# EDGAR Filing Document

**Accession Number:** 0001352280
**File Stem:** 0001145549-25-050342
**Filing Date:** 2025-8
**Character Count:** 217997
**Document Hash:** 8d490a326f69cf362e9748e559d723d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-050342.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0001145549-25-050342

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 50

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250804

**EFFECTIVENESS DATE**: 20250804

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Columbia Funds Series Trust II
- **CENTRAL INDEX KEY:** 0001352280

**ORGANIZATION NAME:**
- **EIN:** 204384176
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21852
- **FILM NUMBER:** 251179533

**BUSINESS ADDRESS:**
- **STREET 1:** 290 CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 800-345-6611

**MAIL ADDRESS:**
- **STREET 1:** 290 CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RIVERSOURCE SERIES TRUST
- **DATE OF NAME CHANGE:** 20070928

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RIVERSOURCE RETIREMENT SERIES TRUST
- **DATE OF NAME CHANGE:** 20060801

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RiverSource Retirement Series Trust
- **DATE OF NAME CHANGE:** 20060206

## Series and Classes Contracts Data

### Columbia Dividend Opportunity Fund (Series ID: S000031365)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000097512 | Columbia Dividend Opportunity Fund Class A               | INUTX           |
| C000097514 | Columbia Dividend Opportunity Fund Class C               | ACUIX           |
| C000097516 | Columbia Dividend Opportunity Fund Class R               | RSOOX           |
| C000097518 | Columbia Dividend Opportunity Fund Institutional 2 Class | RSDFX           |
| C000097520 | Columbia Dividend Opportunity Fund Institutional Class   | CDOZX           |
| C000121137 | Columbia Dividend Opportunity Fund Institutional 3 Class | CDOYX           |
| C000255608 | Columbia Dividend Opportunity Fund Class S               | CDOAX           |

?xml version='1.0' encoding='ASCII'? 8ddce90ada0cc7a

#### 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:
&nbsp;&nbsp;&nbsp;&nbsp;(800) 345-6611

#### Date of fiscal year end:

#### Last Day of May

#### Date of reporting period:

#### May 31, 2025
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

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

Item 1. Reports to Stockholders

Columbia Dividend Opportunity Fund

Class A / INUTX

![FundLogo](images_1933.jpg)

Annual Shareholder Report \| May 31, 2025

This annual shareholder report contains important information about Columbia Dividend Opportunity Fund (the Fund) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

#### What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class A | $104 | 1.00% |

---

#### Management's Discussion of Fund Performance
The performance of Class A shares for the period presented is shown in the Average Annual Total Returns table.

Top Performance Contributors

**Stock selection** \| Selections in the information technology and consumer discretionary sectors boosted the Fund's relative results most during the annual period.

**Allocations** \| Underweight positions in the materials sector buoyed relative Fund results during the annual period.

**Individual holdings** \| Positions in Philip Morris International, Inc., a tobacco and nicotine company, International Business Machines Corp., an information technology company, and Broadcom, Inc., a semiconductor company, were among the top contributors to Fund relative performance.

Top Performance Detractors

**Stock selection** I Selections in the consumer staples and financials sectors hurt the Fund's relative results during the annual period.

**Allocations** \| Overweight positions in the energy sector detracted from relative performance.

**Individual holdings** \| Positions in Merck & Co., Inc., a health care company, PepsiCo, Inc., a food, snack and beverage company, and Target Corp., a general merchandise company, were among the top detractors to relative performance during the period.

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

Growth of $10,000

![Fund Performance - Growth of 10K](chartimages_3657951.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class A (excluding sales charges) | 9.40 | 12.10 | 8.37 |
| Class A (including sales charges) | 3.12 | 10.78 | 7.74 |
| Russell 1000® Value Index | 8.91 | 13.02 | 8.60 |
| Russell 1000® Index | 13.73 | 15.66 | 12.58 |
| MSCI USA High Dividend Yield Index (Net) (a) | 6.83 | 9.25 | 8.23 |

---

<u><sup>(a)</sup></u> <u><sup>Effective March 28, 2025, the Fund no longer compares its performance to the MSCI USA High Dividend Yield Index (Net). The returns of the MSCI USA High Dividend Yield Index (Net) will be shown for a one-year transition period.</sup></u>

The Fund's past performance is not a good predictor of the Fund's future performance**.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2066758424 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;88 |
| **Management services fees<br>(represents 0.64% of Fund average net assets)** | &nbsp;&nbsp;&nbsp;&nbsp;$13627946 |
| **Portfolio turnover for the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

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

Top Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | 2.1% |

---

Asset Categories

![Graphical Representation - Allocation 1 Chart](chartimages_3657952.jpg)

Equity Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_3657960.jpg)

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![TSR - QR Code](images_1944.jpg)

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.© 2025 Columbia Management Investment Advisers, LLC.

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

Columbia Dividend Opportunity Fund \| Class A \| ASR140_01_(07/25)

Columbia Dividend Opportunity Fund

Class C / ACUIX

![FundLogo](images_1933.jpg)

Annual Shareholder Report \| May 31, 2025

This annual shareholder report contains important information about Columbia Dividend Opportunity Fund (the Fund) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

#### What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class C | $182 | 1.75% |

---

#### Management's Discussion of Fund Performance
The performance of Class C shares for the period presented is shown in the Average Annual Total Returns table.

Top Performance Contributors

**Stock selection** \| Selections in the information technology and consumer discretionary sectors boosted the Fund's relative results most during the annual period.

**Allocations** \| Underweight positions in the materials sector buoyed relative Fund results during the annual period.

**Individual holdings** \| Positions in Philip Morris International, Inc., a tobacco and nicotine company, International Business Machines Corp., an information technology company, and Broadcom, Inc., a semiconductor company, were among the top contributors to Fund relative performance.

Top Performance Detractors

**Stock selection** I Selections in the consumer staples and financials sectors hurt the Fund's relative results during the annual period.

**Allocations** \| Overweight positions in the energy sector detracted from relative performance.

**Individual holdings** \| Positions in Merck & Co., Inc., a health care company, PepsiCo, Inc., a food, snack and beverage company, and Target Corp., a general merchandise company, were among the top detractors to relative performance during the period.

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

Growth of $10,000

![Fund Performance - Growth of 10K](chartimages_3657942.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class C (excluding sales charges) | 8.56 | 11.29 | 7.56 |
| Class C (including sales charges) | 7.56 | 11.29 | 7.56 |
| Russell 1000® Value Index | 8.91 | 13.02 | 8.60 |
| Russell 1000® Index | 13.73 | 15.66 | 12.58 |
| MSCI USA High Dividend Yield Index (Net)(a) | 6.83 | 9.25 | 8.23 |

---

<u><sup>(a)</sup></u> <u><sup>Effective March 28, 2025, the Fund no longer compares its performance to the MSCI USA High Dividend Yield Index (Net). The returns of the MSCI USA High Dividend Yield Index (Net) will be shown for a one-year transition period.</sup></u>

The Fund's past performance is not a good predictor of the Fund's future performance. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2066758424 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;88 |
| **Management services fees<br>(represents 0.64% of Fund average net assets)** | &nbsp;&nbsp;&nbsp;&nbsp;$13627946 |
| **Portfolio turnover for the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

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

Top Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | 2.1% |

---

Asset Categories

![Graphical Representation - Allocation 1 Chart](chartimages_3657931.jpg)

Equity Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_3657939.jpg)

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![TSR - QR Code](images_1944.jpg)

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.© 2025 Columbia Management Investment Advisers, LLC.

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

Columbia Dividend Opportunity Fund \| Class C \| ASR140_04_(07/25)

Columbia Dividend Opportunity Fund

Institutional Class / CDOZX

![FundLogo](images_1933.jpg)

Annual Shareholder Report \| May 31, 2025

This annual shareholder report contains important information about Columbia Dividend Opportunity Fund (the Fund) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

#### What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional Class | $78 | 0.75% |

---

#### Management's Discussion of Fund Performance
The performance of Institutional Class shares for the period presented is shown in the Average Annual Total Returns table.

Top Performance Contributors

**Stock selection** \| Selections in the information technology and consumer discretionary sectors boosted the Fund's relative results most during the annual period.

**Allocations** \| Underweight positions in the materials sector buoyed relative Fund results during the annual period.

**Individual holdings** \| Positions in Philip Morris International, Inc., a tobacco and nicotine company, International Business Machines Corp., an information technology company, and Broadcom, Inc., a semiconductor company, were among the top contributors to Fund relative performance.

Top Performance Detractors

**Stock selection** I Selections in the consumer staples and financials sectors hurt the Fund's relative results during the annual period.

**Allocations** \| Overweight positions in the energy sector detracted from relative performance.

**Individual holdings** \| Positions in Merck & Co., Inc., a health care company, PepsiCo, Inc., a food, snack and beverage company, and Target Corp., a general merchandise company, were among the top detractors to relative performance during the period.

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

Growth of $10,000

![Fund Performance - Growth of 10K](chartimages_3657861.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Institutional Class | 9.66 | 12.39 | 8.64 |
| Russell 1000® Value Index | 8.91 | 13.02 | 8.60 |
| Russell 1000® Index | 13.73 | 15.66 | 12.58 |
| MSCI USA High Dividend Yield Index (Net)(a) | 6.83 | 9.25 | 8.23 |

---

<u><sup>(a)</sup></u> <u><sup>Effective March 28, 2025, the Fund no longer compares its performance to the MSCI USA High Dividend Yield Index (Net). The returns of the MSCI USA High Dividend Yield Index (Net) will be shown for a one-year transition period.</sup></u>

The Fund's past performance is not a good predictor of the Fund's future performance. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2066758424 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;88 |
| **Management services fees<br>(represents 0.64% of Fund average net assets)** | &nbsp;&nbsp;&nbsp;&nbsp;$13627946 |
| **Portfolio turnover for the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

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

Top Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | 2.1% |

---

Asset Categories

![Graphical Representation - Allocation 1 Chart](chartimages_3657862.jpg)

Equity Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_3657870.jpg)

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![TSR - QR Code](images_1944.jpg)

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.© 2025 Columbia Management Investment Advisers, LLC.

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

Columbia Dividend Opportunity Fund \| Institutional Class \| ASR140_08_(07/25)

Columbia Dividend Opportunity Fund

Institutional 2 Class / RSDFX

![FundLogo](images_1933.jpg)

Annual Shareholder Report \| May 31, 2025

This annual shareholder report contains important information about Columbia Dividend Opportunity Fund (the Fund) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

#### What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 2 Class | $74 | 0.71% |

---

#### Management's Discussion of Fund Performance
The performance of Institutional 2 Class shares for the period presented is shown in the Average Annual Total Returns table.

Top Performance Contributors

**Stock selection** \| Selections in the information technology and consumer discretionary sectors boosted the Fund's relative results most during the annual period.

**Allocations** \| Underweight positions in the materials sector buoyed relative Fund results during the annual period.

**Individual holdings** \| Positions in Philip Morris International, Inc., a tobacco and nicotine company, International Business Machines Corp., an information technology company, and Broadcom, Inc., a semiconductor company, were among the top contributors to Fund relative performance.

Top Performance Detractors

**Stock selection** I Selections in the consumer staples and financials sectors hurt the Fund's relative results during the annual period.

