
Year Ended 1/31/2020	$12.38	10.04%	0.06%	0.06%	3.21%	16%	$12,931
Class R
Six Months Ended 7/31/2024 (Unaudited)	$11.70	4.40% (d)	0.63%	0.63%	3.63%	12%	$9,312
Year Ended 1/31/2024	$11.42	3.82%	0.63%	0.63% (f)	3.55%	22%	$9,551
Year Ended 1/31/2023	$11.42	(7.46% )	0.62%	0.62% (f)	2.95%	24%	$11,703
Year Ended 1/31/2022	$12.91	3.06%	0.62%	0.62% (f)	2.05%	10%	$13,457
Year Ended 1/31/2021	$13.09	9.75%	0.63%	0.63% (f)	2.59%	22%	$7,340
Year Ended 1/31/2020	$12.42	9.48%	0.63%	0.63% (f)	2.63%	16%	$5,002

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

Columbia Income Builder Fund | 2024

Notes to Financial StatementsJuly 31, 2024 (Unaudited)

Note 1. Organization

Columbia Income Builder 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 is a "fund-of-funds", investing significantly in funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), or its affiliates (Underlying Funds). The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. For information on the investment strategies, operations and risks of the Underlying Funds, please refer to the Fund's current prospectus as well as the prospectuses and shareholder reports of the Underlying Funds, which are available from the Securities and Exchange Commission's website at www.sec.govor on the Underlying Funds'website at www.columbiathreadneedleus.com/resources/literature.

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.

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

Note 2. Summary of significant accounting policies

Basis of preparation

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

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

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.

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

Columbia Income Builder Fund | 2024

Notes to Financial Statements(continued)July 31, 2024 (Unaudited)

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

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

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

Security transactions

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

Income recognition

Corporate actions and dividend income are recorded on the ex-dividend date.

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.

Income and capital gain distributions from the Underlying Funds, if any, are 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.

Columbia Income Builder Fund | 2024

Notes to Financial Statements(continued)July 31, 2024 (Unaudited)

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.

Note 3. Fees and other transactions with affiliates

Management services fees and underlying fund fees

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager). 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 0.02% of the Fund's daily net assets.

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the Underlying Funds in which the Fund invests. Because the Underlying Funds have varied expense and fee levels and the Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. These expenses are not reflected in the expenses shown in Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.

Compensation of Board members

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

Compensation of Chief Compliance Officer

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

Transfer agency fees

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

Columbia Income Builder Fund | 2024

Notes to Financial Statements(continued)July 31, 2024 (Unaudited)

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

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

For the six months ended July 31, 2024, the Fund's annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Class A	0.08
Advisor Class	0.08
Class C	0.08
Institutional Class	0.08
Institutional 2 Class	0.06
Institutional 3 Class	0.01
Class R	0.08

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 six months ended July 31, 2024, 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 $1,517,000 for Class C shares. This amount is based on the most recent information available as of June 30, 2024, 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

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the six months ended July 31, 2024, if any, are listed below:

	Front End (%)	CDSC (%)	Amount ($)
Class A	4.75	0.50 - 1.00 (a)	56,018
Class C	-	1.00 (b)	1,661

(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.

Columbia Income Builder Fund | 2024

Notes to Financial Statements(continued)July 31, 2024 (Unaudited)

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

Expenses waived/reimbursed by the Investment Manager and its affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expensesreimbursed 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:

	Fee rate(s) contractual through May 31, 2025 (%)
Class A	0.54
Advisor Class	0.29
Class C	1.29
Institutional Class	0.29
Institutional 2 Class	0.27
Institutional 3 Class	0.22
Class R	0.79

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

Note 4. Federal tax information

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

At July 31, 2024, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized (depreciation) ($)
992,605,000	58,563,000	(88,764,000 )	(30,201,000 )

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 January 31, 2024, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.

No expiration short-term ($)	No expiration long-term ($)	Total ($)
(15,431,352 )	(1,931,111 )	(17,362,463 )

Columbia Income Builder Fund | 2024

Notes to Financial Statements(continued)July 31, 2024 (Unaudited)

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 $122,671,835 and $235,105,636, respectively, for the six months ended July 31, 2024. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Payments by affiliates

During the six months ended July 31, 2024, the Investment Manager reimbursed the Fund $285,841 for a loss on a trading error.

Note 7. Interfund lending

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

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

The Fund did not borrow or lend money under the Interfund Program during the six months ended July 31, 2024.

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 26, 2023 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $900 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate plus, 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 26, 2023 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 0.10% and (iii) the overnight bank funding rate plus, in each case, 1.00%.

The Fund had no borrowings during the six months ended July 31, 2024.

Columbia Income Builder Fund | 2024

Notes to Financial Statements(continued)July 31, 2024 (Unaudited)

Note 9. Significant risks

Market risk

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

Shareholder concentration risk

At July 31, 2024, affiliated shareholders of record owned 65.2% 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. Other than as noted in Note 1 above, there were 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 Income Builder Fund | 2024

Approval of Management Agreement

(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 Income Builder 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).

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 March, April, May and June 2024, 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 27, 2024 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 such information as 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).

Columbia Income Builder Fund | 2024

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 2023 in the performance of administrative services, and noted the various enhancements anticipated for 2024. 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 Fund performance was well within the range of that of its peers.

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.

Columbia Income Builder Fund | 2024

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 2023 had declined from 2022 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 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.

On June 27, 2024, 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.

Columbia Income Builder Fund | 2024

[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Income Builder Fund

P.O. Box 219104

Kansas City, MO 64121-9104

Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

SAR163_01_P01_(09/24)

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies is included in Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Statement regarding basis for approval of Investment Advisory Contract is included in Item 7 of this Form N-CSR.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors implemented since the registrant last provided disclosure as to such procedures in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K or Item 15 of Form N-CSR.

Item 16. Controls and Procedures.

(a) The registrant's principal executive officer and principal financial officer, based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant's management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b) There was no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.

SIGNATURES

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.

(registrant)	Columbia Funds Series Trust II

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

Date	September 20, 2024

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.

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

Date	September 20, 2024

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

Date	September 20, 2024

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

Date	September 20, 2024

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