**Allocations** \| Overweight positions in the energy sector detracted from relative performance.

**Individual holdings** \| Positions in Merck & Co., Inc., a health care company, PepsiCo, Inc., a food, snack and beverage company, and Target Corp., a general merchandise company, were among the top detractors to relative performance during the period.

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

Growth of $10,000

![Fund Performance - Growth of 10K](chartimages_3657891.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Institutional 2 Class | 9.69 | 12.44 | 8.70 |
| Russell 1000® Value Index | 8.91 | 13.02 | 8.60 |
| Russell 1000® Index | 13.73 | 15.66 | 12.58 |
| MSCI USA High Dividend Yield Index (Net)(a) | 6.83 | 9.25 | 8.23 |

---

<u><sup>(a)</sup></u> <u><sup>Effective March 28, 2025, the Fund no longer compares its performance to the MSCI USA High Dividend Yield Index (Net). The returns of the MSCI USA High Dividend Yield Index (Net) will be shown for a one-year transition period.</sup></u>

The Fund's past performance is not a good predictor of the Fund's future performance. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2066758424 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;88 |
| **Management services fees<br>(represents 0.64% of Fund average net assets)** | &nbsp;&nbsp;&nbsp;&nbsp;$13627946 |
| **Portfolio turnover for the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

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

Top Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | 2.1% |

---

Asset Categories

![Graphical Representation - Allocation 1 Chart](chartimages_3657892.jpg)

Equity Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_3657900.jpg)

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![TSR - QR Code](images_1944.jpg)

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.© 2025 Columbia Management Investment Advisers, LLC.

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

Columbia Dividend Opportunity Fund \| Institutional 2 Class \| ASR140_15_(07/25)

Columbia Dividend Opportunity Fund

Institutional 3 Class / CDOYX

![FundLogo](images_1933.jpg)

Annual Shareholder Report \| May 31, 2025

This annual shareholder report contains important information about Columbia Dividend Opportunity Fund (the Fund) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

#### What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 3 Class | $70 | 0.67% |

---

#### Management's Discussion of Fund Performance
The performance of Institutional 3 Class shares for the period presented is shown in the Average Annual Total Returns table.

Top Performance Contributors

**Stock selection** \| Selections in the information technology and consumer discretionary sectors boosted the Fund's relative results most during the annual period.

**Allocations** \| Underweight positions in the materials sector buoyed relative Fund results during the annual period.

**Individual holdings** \| Positions in Philip Morris International, Inc., a tobacco and nicotine company, International Business Machines Corp., an information technology company, and Broadcom, Inc., a semiconductor company, were among the top contributors to Fund relative performance.

Top Performance Detractors

**Stock selection** I Selections in the consumer staples and financials sectors hurt the Fund's relative results during the annual period.

**Allocations** \| Overweight positions in the energy sector detracted from relative performance.

**Individual holdings** \| Positions in Merck & Co., Inc., a health care company, PepsiCo, Inc., a food, snack and beverage company, and Target Corp., a general merchandise company, were among the top detractors to relative performance during the period.

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

Growth of $10,000

![Fund Performance - Growth of 10K](chartimages_3657882.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Institutional 3 Class | 9.78 | 12.49 | 8.76 |
| Russell 1000® Value Index | 8.91 | 13.02 | 8.60 |
| Russell 1000® Index | 13.73 | 15.66 | 12.58 |
| MSCI USA High Dividend Yield Index (Net)(a) | 6.83 | 9.25 | 8.23 |

---

<u><sup>(a)</sup></u> <u><sup>Effective March 28, 2025, the Fund no longer compares its performance to the MSCI USA High Dividend Yield Index (Net). The returns of the MSCI USA High Dividend Yield Index (Net) will be shown for a one-year transition period.</sup></u>

The Fund's past performance is not a good predictor of the Fund's future performance. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2066758424 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;88 |
| **Management services fees<br>(represents 0.64% of Fund average net assets)** | &nbsp;&nbsp;&nbsp;&nbsp;$13627946 |
| **Portfolio turnover for the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

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

Top Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | 2.1% |

---

Asset Categories

![Graphical Representation - Allocation 1 Chart](chartimages_3657871.jpg)

Equity Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_3657879.jpg)

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![TSR - QR Code](images_1944.jpg)

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.© 2025 Columbia Management Investment Advisers, LLC.

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

Columbia Dividend Opportunity Fund \| Institutional 3 Class \| ASR140_17_(07/25)

Columbia Dividend Opportunity Fund

Class R / RSOOX

![FundLogo](images_1933.jpg)

Annual Shareholder Report \| May 31, 2025

This annual shareholder report contains important information about Columbia Dividend Opportunity Fund (the Fund) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

#### What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class R | $130 | 1.25% |

---

#### Management's Discussion of Fund Performance
The performance of Class R shares for the period presented is shown in the Average Annual Total Returns table.

Top Performance Contributors

**Stock selection** \| Selections in the information technology and consumer discretionary sectors boosted the Fund's relative results most during the annual period.

**Allocations** \| Underweight positions in the materials sector buoyed relative Fund results during the annual period.

**Individual holdings** \| Positions in Philip Morris International, Inc., a tobacco and nicotine company, International Business Machines Corp., an information technology company, and Broadcom, Inc., a semiconductor company, were among the top contributors to Fund relative performance.

Top Performance Detractors

**Stock selection** I Selections in the consumer staples and financials sectors hurt the Fund's relative results during the annual period.

**Allocations** \| Overweight positions in the energy sector detracted from relative performance.

**Individual holdings** \| Positions in Merck & Co., Inc., a health care company, PepsiCo, Inc., a food, snack and beverage company, and Target Corp., a general merchandise company, were among the top detractors to relative performance during the period.

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

Growth of $10,000

![Fund Performance - Growth of 10K](chartimages_3657921.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class R | 9.11 | 11.83 | 8.09 |
| Russell 1000® Value Index | 8.91 | 13.02 | 8.60 |
| Russell 1000® Index | 13.73 | 15.66 | 12.58 |
| MSCI USA High Dividend Yield Index (Net)(a) | 6.83 | 9.25 | 8.23 |

---

<u><sup>(a)</sup></u> <u><sup>Effective March 28, 2025, the Fund no longer compares its performance to the MSCI USA High Dividend Yield Index (Net). The returns of the MSCI USA High Dividend Yield Index (Net) will be shown for a one-year transition period.</sup></u>

The Fund's past performance is not a good predictor of the Fund's future performance. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2066758424 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;88 |
| **Management services fees<br>(represents 0.64% of Fund average net assets)** | &nbsp;&nbsp;&nbsp;&nbsp;$13627946 |
| **Portfolio turnover for the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

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

Top Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | 2.1% |

---

Asset Categories

![Graphical Representation - Allocation 1 Chart](chartimages_3657922.jpg)

Equity Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_3657929.jpg)

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![TSR - QR Code](images_1944.jpg)

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.© 2025 Columbia Management Investment Advisers, LLC.

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

Columbia Dividend Opportunity Fund \| Class R \| ASR140_12_(07/25)

Columbia Dividend Opportunity Fund

Class S / CDOAX

![FundLogo](images_1933.jpg)

Annual Shareholder Report \| May 31, 2025

This annual shareholder report contains important information about Columbia Dividend Opportunity Fund (the Fund) for the period of October 2, 2024 to May 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

#### What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| |
|:---|
| Class |
| Class S $49<sup>(a)</sup> 0.75%<sup>(b)</sup> |

---

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

(b) <sup>Annualized.</sup>

#### Management's Discussion of Fund Performance
The performance of Class S shares for the period presented is shown in the Average Annual Total Returns table.

Top Performance Contributors

**Stock selection** \| Selections in the information technology and consumer discretionary sectors boosted the Fund's relative results most during the annual period.

**Allocations** \| Underweight positions in the materials sector buoyed relative Fund results during the annual period.

**Individual holdings** \| Positions in Philip Morris International, Inc., a tobacco and nicotine company, International Business Machines Corp., an information technology company, and Broadcom, Inc., a semiconductor company, were among the top contributors to Fund relative performance.

Top Performance Detractors

**Stock selection** I Selections in the consumer staples and financials sectors hurt the Fund's relative results during the annual period.

**Allocations** \| Overweight positions in the energy sector detracted from relative performance.

**Individual holdings** \| Positions in Merck & Co., Inc., a health care company, PepsiCo, Inc., a food, snack and beverage company, and Target Corp., a general merchandise company, were among the top detractors to relative performance during the period.

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

Growth of $10,000

![Fund Performance - Growth of 10K](chartimages_3657841.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class S(a) | 9.57 | 12.13 | 8.39 |
| Russell 1000® Value Index | 8.91 | 13.02 | 8.60 |
| Russell 1000® Index | 13.73 | 15.66 | 12.58 |
| MSCI USA High Dividend Yield Index (Net)(b) | 6.83 | 9.25 | 8.23 |

---

---

| |
|:---|
| <sup>(a)</sup> |
| <sup>(b)</sup> <sup>Effective March 28, 2025, the Fund no longer compares its performance to the MSCI USA High Dividend Yield Index (Net). The returns of the MSCI USA High Dividend Yield Index (Net) will be shown for a one-year transition period.</sup> |

---

The Fund's past performance is not a good predictor of the Fund's future performance. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2066758424 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;88 |
| **Management services fees<br>(represents 0.64% of Fund average net assets)** | &nbsp;&nbsp;&nbsp;&nbsp;$13627946 |
| **Portfolio turnover for the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

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

Top Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | 2.1% |

---

Asset Categories

![Graphical Representation - Allocation 1 Chart](chartimages_3657842.jpg)

Equity Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_3657850.jpg)

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![TSR - QR Code](images_1944.jpg)

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.© 2025 Columbia Management Investment Advisers, LLC.

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

Columbia Dividend Opportunity Fund \| Class S \| ASR140_16_(07/25)

------

Item 2. Code of Ethics.

The registrant has adopted a code of ethics (the "Code") that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. During the period covered by this report, there were not any amendments to a provision of the Code that relates to any element of the code of ethics definition enumerated in paragraph (b) of Item 2 of Form N-CSR. During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the Code that relates to one or more of the items set forth in paragraph (b) of Item 2 of Form N-CSR. A copy of the Code is attached hereto.

------

Item 3. Audit Committee Financial Expert.

The registrant's Board of Trustees has determined that J. Kevin Connaughton, Brian J. Gallagher, Douglas A. Hacker, David M. Moffett and Sandra L. Yeager qualify as "audit committee financial experts," as such term is defined in Form N-CSR. Mr. Connaughton, Mr. Gallagher, Mr. Hacker, Mr. Moffett and Ms. Yeager, are also each "independent" members of the Audit Committee pursuant to paragraph (a)(2) of Item 3 of Form N-CSR.

------

Item 4. Principal Accountant Fees and Services.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Amount billed to the registrant ($)** | &nbsp;&nbsp;**Amount billed to the registrant ($)** | &nbsp;&nbsp;**Amount billed to the registrant's <br> investment advisor ($)** | &nbsp;&nbsp;**Amount billed to the registrant's <br> investment advisor ($)** |
|  | &nbsp;&nbsp;**May 31, 2025** | &nbsp;&nbsp;**May 31, 2024** | &nbsp;&nbsp;**May 31, 2025** | &nbsp;&nbsp;**May 31, 2024** |
| &nbsp;&nbsp;Audit fees <sup>(a)</sup> | &nbsp;&nbsp;31514 | &nbsp;&nbsp;31493 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Audit-related fees <sup>(b)</sup> | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Tax fees <sup>(c)</sup> | &nbsp;&nbsp;13795 | &nbsp;&nbsp;12850 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;All other fees <sup>(d)</sup> | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Non-audit fees <sup>(g)</sup> | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;474000 | &nbsp;&nbsp;581000 |

---

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

(b) Audit-Related Fees include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported in Audit Fees above.

(c) Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice, tax planning and foreign tax filings, if applicable.

(d) All Other Fees include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above and typically include SOC-1 reviews.

(e)(1) Audit Committee Pre-Approval Policies and Procedures

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

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

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

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

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

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

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

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

(i) Not applicable.

(j) Not applicable.

------

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.

------

![](img49390c081.jpg)

Columbia Dividend Opportunity Fund

**Annual Financial Statements and Additional Information**

May 31, 2025

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_137a4873-e213-4d34-87c8-4541b80cbcfb_POI-CommonContent-Date-61_1) | 3 |
| [Statement of Assets and Liabilities](#xx_137a4873-e213-4d34-87c8-4541b80cbcfb_FS-CommonContent-Date-61_1) | 8 |
| [Statement of Operations](#xx_137a4873-e213-4d34-87c8-4541b80cbcfb_FS-CommonContent-Date-61_3) | 10 |
| [Statement of Changes in Net Assets](#xx_137a4873-e213-4d34-87c8-4541b80cbcfb_FS-CommonContent-Date-61_4) | 11 |
| [Financial Highlights](#xx_137a4873-e213-4d34-87c8-4541b80cbcfb_FIHI-CommonContent-Date-61_2) | 14 |
| [Notes to Financial Statements](#xx_137a4873-e213-4d34-87c8-4541b80cbcfb_NTF-CommonContent-Date-61_1) | 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_137a4873-e213-4d34-87c8-4541b80cbcfb_AUD-CommonContent-Date-61_1) | 28 |
| [Federal Income Tax Information](#xx_137a4873-e213-4d34-87c8-4541b80cbcfb_CCH-CommonContent-Date-61_1) | 29 |

---

Columbia Dividend Opportunity Fund \| 2025

------

Portfolio of Investments

May 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

---

| | | |
|:---|:---|:---|
| **Common Stocks 95.1%** | **Common Stocks 95.1%** | **Common Stocks 95.1%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 4.8%** | **Communication Services 4.8%** | **Communication Services 4.8%** |
| **Diversified Telecommunication Services 3.4%** | **Diversified Telecommunication Services 3.4%** | **Diversified Telecommunication Services 3.4%** |
| AT&T, Inc. | &nbsp;&nbsp; 1410200 | &nbsp;&nbsp; 39203560 |
| Verizon Communications, Inc. | &nbsp;&nbsp; 700900 | &nbsp;&nbsp; 30811564 |
| Total |  | &nbsp;&nbsp; 70015124 |
| **Media 1.4%** | **Media 1.4%** | **Media 1.4%** |
| Comcast Corp., Class A | &nbsp;&nbsp; 855700 | &nbsp;&nbsp; 29581549 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **99596673** |
| **Consumer Discretionary 7.0%** | **Consumer Discretionary 7.0%** | **Consumer Discretionary 7.0%** |
| **Automobiles 0.7%** | **Automobiles 0.7%** | **Automobiles 0.7%** |
| Ford Motor Co. | &nbsp;&nbsp; 1480200 | &nbsp;&nbsp; 15364476 |
| **Distributors 0.9%** | **Distributors 0.9%** | **Distributors 0.9%** |
| Genuine Parts Co. | &nbsp;&nbsp; 148600 | &nbsp;&nbsp; 18800872 |
| **Hotels, Restaurants & Leisure 2.6%** | **Hotels, Restaurants & Leisure 2.6%** | **Hotels, Restaurants & Leisure 2.6%** |
| Darden Restaurants, Inc. | &nbsp;&nbsp; 85600 | &nbsp;&nbsp; 18336376 |
| McDonald's Corp. | &nbsp;&nbsp; 66100 | &nbsp;&nbsp; 20745485 |
| Starbucks Corp. | &nbsp;&nbsp; 173800 | &nbsp;&nbsp; 14590510 |
| Total |  | &nbsp;&nbsp; 53672371 |
| **Specialty Retail 2.5%** | **Specialty Retail 2.5%** | **Specialty Retail 2.5%** |
| Gap, Inc. (The) | &nbsp;&nbsp; 595500 | &nbsp;&nbsp; 13285605 |
| Home Depot, Inc. (The) | &nbsp;&nbsp; 103000 | &nbsp;&nbsp; 37933870 |
| Total |  | &nbsp;&nbsp; 51219475 |
| **Textiles, Apparel & Luxury Goods 0.3%** | **Textiles, Apparel & Luxury Goods 0.3%** | **Textiles, Apparel & Luxury Goods 0.3%** |
| Tapestry, Inc. | &nbsp;&nbsp; 73100 | &nbsp;&nbsp; 5742005 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **144799199** |
| **Consumer Staples 11.5%** | **Consumer Staples 11.5%** | **Consumer Staples 11.5%** |
| **Beverages 3.6%** | **Beverages 3.6%** | **Beverages 3.6%** |
| Coca-Cola Co. (The) | &nbsp;&nbsp; 618400 | &nbsp;&nbsp; 44586640 |
| PepsiCo, Inc. | &nbsp;&nbsp; 234300 | &nbsp;&nbsp; 30798735 |
| Total |  | &nbsp;&nbsp; 75385375 |
| **Consumer Staples Distribution & Retail 0.7%** | **Consumer Staples Distribution & Retail 0.7%** | **Consumer Staples Distribution & Retail 0.7%** |
| Target Corp. | &nbsp;&nbsp; 154000 | &nbsp;&nbsp; 14477540 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Food Products 1.4%** | **Food Products 1.4%** | **Food Products 1.4%** |
| ConAgra Foods, Inc. | &nbsp;&nbsp; 651300 | &nbsp;&nbsp; 14908257 |
| Kellanova | &nbsp;&nbsp; 173000 | &nbsp;&nbsp; 14294990 |
| Total |  | &nbsp;&nbsp; 29203247 |
| **Household Products 1.8%** | **Household Products 1.8%** | **Household Products 1.8%** |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 216400 | &nbsp;&nbsp; 36764196 |
| **Tobacco 4.0%** | **Tobacco 4.0%** | **Tobacco 4.0%** |
| Altria Group, Inc. | &nbsp;&nbsp; 392800 | &nbsp;&nbsp; 23807608 |
| Philip Morris International, Inc. | &nbsp;&nbsp; 326800 | &nbsp;&nbsp; 59016812 |
| Total |  | &nbsp;&nbsp; 82824420 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **238654778** |
| **Energy 8.2%** | **Energy 8.2%** | **Energy 8.2%** |
| **Oil, Gas & Consumable Fuels 8.2%** | **Oil, Gas & Consumable Fuels 8.2%** | **Oil, Gas & Consumable Fuels 8.2%** |
| Chevron Corp. | &nbsp;&nbsp; 314100 | &nbsp;&nbsp; 42937470 |
| Coterra Energy, Inc. | &nbsp;&nbsp; 232900 | &nbsp;&nbsp; 5661799 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 777100 | &nbsp;&nbsp; 79497330 |
| Kinder Morgan, Inc. | &nbsp;&nbsp; 727600 | &nbsp;&nbsp; 20401904 |
| Valero Energy Corp. | &nbsp;&nbsp; 155500 | &nbsp;&nbsp; 20054835 |
| Total |  | &nbsp;&nbsp; 168553338 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **168553338** |
| **Financials 18.6%** | **Financials 18.6%** | **Financials 18.6%** |
| **Banks 10.1%** | **Banks 10.1%** | **Banks 10.1%** |
| Bank of America Corp. | &nbsp;&nbsp; 894600 | &nbsp;&nbsp; 39478698 |
| Citigroup, Inc. | &nbsp;&nbsp; 373800 | &nbsp;&nbsp; 28154616 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 273000 | &nbsp;&nbsp; 72072000 |
| Truist Financial Corp. | &nbsp;&nbsp; 384300 | &nbsp;&nbsp; 15179850 |
| U.S. Bancorp | &nbsp;&nbsp; 575200 | &nbsp;&nbsp; 25072968 |
| Wells Fargo & Co. | &nbsp;&nbsp; 389000 | &nbsp;&nbsp; 29089420 |
| Total |  | &nbsp;&nbsp; 209047552 |
| **Capital Markets 5.4%** | **Capital Markets 5.4%** | **Capital Markets 5.4%** |
| Blackrock, Inc. | &nbsp;&nbsp; 21200 | &nbsp;&nbsp; 20773668 |
| Blackstone, Inc. | &nbsp;&nbsp; 103600 | &nbsp;&nbsp; 14375536 |
| CME Group, Inc. | &nbsp;&nbsp; 94000 | &nbsp;&nbsp; 27166000 |
| Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 48036000 |
| Total |  | &nbsp;&nbsp; 110351204 |

---

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

Columbia Dividend Opportunity Fund \| 2025

------

Portfolio of Investments (continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Insurance 2.1%** | **Insurance 2.1%** | **Insurance 2.1%** |
| American Financial Group, Inc. | &nbsp;&nbsp; 169500 | &nbsp;&nbsp; 21014610 |
| MetLife, Inc. | &nbsp;&nbsp; 285300 | &nbsp;&nbsp; 22418874 |
| Total |  | &nbsp;&nbsp; 43433484 |
| **Mortgage Real Estate Investment Trusts (REITS) 1.0%** | **Mortgage Real Estate Investment Trusts (REITS) 1.0%** | **Mortgage Real Estate Investment Trusts (REITS) 1.0%** |
| Starwood Property Trust, Inc. | &nbsp;&nbsp; 1054900 | &nbsp;&nbsp; 20834275 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **383666515** |
| **Health Care 11.7%** | **Health Care 11.7%** | **Health Care 11.7%** |
| **Biotechnology 3.8%** | **Biotechnology 3.8%** | **Biotechnology 3.8%** |
| AbbVie, Inc. | &nbsp;&nbsp; 316400 | &nbsp;&nbsp; 58885204 |
| Amgen, Inc. | &nbsp;&nbsp; 70600 | &nbsp;&nbsp; 20345508 |
| Total |  | &nbsp;&nbsp; 79230712 |
| **Health Care Equipment & Supplies 1.5%** | **Health Care Equipment & Supplies 1.5%** | **Health Care Equipment & Supplies 1.5%** |
| Medtronic PLC | &nbsp;&nbsp; 365300 | &nbsp;&nbsp; 30312594 |
| **Health Care Providers & Services 1.6%** | **Health Care Providers & Services 1.6%** | **Health Care Providers & Services 1.6%** |
| CVS Health Corp. | &nbsp;&nbsp; 279100 | &nbsp;&nbsp; 17873564 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 47600 | &nbsp;&nbsp; 14370916 |
| Total |  | &nbsp;&nbsp; 32244480 |
| **Pharmaceuticals 4.8%** | **Pharmaceuticals 4.8%** | **Pharmaceuticals 4.8%** |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 275300 | &nbsp;&nbsp; 13291484 |
| Johnson & Johnson | &nbsp;&nbsp; 311300 | &nbsp;&nbsp; 48316873 |
| Merck & Co., Inc. | &nbsp;&nbsp; 429600 | &nbsp;&nbsp; 33010464 |
| Pfizer, Inc. | &nbsp;&nbsp; 233500 | &nbsp;&nbsp; 5484915 |
| Total |  | &nbsp;&nbsp; 100103736 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **241891522** |
| **Industrials 8.6%** | **Industrials 8.6%** | **Industrials 8.6%** |
| **Aerospace & Defense 2.6%** | **Aerospace & Defense 2.6%** | **Aerospace & Defense 2.6%** |
| Lockheed Martin Corp. | &nbsp;&nbsp; 49800 | &nbsp;&nbsp; 24022524 |
| RTX Corp. | &nbsp;&nbsp; 221400 | &nbsp;&nbsp; 30216672 |
| Total |  | &nbsp;&nbsp; 54239196 |
| **Air Freight & Logistics 0.7%** | **Air Freight & Logistics 0.7%** | **Air Freight & Logistics 0.7%** |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 14631000 |
| **Building Products 0.6%** | **Building Products 0.6%** | **Building Products 0.6%** |
| Johnson Controls International PLC | &nbsp;&nbsp; 123900 | &nbsp;&nbsp; 12559743 |
| **Industrial Conglomerates 1.4%** | **Industrial Conglomerates 1.4%** | **Industrial Conglomerates 1.4%** |
| 3M Co. | &nbsp;&nbsp; 193300 | &nbsp;&nbsp; 28676055 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Machinery 1.5%** | **Machinery 1.5%** | **Machinery 1.5%** |
| PACCAR, Inc. | &nbsp;&nbsp; 104500 | &nbsp;&nbsp; 9807325 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp; 314900 | &nbsp;&nbsp; 20603907 |
| Total |  | &nbsp;&nbsp; 30411232 |
| **Passenger Airlines 0.8%** | **Passenger Airlines 0.8%** | **Passenger Airlines 0.8%** |
| Southwest Airlines Co. | &nbsp;&nbsp; 480600 | &nbsp;&nbsp; 16042428 |
| **Professional Services 1.0%** | **Professional Services 1.0%** | **Professional Services 1.0%** |
| Paychex, Inc. | &nbsp;&nbsp; 136200 | &nbsp;&nbsp; 21507342 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **178066996** |
| **Information Technology 10.6%** | **Information Technology 10.6%** | **Information Technology 10.6%** |
| **Communications Equipment 2.6%** | **Communications Equipment 2.6%** | **Communications Equipment 2.6%** |
| Cisco Systems, Inc. | &nbsp;&nbsp; 864700 | &nbsp;&nbsp; 54510688 |
| **Electronic Equipment, Instruments & Components 1.3%** | **Electronic Equipment, Instruments & Components 1.3%** | **Electronic Equipment, Instruments & Components 1.3%** |
| Corning, Inc. | &nbsp;&nbsp; 529400 | &nbsp;&nbsp; 26252946 |
| **IT Services 2.7%** | **IT Services 2.7%** | **IT Services 2.7%** |
| International Business Machines Corp. | &nbsp;&nbsp; 218200 | &nbsp;&nbsp; 56526892 |
| **Semiconductors & Semiconductor Equipment 3.1%** | **Semiconductors & Semiconductor Equipment 3.1%** | **Semiconductors & Semiconductor Equipment 3.1%** |
| Broadcom, Inc. | &nbsp;&nbsp; 105000 | &nbsp;&nbsp; 25417350 |
| Microchip Technology, Inc. | &nbsp;&nbsp; 83500 | &nbsp;&nbsp; 4846340 |
| QUALCOMM, Inc. | &nbsp;&nbsp; 66100 | &nbsp;&nbsp; 9597720 |
| Texas Instruments, Inc. | &nbsp;&nbsp; 132750 | &nbsp;&nbsp; 24273337 |
| Total |  | &nbsp;&nbsp; 64134747 |
| **Technology Hardware, Storage & Peripherals 0.9%** | **Technology Hardware, Storage & Peripherals 0.9%** | **Technology Hardware, Storage & Peripherals 0.9%** |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 667900 | &nbsp;&nbsp; 11541312 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp; 55300 | &nbsp;&nbsp; 6522082 |
| Total |  | &nbsp;&nbsp; 18063394 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **219488667** |
| **Materials 2.1%** | **Materials 2.1%** | **Materials 2.1%** |
| **Chemicals 1.3%** | **Chemicals 1.3%** | **Chemicals 1.3%** |
| LyondellBasell Industries NV, Class A | &nbsp;&nbsp; 179000 | &nbsp;&nbsp; 10111710 |
| Nutrien Ltd. | &nbsp;&nbsp; 281400 | &nbsp;&nbsp; 16611042 |
| Total |  | &nbsp;&nbsp; 26722752 |
| **Containers & Packaging 0.8%** | **Containers & Packaging 0.8%** | **Containers & Packaging 0.8%** |
| International Paper Co. | &nbsp;&nbsp; 356400 | &nbsp;&nbsp; 17039484 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **43762236** |

---

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

Columbia Dividend Opportunity Fund \| 2025

------

Portfolio of Investments (continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Real Estate 5.8%** | **Real Estate 5.8%** | **Real Estate 5.8%** |
| **Health Care REITs 0.5%** | **Health Care REITs 0.5%** | **Health Care REITs 0.5%** |
| Welltower, Inc. | &nbsp;&nbsp; 70500 | &nbsp;&nbsp; 10876740 |
| **Office REITs 0.8%** | **Office REITs 0.8%** | **Office REITs 0.8%** |
| BXP, Inc. | &nbsp;&nbsp; 232700 | &nbsp;&nbsp; 15667691 |
| **Retail REITs 1.8%** | **Retail REITs 1.8%** | **Retail REITs 1.8%** |
| Brixmor Property Group, Inc. | &nbsp;&nbsp; 642900 | &nbsp;&nbsp; 16336089 |
| Simon Property Group, Inc. | &nbsp;&nbsp; 122900 | &nbsp;&nbsp; 20041303 |
| Total |  | &nbsp;&nbsp; 36377392 |
| **Specialized REITs 2.7%** | **Specialized REITs 2.7%** | **Specialized REITs 2.7%** |
| American Tower Corp. | &nbsp;&nbsp; 85300 | &nbsp;&nbsp; 18309645 |
| Digital Realty Trust, Inc. | &nbsp;&nbsp; 133500 | &nbsp;&nbsp; 22897920 |
| Extra Space Storage, Inc. | &nbsp;&nbsp; 103900 | &nbsp;&nbsp; 15704485 |
| Total |  | &nbsp;&nbsp; 56912050 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **119833873** |
| **Utilities 6.2%** | **Utilities 6.2%** | **Utilities 6.2%** |
| **Electric Utilities 3.5%** | **Electric Utilities 3.5%** | **Electric Utilities 3.5%** |
| NextEra Energy, Inc. | &nbsp;&nbsp; 151700 | &nbsp;&nbsp; 10716088 |
| Southern Co. (The) | &nbsp;&nbsp; 385200 | &nbsp;&nbsp; 34668000 |
| Xcel Energy, Inc. | &nbsp;&nbsp; 372700 | &nbsp;&nbsp; 26126270 |
| Total |  | &nbsp;&nbsp; 71510358 |
| **Gas Utilities 1.1%** | **Gas Utilities 1.1%** | **Gas Utilities 1.1%** |
| UGI Corp. | &nbsp;&nbsp; 649200 | &nbsp;&nbsp; 23410152 |
| **Multi-Utilities 1.6%** | **Multi-Utilities 1.6%** | **Multi-Utilities 1.6%** |
| DTE Energy Co. | &nbsp;&nbsp; 149000 | &nbsp;&nbsp; 20360850 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp; 154500 | &nbsp;&nbsp; 12519135 |
| Total |  | &nbsp;&nbsp; 32879985 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **127800495** |
| Total Common Stocks <br>(Cost $1,382,143,417) | Total Common Stocks <br>(Cost $1,382,143,417) | &nbsp;&nbsp; **1966114292** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Convertible Bonds 0.7%** | **Convertible Bonds 0.7%** | **Convertible Bonds 0.7%** | **Convertible Bonds 0.7%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Healthcare REIT 0.7%** | **Healthcare REIT 0.7%** | **Healthcare REIT 0.7%** | **Healthcare REIT 0.7%** |
| Welltower OP LLC<sup>(a)</sup>  | Welltower OP LLC<sup>(a)</sup>  | Welltower OP LLC<sup>(a)</sup>  | Welltower OP LLC<sup>(a)</sup>  |
| 07/15/2029 | &nbsp;&nbsp; 3.125% | 10000000 | &nbsp;&nbsp; 13455000 |
| Total Convertible Bonds <br>(Cost $10,000,000) | Total Convertible Bonds <br>(Cost $10,000,000) | Total Convertible Bonds <br>(Cost $10,000,000) | &nbsp;&nbsp; **13455000** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Convertible Preferred Stocks 3.2%** | **Convertible Preferred Stocks 3.2%** | **Convertible Preferred Stocks 3.2%** | **Convertible Preferred Stocks 3.2%** |
| **Issuer** |  | **Shares** | **Value ($)** |
| **Financials 1.2%** | **Financials 1.2%** | **Financials 1.2%** | **Financials 1.2%** |
| **Capital Markets 0.7%** | **Capital Markets 0.7%** | **Capital Markets 0.7%** | **Capital Markets 0.7%** |
| Ares Management Corp. | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 295700 | &nbsp;&nbsp; 15500594 |
| **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** |
| Apollo Global Management, Inc. | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 150800 | &nbsp;&nbsp; 10544843 |
| **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **26045437** |
| **Industrials 0.5%** | **Industrials 0.5%** | **Industrials 0.5%** | **Industrials 0.5%** |
| **Aerospace & Defense 0.5%** | **Aerospace & Defense 0.5%** | **Aerospace & Defense 0.5%** | **Aerospace & Defense 0.5%** |
| Boeing Co. (The) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 143358 | &nbsp;&nbsp; 9721106 |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **9721106** |
| **Information Technology 1.0%** | **Information Technology 1.0%** | **Information Technology 1.0%** | **Information Technology 1.0%** |
| **Semiconductors & Semiconductor Equipment 0.6%** | **Semiconductors & Semiconductor Equipment 0.6%** | **Semiconductors & Semiconductor Equipment 0.6%** | **Semiconductors & Semiconductor Equipment 0.6%** |
| Microchip Technology, Inc. | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 205000 | &nbsp;&nbsp; 11346750 |
| **Technology Hardware, Storage & Peripherals 0.4%** | **Technology Hardware, Storage & Peripherals 0.4%** | **Technology Hardware, Storage & Peripherals 0.4%** | **Technology Hardware, Storage & Peripherals 0.4%** |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 171381 | &nbsp;&nbsp; 8772227 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **20118977** |
| **Utilities 0.5%** | **Utilities 0.5%** | **Utilities 0.5%** | **Utilities 0.5%** |
| **Electric Utilities 0.5%** | **Electric Utilities 0.5%** | **Electric Utilities 0.5%** | **Electric Utilities 0.5%** |
| Nextera Energy, Inc. | &nbsp;&nbsp; 7.234% | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 10660800 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **10660800** |
| Total Convertible Preferred Stocks <br>(Cost $59,941,751) | Total Convertible Preferred Stocks <br>(Cost $59,941,751) | Total Convertible Preferred Stocks <br>(Cost $59,941,751) | &nbsp;&nbsp; **66546320** |

---

---

| | | |
|:---|:---|:---|
| **Money Market Funds 0.8%** | **Money Market Funds 0.8%** | **Money Market Funds 0.8%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 4.495%<sup>(b),(c)</sup> <br>| &nbsp;&nbsp; 15694598 | &nbsp;&nbsp; 15689889 |
| Total Money Market Funds <br>(Cost $15,688,648) | Total Money Market Funds <br>(Cost $15,688,648) | &nbsp;&nbsp; **15689889** |
| **Total Investments in Securities** <br>**(Cost: $1,467,773,816)** | **Total Investments in Securities** <br>**(Cost: $1,467,773,816)** | &nbsp;&nbsp; **2061805501** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **4952923** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **2066758424** |

---

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

Columbia Dividend Opportunity Fund \| 2025

------

Portfolio of Investments (continued)

May 31, 2025

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents privately placed and other securities and instruments exempt from Securities
 and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only
 to qualified institutional buyers. At May 31, 2025, the total value of these securities amounted to $13,455,000, which represents 0.65% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the seven-day current annualized yield at May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Under Section 2(a)(3) of the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund.
 The value of the holdings and transactions in these affiliated companies during the year ended May 31, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 4.495% | Columbia Short-Term Cash Fund, 4.495% | Columbia Short-Term Cash Fund, 4.495% | Columbia Short-Term Cash Fund, 4.495% | Columbia Short-Term Cash Fund, 4.495% | Columbia Short-Term Cash Fund, 4.495% | Columbia Short-Term Cash Fund, 4.495% | Columbia Short-Term Cash Fund, 4.495% | Columbia Short-Term Cash Fund, 4.495% |
|  | 4275710 | &nbsp;&nbsp; 311685685 | &nbsp;&nbsp; (300272305)<br>| &nbsp;&nbsp; 799 | &nbsp;&nbsp; 15689889 | &nbsp;&nbsp; (3295)<br>| &nbsp;&nbsp; 734547 | &nbsp;&nbsp; 15694598 |

---

**Fair value measurements** 

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

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

■

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

■

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

■

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

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

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

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

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Communication Services | 99596673 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 99596673 |
| Consumer Discretionary | 144799199 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 144799199 |
| Consumer Staples | 238654778 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 238654778 |

---

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

Columbia Dividend Opportunity Fund \| 2025

------

Portfolio of Investments (continued)

May 31, 2025

**Fair value measurements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| Energy | 168553338 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 168553338 |
| Financials | 383666515 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 383666515 |
| Health Care | 241891522 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 241891522 |
| Industrials | 178066996 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 178066996 |
| Information Technology | 219488667 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 219488667 |
| Materials | 43762236 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43762236 |
| Real Estate | 119833873 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 119833873 |
| Utilities | 127800495 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 127800495 |
| Total Common Stocks | 1966114292 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1966114292 |
| Convertible Bonds |  | &nbsp;&nbsp;&nbsp;&nbsp; 13455000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13455000 |
| Convertible Preferred Stocks |  |  |  |  |
| Financials |  | &nbsp;&nbsp;&nbsp;&nbsp; 26045437 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26045437 |
| Industrials |  | &nbsp;&nbsp;&nbsp;&nbsp; 9721106 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9721106 |
| Information Technology |  | &nbsp;&nbsp;&nbsp;&nbsp; 20118977 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20118977 |
| Utilities |  | &nbsp;&nbsp;&nbsp;&nbsp; 10660800 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10660800 |
| Total Convertible Preferred Stocks |  | &nbsp;&nbsp;&nbsp;&nbsp; 66546320 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66546320 |
| Money Market Funds | 15689889 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15689889 |
| Total Investments in Securities | 1981804181 | &nbsp;&nbsp;&nbsp;&nbsp; 80001320 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2061805501 |

---

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

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

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

Columbia Dividend Opportunity Fund \| 2025

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Statement of Assets and Liabilities

May 31, 2025

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $1,452,085,168) | $2046115612 |
| Affiliated issuers (cost $15,688,648) | 15689889 |
| Receivable for: |  |
| Capital shares sold | 549013 |
| Dividends | 5370515 |
| Interest | 118056 |
| Foreign tax reclaims | 311085 |
| Prepaid expenses | 5973 |
| Other assets | 5633 |
| Total assets | 2068165776 |
| **Liabilities** |  |
| Payable for: |  |
| Capital shares redeemed | 795770 |
| Management services fees | 36375 |
| Distribution and/or service fees | 10021 |
| Transfer agent fees | 149297 |
| Compensation of board members | 3496 |
| Other expenses | 68109 |
| Deferred compensation of board members | 344284 |
| Total liabilities | 1407352 |
| **Net assets applicable to outstanding capital stock** | **$2066758424** |
| **Represented by** |  |
| Paid in capital | 1428848331 |
| Total distributable earnings (loss) | 637910093 |
| **Total - representing net assets applicable to outstanding capital stock** | **$2066758424** |

---

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

Columbia Dividend Opportunity Fund \| 2025

------

Statement of Assets and Liabilities (continued)

May 31, 2025

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets | $1165769545 |
| Shares outstanding | 30593544 |
| Net asset value per share | $38.11 |
| 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) | $40.44 |
| **Class C** |  |
| Net assets | $55624388 |
| Shares outstanding | 1516306 |
| Net asset value per share | $36.68 |
| **Institutional Class** |  |
| Net assets | $548695452 |
| Shares outstanding | 14284844 |
| Net asset value per share | $38.41 |
| **Institutional 2 Class** |  |
| Net assets | $91295685 |
| Shares outstanding | 2367571 |
| Net asset value per share | $38.56 |
| **Institutional 3 Class** |  |
| Net assets | $143040345 |
| Shares outstanding | 3616141 |
| Net asset value per share | $39.56 |
| **Class R** |  |
| Net assets | $37201631 |
| Shares outstanding | 976964 |
| Net asset value per share | $38.08 |
| **Class S** |  |
| Net assets | $25131378 |
| Shares outstanding | 654191 |
| Net asset value per share | $38.42 |

---

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

Columbia Dividend Opportunity Fund \| 2025

------

Statement of Operations

Year Ended May 31, 2025

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $74015912 |
| Dividends — affiliated issuers | 734547 |
| Interest | 531172 |
| European Union tax reclaim | 3205886 |
| Foreign taxes withheld | (42252)<br>|
| Total income | 78445265 |
| Expenses: |  |
| Management services fees | 13627946 |
| Distribution and/or service fees |  |
| Class A | 3002071 |
| Class C | 610168 |
| Class R | 192506 |
| Transfer agent fees |  |
| Class A | 1048810 |
| Advisor Class | 37620 |
| Class C | 53342 |
| Institutional Class | 465057 |
| Institutional 2 Class | 49707 |
| Institutional 3 Class | 8896 |
| Class R | 33628 |
| Class S | 15089 |
| Custodian fees | 15903 |
| Printing and postage fees | 81184 |
| Registration fees | 126338 |
| Accounting services fees | 33656 |
| Legal fees | 41735 |
| Compensation of chief compliance officer | 363 |
| Compensation of board members | 33718 |
| Deferred compensation of board members | 33346 |
| Other | 73451 |
| Total expenses | 19584534 |
| Expense reduction | (40)<br>|
| Total net expenses | 19584494 |
| **Net investment income** | 58860771 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 133933055 |
| Investments — affiliated issuers | (3295)<br>|
| Foreign currency translations | (2231)<br>|
| Net realized gain | 133927529 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 3991239 |
| Investments — affiliated issuers | 799 |
| Foreign currency translations | 29488 |
| Net change in unrealized appreciation (depreciation) | 4021526 |
| Net realized and unrealized gain | 137949055 |
| **Net increase in net assets resulting from operations** | **$196809826** |

---

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

Columbia Dividend Opportunity Fund \| 2025

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Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**May 31, 2025**<br>| **Year Ended** <br>**May 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $58860771 | &nbsp;&nbsp; $64249126 |
| Net realized gain | 133927529 | &nbsp;&nbsp; 25596628 |
| Net change in unrealized appreciation (depreciation) | 4021526 | &nbsp;&nbsp; 296981762 |
| Net increase in net assets resulting from operations | 196809826 | &nbsp;&nbsp; 386827516 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class A | (92132908)<br>| &nbsp;&nbsp; (44243471)<br>|
| Advisor Class | (1257877)<br>| &nbsp;&nbsp; (3304249)<br>|
| Class C | (4329500)<br>| &nbsp;&nbsp; (2343897)<br>|
| Institutional Class | (43610947)<br>| &nbsp;&nbsp; (22508408)<br>|
| Institutional 2 Class | (7021930)<br>| &nbsp;&nbsp; (4827384)<br>|
| Institutional 3 Class | (11033750)<br>| &nbsp;&nbsp; (5704750)<br>|
| Class R | (2851736)<br>| &nbsp;&nbsp; (1339030)<br>|
| Class S | (1754646)<br>| &nbsp;&nbsp; — |
| Total distributions to shareholders | (163993294)<br>| &nbsp;&nbsp; (84271189)<br>|
| Decrease in net assets from capital stock activity | (104862997)<br>| &nbsp;&nbsp; (419098384)<br>|
| Total decrease in net assets | (72046465)<br>| &nbsp;&nbsp; (116542057)<br>|
| Net assets at beginning of year | 2138804889 | &nbsp;&nbsp; 2255346946 |
| **Net assets at end of year** | **$2066758424** | &nbsp;&nbsp; **$2138804889** |

---

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

Columbia Dividend Opportunity Fund \| 2025

------

Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **May 31, 2025**  | **May 31, 2025**  | **May 31, 2024**  | **May 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class A |  |  |  |  |
| Shares sold | 953338 | &nbsp;&nbsp;&nbsp;&nbsp; 36787299 | &nbsp;&nbsp;&nbsp;&nbsp; 1001772 | &nbsp;&nbsp;&nbsp;&nbsp; 34850526 |
| Distributions reinvested | 2349929 | &nbsp;&nbsp;&nbsp;&nbsp; 90094989 | &nbsp;&nbsp;&nbsp;&nbsp; 1251643 | &nbsp;&nbsp;&nbsp;&nbsp; 43298522 |
| Shares redeemed | (4533829)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (174811544)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6435776)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (223437362)<br>|
| Net decrease | (1230562)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (47929256)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4182361)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (145288314)<br>|
| Advisor Class |  |  |  |  |
| Shares sold | 142493 | &nbsp;&nbsp;&nbsp;&nbsp; 5702053 | &nbsp;&nbsp;&nbsp;&nbsp; 452642 | &nbsp;&nbsp;&nbsp;&nbsp; 16273410 |
| Distributions reinvested | 31672 | &nbsp;&nbsp;&nbsp;&nbsp; 1252848 | &nbsp;&nbsp;&nbsp;&nbsp; 92421 | &nbsp;&nbsp;&nbsp;&nbsp; 3290032 |
| Shares redeemed | (2385676)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (101581519)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1128358)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (39733747)<br>|
| Net decrease | (2211511)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (94626618)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (583295)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20170305)<br>|
| Class C |  |  |  |  |
| Shares sold | 135739 | &nbsp;&nbsp;&nbsp;&nbsp; 5018799 | &nbsp;&nbsp;&nbsp;&nbsp; 140639 | &nbsp;&nbsp;&nbsp;&nbsp; 4732716 |
| Distributions reinvested | 115843 | &nbsp;&nbsp;&nbsp;&nbsp; 4283332 | &nbsp;&nbsp;&nbsp;&nbsp; 69506 | &nbsp;&nbsp;&nbsp;&nbsp; 2320025 |
| Shares redeemed | (552897)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20617728)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (947258)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31933143)<br>|
| Net decrease | (301315)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11315597)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (737113)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24880402)<br>|
| Institutional Class |  |  |  |  |
| Shares sold | 4188940 | &nbsp;&nbsp;&nbsp;&nbsp; 168808548 | &nbsp;&nbsp;&nbsp;&nbsp; 2360889 | &nbsp;&nbsp;&nbsp;&nbsp; 82811944 |
| Distributions reinvested | 1052146 | &nbsp;&nbsp;&nbsp;&nbsp; 40634866 | &nbsp;&nbsp;&nbsp;&nbsp; 607751 | &nbsp;&nbsp;&nbsp;&nbsp; 21154286 |
| Shares redeemed | (4202990)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (164671121)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7560230)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (267297485)<br>|
| Net increase (decrease) | 1038096 | &nbsp;&nbsp;&nbsp;&nbsp; 44772293 | &nbsp;&nbsp;&nbsp;&nbsp; (4591590)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (163331255)<br>|
| Institutional 2 Class |  |  |  |  |
| Shares sold | 565552 | &nbsp;&nbsp;&nbsp;&nbsp; 22067942 | &nbsp;&nbsp;&nbsp;&nbsp; 533753 | &nbsp;&nbsp;&nbsp;&nbsp; 18985457 |
| Distributions reinvested | 152416 | &nbsp;&nbsp;&nbsp;&nbsp; 5904553 | &nbsp;&nbsp;&nbsp;&nbsp; 122324 | &nbsp;&nbsp;&nbsp;&nbsp; 4276597 |
| Shares redeemed | (1003402)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (39259578)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1547061)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (55043383)<br>|
| Net decrease | (285434)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11287083)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (890984)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31781329)<br>|
| Institutional 3 Class |  |  |  |  |
| Shares sold | 590313 | &nbsp;&nbsp;&nbsp;&nbsp; 23276882 | &nbsp;&nbsp;&nbsp;&nbsp; 1536547 | &nbsp;&nbsp;&nbsp;&nbsp; 55656023 |
| Distributions reinvested | 243103 | &nbsp;&nbsp;&nbsp;&nbsp; 9663335 | &nbsp;&nbsp;&nbsp;&nbsp; 142779 | &nbsp;&nbsp;&nbsp;&nbsp; 5107022 |
| Shares redeemed | (1037959)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (42133122)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2543677)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (90715291)<br>|
| Net decrease | (204543)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9192905)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (864351)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29952246)<br>|
| Class R |  |  |  |  |
| Shares sold | 57411 | &nbsp;&nbsp;&nbsp;&nbsp; 2199421 | &nbsp;&nbsp;&nbsp;&nbsp; 108192 | &nbsp;&nbsp;&nbsp;&nbsp; 3742285 |
| Distributions reinvested | 74360 | &nbsp;&nbsp;&nbsp;&nbsp; 2849943 | &nbsp;&nbsp;&nbsp;&nbsp; 38639 | &nbsp;&nbsp;&nbsp;&nbsp; 1336317 |
| Shares redeemed | (181679)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7041317)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (252398)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8773135)<br>|
| Net decrease | (49908)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1991953)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (105567)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3694533)<br>|
| Class S |  |  |  |  |
| Shares sold | 768117 | &nbsp;&nbsp;&nbsp;&nbsp; 31233106 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | 45421 | &nbsp;&nbsp;&nbsp;&nbsp; 1754324 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Shares redeemed | (159347)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6279308)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net increase | 654191 | &nbsp;&nbsp;&nbsp;&nbsp; 26708122 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total net decrease** | **(2590986)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(104862997)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(11955261)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(419098384)**<br>|

---

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

Columbia Dividend Opportunity Fund \| 2025

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Columbia Dividend Opportunity Fund \| 2025

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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. 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,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year Ended 5/31/2025 | $37.61<br>| 1.03 <br><sup>(c)</sup><br>| 2.47<br>| 3.50<br>| &nbsp;&nbsp; (1.04) <br>| &nbsp;&nbsp; (1.96) <br>| &nbsp;&nbsp; (3.00) <br>|
| Year Ended 5/31/2024 | $32.75<br>| 0.99 <br><sup>(c)</sup><br>| 5.17<br>| 6.16<br>| &nbsp;&nbsp; (1.00) <br>| &nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp; (1.30) <br>|
| Year Ended 5/31/2023 | $38.28<br>| 1.04 <br><sup>(c)</sup><br>| &nbsp;&nbsp; (3.86) <br>| &nbsp;&nbsp; (2.82) <br>| &nbsp;&nbsp; (1.02) <br>| &nbsp;&nbsp; (1.69) <br>| &nbsp;&nbsp; (2.71) <br>|
| Year Ended 5/31/2022 | $39.82<br>| 1.04<br>| 2.32<br>| 3.36<br>| &nbsp;&nbsp; (1.05) <br>| &nbsp;&nbsp; (3.85) <br>| &nbsp;&nbsp; (4.90) <br>|
| Year Ended 5/31/2021<sup>(f)</sup> <br>| $30.78<br>| 1.01<br>| 9.43<br>| 10.44<br>| &nbsp;&nbsp; (1.12) <br>| &nbsp;&nbsp; (0.28) <br>| &nbsp;&nbsp; (1.40) <br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year Ended 5/31/2025 | $36.30<br>| 0.72 <br><sup>(c)</sup><br>| 2.37<br>| 3.09<br>| &nbsp;&nbsp; (0.75) <br>| &nbsp;&nbsp; (1.96) <br>| &nbsp;&nbsp; (2.71) <br>|
| Year Ended 5/31/2024 | $31.64<br>| 0.70 <br><sup>(c)</sup><br>| 5.00<br>| 5.70<br>| &nbsp;&nbsp; (0.74) <br>| &nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp; (1.04) <br>|
| Year Ended 5/31/2023 | $37.06<br>| 0.75 <br><sup>(c)</sup><br>| &nbsp;&nbsp; (3.73) <br>| &nbsp;&nbsp; (2.98) <br>| &nbsp;&nbsp; (0.75) <br>| &nbsp;&nbsp; (1.69) <br>| &nbsp;&nbsp; (2.44) <br>|
| Year Ended 5/31/2022 | $38.69<br>| 0.72<br>| 2.25<br>| 2.97<br>| &nbsp;&nbsp; (0.75) <br>| &nbsp;&nbsp; (3.85) <br>| &nbsp;&nbsp; (4.60) <br>|
| Year Ended 5/31/2021<sup>(f)</sup> <br>| $29.93<br>| 0.74<br>| 9.18<br>| 9.92<br>| &nbsp;&nbsp; (0.88) <br>| &nbsp;&nbsp; (0.28) <br>| &nbsp;&nbsp; (1.16) <br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Year Ended 5/31/2025 | $37.89<br>| 1.14 <br><sup>(c)</sup><br>| 2.48<br>| 3.62<br>| &nbsp;&nbsp; (1.14) <br>| &nbsp;&nbsp; (1.96) <br>| &nbsp;&nbsp; (3.10) <br>|
| Year Ended 5/31/2024 | $32.98<br>| 1.08 <br><sup>(c)</sup><br>| 5.22<br>| 6.30<br>| &nbsp;&nbsp; (1.09) <br>| &nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp; (1.39) <br>|
| Year Ended 5/31/2023 | $38.54<br>| 1.13 <br><sup>(c)</sup><br>| &nbsp;&nbsp; (3.88) <br>| &nbsp;&nbsp; (2.75) <br>| &nbsp;&nbsp; (1.12) <br>| &nbsp;&nbsp; (1.69) <br>| &nbsp;&nbsp; (2.81) <br>|
| Year Ended 5/31/2022 | $40.06<br>| 1.15<br>| 2.33<br>| 3.48<br>| &nbsp;&nbsp; (1.15) <br>| &nbsp;&nbsp; (3.85) <br>| &nbsp;&nbsp; (5.00) <br>|
| Year Ended 5/31/2021<sup>(f)</sup> <br>| $30.95<br>| 1.10<br>| 9.49<br>| 10.59<br>| &nbsp;&nbsp; (1.20) <br>| &nbsp;&nbsp; (0.28) <br>| &nbsp;&nbsp; (1.48) <br>|
| **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** |
| Year Ended 5/31/2025 | $38.03<br>| 1.15 <br><sup>(c)</sup><br>| 2.49<br>| 3.64<br>| &nbsp;&nbsp; (1.15) <br>| &nbsp;&nbsp; (1.96) <br>| &nbsp;&nbsp; (3.11) <br>|
| Year Ended 5/31/2024 | $33.09<br>| 1.10 <br><sup>(c)</sup><br>| 5.24<br>| 6.34<br>| &nbsp;&nbsp; (1.10) <br>| &nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp; (1.40) <br>|
| Year Ended 5/31/2023 | $38.66<br>| 1.15 <br><sup>(c)</sup><br>| &nbsp;&nbsp; (3.90) <br>| &nbsp;&nbsp; (2.75) <br>| &nbsp;&nbsp; (1.13) <br>| &nbsp;&nbsp; (1.69) <br>| &nbsp;&nbsp; (2.82) <br>|
| Year Ended 5/31/2022 | $40.18<br>| 1.17<br>| 2.33<br>| 3.50<br>| &nbsp;&nbsp; (1.17) <br>| &nbsp;&nbsp; (3.85) <br>| &nbsp;&nbsp; (5.02) <br>|
| Year Ended 5/31/2021<sup>(f)</sup> <br>| $31.04<br>| 1.12<br>| 9.52<br>| 10.64<br>| &nbsp;&nbsp; (1.22) <br>| &nbsp;&nbsp; (0.28) <br>| &nbsp;&nbsp; (1.50) <br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Year Ended 5/31/2025 | $38.93<br>| 1.20 <br><sup>(c)</sup><br>| 2.56<br>| 3.76<br>| &nbsp;&nbsp; (1.17) <br>| &nbsp;&nbsp; (1.96) <br>| &nbsp;&nbsp; (3.13) <br>|
| Year Ended 5/31/2024 | $33.85<br>| 1.14 <br><sup>(c)</sup><br>| 5.36<br>| 6.50<br>| &nbsp;&nbsp; (1.12) <br>| &nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp; (1.42) <br>|
| Year Ended 5/31/2023 | $39.48<br>| 1.20 <br><sup>(c)</sup><br>| &nbsp;&nbsp; (3.99) <br>| &nbsp;&nbsp; (2.79) <br>| &nbsp;&nbsp; (1.15) <br>| &nbsp;&nbsp; (1.69) <br>| &nbsp;&nbsp; (2.84) <br>|
| Year Ended 5/31/2022 | $40.92<br>| 1.21<br>| 2.39<br>| 3.60<br>| &nbsp;&nbsp; (1.19) <br>| &nbsp;&nbsp; (3.85) <br>| &nbsp;&nbsp; (5.04) <br>|
| Year Ended 5/31/2021<sup>(f)</sup> <br>| $31.59<br>| 1.16<br>| 9.68<br>| 10.84<br>| &nbsp;&nbsp; (1.23) <br>| &nbsp;&nbsp; (0.28) <br>| &nbsp;&nbsp; (1.51) <br>|

---

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

Columbia Dividend Opportunity Fund \| 2025

------

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $38.11<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.68% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1165770<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $37.61<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.84% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1196911<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $32.75<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.70%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.95% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1179047<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $38.28<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99% <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1391270<br>|
|  Year Ended 5/31/2021 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $39.82<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.85%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.98%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1375445<br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $36.68<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $55624<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $36.30<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.35%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.08% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $65979<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $31.64<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.41%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $80832<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $37.06<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74% <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $94620<br>|
|  Year Ended 5/31/2021 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $38.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.05%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $104339<br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $38.41<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.95% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $548695<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $37.89<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.54%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.08% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $501940<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $32.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.48%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.20% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $588310<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $38.54<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.32%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74% <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $597311<br>|
|  Year Ended 5/31/2021 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $40.06<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.23%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $572007<br>|
| **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** |
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $38.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.97% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $91296<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $38.03<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.60%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.14% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $100890<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $33.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.44%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.24% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $117286<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $38.66<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.35%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $123165<br>|
|  Year Ended 5/31/2021 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $40.18<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.37%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $134775<br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $39.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.01% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $143040<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $38.93<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.16% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $148758<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $33.85<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.41%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.30% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $158595<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $39.48<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $146214<br>|
|  Year Ended 5/31/2021 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $40.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $145247<br>|

---

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

Columbia Dividend Opportunity Fund \| 2025

------

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year Ended 5/31/2025 | $37.59<br>| 0.94 <br><sup>(c)</sup><br>| 2.46<br>| 3.40<br>| &nbsp;&nbsp; (0.95) <br>| &nbsp;&nbsp; (1.96) <br>| &nbsp;&nbsp; (2.91) <br>|
| Year Ended 5/31/2024 | $32.73<br>| 0.90 <br><sup>(c)</sup><br>| 5.18<br>| 6.08<br>| &nbsp;&nbsp; (0.92) <br>| &nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp; (1.22) <br>|
| Year Ended 5/31/2023 | $38.25<br>| 0.95 <br><sup>(c)</sup><br>| &nbsp;&nbsp; (3.85) <br>| &nbsp;&nbsp; (2.90) <br>| &nbsp;&nbsp; (0.93) <br>| &nbsp;&nbsp; (1.69) <br>| &nbsp;&nbsp; (2.62) <br>|
| Year Ended 5/31/2022 | $39.79<br>| 0.94<br>| 2.32<br>| 3.26<br>| &nbsp;&nbsp; (0.95) <br>| &nbsp;&nbsp; (3.85) <br>| &nbsp;&nbsp; (4.80) <br>|
| Year Ended 5/31/2021<sup>(f)</sup> <br>| $30.76<br>| 0.92<br>| 9.43<br>| 10.35<br>| &nbsp;&nbsp; (1.04) <br>| &nbsp;&nbsp; (0.28) <br>| &nbsp;&nbsp; (1.32) <br>|
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| Year Ended 5/31/2025<sup>(g)</sup> <br>| $40.55<br>| 0.77 <br><sup>(c)</sup><br>| &nbsp;&nbsp; (0.37 )<sup>(h)</sup><br>| 0.40<br>| &nbsp;&nbsp; (0.57) <br>| &nbsp;&nbsp; (1.96) <br>| &nbsp;&nbsp; (2.53) <br>|

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **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) | Includes income resulting from European Union tax reclaims. The effect of these amounted to: |

---

---

| | | |
|:---|:---|:---|
| **Class** | **Net Investment income per share ($)** | **Net Investment income ratio (%)** |
| **Year Ended 5/31/2025** |  |  |
| Class A | 0.06 | 0.15 |
| Class C | 0.06 | 0.15 |
| Institutional Class | 0.06 | 0.15 |
| Institutional 2 Class | 0.06 | 0.15 |
| Institutional 3 Class | 0.06 | 0.15 |
| Class R | 0.06 | 0.15 |
| Class S | 0.04 | 0.15 |
| **Year Ended 5/31/2024** |  |  |
| Class A | 0.05 | 0.14 |
| Class C | 0.05 | 0.14 |
| Institutional Class | 0.05 | 0.14 |
| Institutional 2 Class | 0.05 | 0.14 |
| Institutional 3 Class | 0.05 | 0.14 |
| Class R | 0.05 | 0.14 |
| **Year Ended 5/31/2023** |  |  |
| Class A | lessthan<br> 0.01<br>| 0.01 |
| Class C | lessthan<br> 0.01<br>| 0.01 |
| Institutional Class | lessthan<br> 0.01<br>| 0.01 |
| Institutional 2 Class | lessthan<br> 0.01<br>| 0.01 |
| Institutional 3 Class | lessthan<br> 0.01<br>| 0.01 |
| Class R | lessthan<br> 0.01<br>| 0.01 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(d) The benefits derived from expense reductions had an impact of less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Ratios include interfund lending expense which is less than 0.01%.

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Class S shares commenced operations on October 2, 2024. Per share data and total return
 reflect activity from that date.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Calculation of the net gain (loss) per share (both realized and unrealized) does not
 correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to timing of Fund shares sold and redeemed in relation
 to fluctuations in the market value of the portfolio. For a new share class, the difference may be due to the timing of the commencement of operations for the share
 class.

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

Columbia Dividend Opportunity Fund \| 2025

------

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $38.08<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.43% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $37202<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $37.59<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25% <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.59% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $38595<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $32.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.93%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25% <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.70% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $37060<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $38.25<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24% <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.39%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $40089<br>|
|  Year Ended 5/31/2021 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $39.79<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.60%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $39905<br>|
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
|  Year Ended 5/31/2025 <br><sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $38.42<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.02% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $25131<br>|

---

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

Columbia Dividend Opportunity Fund \| 2025

------

Notes to Financial Statements

May 31, 2025

Note 1. Organization

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

**Fund shares**

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

As described in the Fund's prospectus, Class A and Class C shares are offered to the general public for investment. Class C shares automatically convert to Class A shares after 8 years. Institutional Class, Institutional 2 Class, Institutional 3 Class, Class R and Class S shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund's prospectus. Class S shares commenced operations on October 2, 2024.

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

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

Note 2. Summary of significant accounting policies

**Basis of preparation**

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

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

**Segment reporting**

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

Columbia Dividend Opportunity Fund \| 2025

------

Notes to Financial Statements (continued)

May 31, 2025

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

**Security valuation**

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

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

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

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

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

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

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

Columbia Dividend Opportunity Fund \| 2025

------

Notes to Financial Statements (continued)

May 31, 2025

**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.

**Security transactions**

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

**Income recognition**

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

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

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

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

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

**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.

Columbia Dividend Opportunity Fund \| 2025

------

Notes to Financial Statements (continued)

May 31, 2025

**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.

**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.

The Fund may file withholding tax reclaims in certain European Union countries to recover a portion of foreign taxes previously withheld on dividends earned, which may be reclaimable based upon certain provisions in the Treaty on the Functioning of the European Union (EU) and subsequent rulings by the European Court of Justice. The Fund may record a reclaim receivable when the amount is known, the Fund has received notice of a pending refund, and there are no significant uncertainties on collectability. Income received from EU reclaims is included in the Statement of Operations.

**Distributions to shareholders**

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

**Guarantees and indemnifications**

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

**Recent accounting pronouncements and regulatory updates**

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

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

Columbia Dividend Opportunity Fund \| 2025

------

Notes to Financial Statements (continued)

May 31, 2025

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 0.72% to 0.52% as the Fund's net assets increase. The effective management services fee rate for the year ended May 31, 2025 was 0.64% of the Fund's average daily net assets.

**Compensation of Board members**

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

**Compensation of Chief Compliance Officer**

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

**Transfer agency fees**

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

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

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

Columbia Dividend Opportunity Fund \| 2025

------

Notes to Financial Statements (continued)

May 31, 2025

For the year ended May 31, 2025, the Fund's effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

---

| | |
|:---|:---|
|  | **Effective rate (%)** |
| Class A | 0.09 |
| Advisor Class | 0.04 <br><sup>(a)</sup><br>|
| Class C | 0.09 |
| Institutional Class | 0.09 |
| Institutional 2 Class | 0.06 |
| Institutional 3 Class | 0.01 |
| Class R | 0.09 |
| Class S | 0.09 <br><sup>(b)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Unannualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annualized.

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended May 31, 2025, these minimum account balance fees reduced total expenses of the Fund by $40.

**Distribution and service fees**

The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution, the Fund pays a fee at the maximum annual 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 $766,000 for Class C shares. This amount is based on the most recent information available as of March 31, 2025, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.

**Sales charges (unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | **Amount ($)** |
| Class A | 5.75<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.50 - 1.00 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 283059 |
| Class C | —<br> &nbsp;&nbsp;&nbsp;&nbsp; 1.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4341 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

Columbia Dividend Opportunity Fund \| 2025

------

Notes to Financial Statements (continued)

May 31, 2025

**Expenses waived/reimbursed by the Investment Manager and its affiliates**

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **October 1, 2024** <br>**through** <br>**September 30, 2025 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Prior to** <br>**October 1, 2024 (%)**<br>|
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

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

Note 4. Federal tax information

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

At May 31, 2025, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, investments in certain convertible securities, deemed distributions, 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** <br>**investment** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gain ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Paid in** <br>**capital ($)**<br>|
| (2179)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6520821)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6523000 |

---

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 Dividend Opportunity Fund \| 2025

------

Notes to Financial Statements (continued)

May 31, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year Ended May 31, 2025** | **Year Ended May 31, 2025** | **Year Ended May 31, 2025** | **Year Ended May 31, 2024** | **Year Ended May 31, 2024** | **Year Ended May 31, 2024** |
| **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** |
| 59008768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104984526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163993294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65865484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18405705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84271189 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Undistributed** <br>**ordinary income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Undistributed** <br>**long-term** <br>**capital gains ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Capital loss** <br>**carryforwards ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 10914021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38095470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 589270145 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Federal** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 1472535356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615368589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26098444)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 589270145 |

---

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

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $765,200,658 and $981,251,332, respectively, for the year ended May 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

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

Note 7. Interfund lending

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

Columbia Dividend Opportunity Fund \| 2025

------

Notes to Financial Statements (continued)

May 31, 2025

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

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

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 24, 2024 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $900 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 24, 2024 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

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

Note 9. Significant risks

**Market risk**

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

**Shareholder concentration risk**

At May 31, 2025, affiliated shareholders of record owned 54.5% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Columbia Dividend Opportunity Fund \| 2025

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Notes to Financial Statements (continued)

May 31, 2025

Note 10. Subsequent events

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

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Dividend Opportunity Fund \| 2025

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Dividend Opportunity Fund**

***Opinion on the Financial Statements***

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

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

July 23, 2025

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

Columbia Dividend Opportunity Fund \| 2025

------

Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended May 31, 2025. Shareholders will be notified in early 2026 of the amounts for use in preparing 2025 income tax returns.

---

| | | |
|:---|:---|:---|
| **Qualified** <br>**dividend** <br>**income**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends** <br>**received** <br>**deduction**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Capital** <br>**gain** <br>**dividend**<br>|
| 100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $140117956 |

---

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.

Columbia Dividend Opportunity Fund \| 2025

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**Columbia Dividend Opportunity Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](imgb84d2ddb2.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to** 

columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

ANN140_05_R01_(07/25)

------

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.

The fees and expenses of the independent trustees are included in "Compensation of board members" and "Deferred compensation of board members" on each Fund's Statement of Operations as part of the Registrant's financial statements filed under Item 7 of this Form N-CSR. Additionally, the compensation paid by the Trust to the Chief Compliance Officer is included in "Compensation of chief compliance officer" on each Fund's Statement of Operations as part of the Registrant's financial statements filed under Item 7 of this Form N-CSR.

------

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

Not applicable.

------

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) Code of ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE ETH.](Code_of_Ethics.htm)

[(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.](302_Certification.htm)

[(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.](906_Certification.htm)

------

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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;(registrant) | &nbsp;&nbsp;Columbia Funds Series Trust II |
| &nbsp;&nbsp;By (Signature and Title) | &nbsp;&nbsp;/s/ Daniel J. Beckman |
|  | &nbsp;&nbsp;Daniel J. Beckman, President and Principal Executive Officer |
| &nbsp;&nbsp;Date | &nbsp;&nbsp;July 23, 2025 |

---

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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;By (Signature and Title) | &nbsp;&nbsp;/s/ Daniel J. Beckman |
|  | &nbsp;&nbsp;Daniel J. Beckman, President and Principal Executive Officer |
| &nbsp;&nbsp;Date | &nbsp;&nbsp;July 23, 2025 |
| &nbsp;&nbsp;By (Signature and Title) | &nbsp;&nbsp; /s/ Michael G. Clarke |
|  | &nbsp;&nbsp;Michael G. Clarke, Chief Financial Officer, |
|  | &nbsp;&nbsp;Principal Financial Officer and Senior Vice President |
| &nbsp;&nbsp;Date | &nbsp;&nbsp;July 23, 2025 |
| &nbsp;&nbsp;By (Signature and Title) | &nbsp;&nbsp;/s/ Charles H. Chiesa |
|  | &nbsp;&nbsp;Charles H. Chiesa, Treasurer, Chief Accounting |
|  | &nbsp;&nbsp;Officer and Principal Financial Officer |
| &nbsp;&nbsp;Date | &nbsp;&nbsp;July 23, 2025 |

---

------

## Ex-99.Code

![Image is missing](ginu5fos99pjt28df8nvp.jpg)

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

**COLUMBIA FUNDS**

**WANGER ADVISORS TRUST / COLUMBIA ACORN TRUST**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Applicable Regulatory Authority** | &nbsp;&nbsp;&nbsp;Section 406 of the Sarbanes-Oxley Act of 2002; |
|  | &nbsp;&nbsp;&nbsp;Item 2 of Form N-CSR |
| &nbsp;&nbsp;**Related Policies** | &nbsp;&nbsp;&nbsp;Overview and Implementation of Compliance Program |
|  | &nbsp;&nbsp;&nbsp;Policy |
| &nbsp;&nbsp;**Requires Annual Board Approval** | &nbsp;&nbsp;&nbsp;No but Covered Officers Must provide annual |
|  | &nbsp;&nbsp;&nbsp;certification |
| &nbsp;&nbsp;**Last Reviewed by AMC** | &nbsp;&nbsp;&nbsp;September 2024 |

---

**<u>Overview and Statement</u>**

Item 2 of Form N-CSR, the form used by registered management investment companies to file certified annual and semi-annual shareholder reports, requires a registered management investment company to disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Whether it has adopted a code of ethics that applies to the investment company's principal executive officer and senior financial officers and, if it has not adopted such a code of ethics, why it has not done so; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any amendments to, or waivers from, the code of ethics relating to such officers.

The Boards (the Board of the Columbia Funds ("Columbia Board") and the Boards of the Columbia Acorn Trust ("CAT") and the Wanger Advisors Trust ("WAT") (collectively, "Columbia Acorn Board" and together with the Columbia Board, the "Boards") have adopted the following Code of Ethics for Principle Executive and Senior Financial Officers (the "Code"), which sets forth the ethical standards to which the Funds holds their principal executive officer and each of its senior financial officers.

This Code should be read and interpreted in conjunction with the Overview and Implementation of Compliance Program Policy.

**<u>Policy</u>**

The Boards have adopted the Code in order to comply with applicable regulatory requirements as outlined below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.Covered Officers/Purpose of the Code**

This Code applies to the Fund's Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer or Controller (the "Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

Proprietary and Confidential Page 1 of 9

![Image is missing](gn8e94glioc7ztpy13qpl.jpg)

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the SEC, and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual or apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.Administration of the Code**

The Boards have designated an individual to be primarily responsible for the administration of the Code (the "Code Officer"). In the absence of the Code Officer, his or her designee shall serve as the Code Officer, but only on a temporary basis.

The Boards have designated a person who meets the definition of a Chief Legal Officer (the "CLO") for purposes of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder as the Fund's CLO. The CLO of the Fund shall assist the Fund's Code

Officer in administration of this Code. The Code Officer, in consultation with the CLO, shall be responsible for applying this Code to specific situations (in consultation with Fund counsel, where appropriate) and has the authority to interpret this Code in any particular situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.Managing Conflicts of Interest**

A "conflict of interest" occurs when a Covered Officer's personal interest interferes with the interests of, or his or her service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of the Covered Officer's position with the Fund. Certain provisions in the 1940 Act and the rules and regulations thereunder and the Advisers Act and the rules and regulations thereunder govern certain conflicts of interest that arise out of the relationships between Covered Officers and the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. The Fund's and its Adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of those provisions. This Code does not, and is not intended to, repeat or replace those programs and procedures, and conduct that is consistent with such programs and procedures falls outside of the parameters of this Code.

Although they do not typically present an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationships between the Fund and, as applicable, its Adviser (Columbia Management Investment Advisers, LLC

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

Proprietary and Confidential Page 2 of 9

![Image is missing](ghrceov66gplrh8r98l1y.jpg)

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

("CMIA") for the Columbia Funds and Columbia Wanger Asset Management, LLC ("CWAM") for the WAT / CAT Funds), administrator, principal underwriter, pricing and bookkeeping agent and/or transfer agent (each, a "Primary Service Provider") of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for a Primary Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Primary Service Providers and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Fund and the Primary Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. In addition, it is recognized by the Boards of the Funds that the Covered Officers also may be officers or employees of one or more other investment companies or organizations affiliated with the sponsor of the Funds covered by other similar codes and that the codes of ethics of those other investment companies or organizations will apply to the Covered Officers acting in such capacities for such other investment companies.

This Code covers general conflicts of interest and other issues applicable to the Funds under the Sarbanes-Oxley Act of 2002. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interests of the Funds. Certain examples of such conflicts of interest follow.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer, or a member of his or her family, would knowingly benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Not knowingly cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer, or a member of his or her family, rather than the benefit of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Not use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Report at least annually (or more frequently, as appropriate) known affiliations or other relationships that may give rise to conflicts of interest with respect to the Fund.

If a Covered Officer believes that he or she has a potential conflict of interest that is likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as a Covered Officer, including a potential conflict of interest that arises out of his or her responsibilities as an officer or employee of one or more Primary

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

Proprietary and Confidential Page 3 of 9

![Image is missing](g29kwhj0d9cchya8vwzl9.jpg)

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

Service Providers or other funds, he or she should consult with the Code Officer, the CLO, the Fund's outside counsel, or counsel to the Independent Board Members, as appropriate.

Examples of potential conflicts of interest that may materially compromise objectivity or ability to perform the duties of a Covered Officer and which the Covered Officer should consider discussing with the Code Officer or other appropriate person include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Service as a director on the board of a public or private company or service as a public official;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The receipt of a non-de minimus gift when the gift is in relation to doing business directly or indirectly with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The receipt of entertainment from any company with which the Fund has current or prospective business dealings, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An ownership interest in, or any consulting or employment relationship with, any of the Fund's service providers, other than the Primary Service Providers or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A direct or indirect material financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure and Compliance

It is the responsibility of each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To familiarize himself or herself with the disclosure requirements generally applicable to the Fund, as well as the business and financial operations of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To not knowingly misrepresent, and to not knowingly cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's Board, Legal Counsel, Independent Legal Counsel and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Fund and the Primary Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To adhere to and, within his or her area of responsibility, promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

Proprietary and Confidential Page 4 of 9

![Image is missing](gae1yrgikxpshpqi76gx4.jpg)

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.Reporting and Accountability by Covered Officers** Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Upon adoption of the Code or becoming a Covered Officer, acknowledge in writing to the Fund's Board that he or she has received, read and understands the Code, using the form attached as Appendix A hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Annually thereafter acknowledge in writing to the Fund's Board that he or she has received and read the Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix B hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Not retaliate against any employee or Covered Officer for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Notify the Code Officer promptly if he or she knows of any violation, or of conduct that reasonably could be expected to be or result in a violation, of this Code. Failure to do so is a violation of this Code.

The Fund will follow the policy set forth below in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Code Officer will endeavor to take all appropriate action to investigate any potential violation reported to him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If, after such investigation, the Code Officer believes that no violation has occurred, the Code Officer will so notify the person(s) reporting the potential violation, and no further action is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any matter that the Code Officer, upon consultation with the CLO, believes is a violation will be reported by the Code Officer or the CLO to the Fund's Audit

Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Fund's Audit Committee will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•This Code and any changes to or waivers of the Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other Policies

This Code shall be the sole code of ethics adopted by the Fund for the purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered management investment companies thereunder. Insofar as other policies or procedures of the Fund or the Fund's Primary Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Fund's and its Adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the 1940 Act and the more detailed policies and procedures of the

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

Proprietary and Confidential Page 5 of 9

![Image is missing](gutw4d4s60wc80sno8l51.jpg)

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

Primary Service Providers as set forth in their respect Compliance Manuals are separate requirements applicable to the Covered Officers and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Disclosure of Amendments to the Code

Any amendments will, to the extent required, be disclosed in accordance with law.

&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or upon advice of counsel, such reports and records shall not be disclosed to anyone other than the Fund's Board, the Covered Officers, the Code Officer, the CLO, the Fund's Primary Service Providers and their affiliates, and outside audit firms, legal counsel to the Fund and legal counsel to the Independent Board Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal Use

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

**Reporting Requirements**

Each Covered Officer must annually acknowledge in writing to the Fund's Board that he or she has received and read the Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix II hereto.

The Code Officer or CLO shall report to the Fund's Audit Committee any violations of, or material issues arising under, this Code.

If the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation to the Fund's Board, which will consider appropriate action, which may include review of, and appropriate modifications to: Applicable policies and procedures; Notification to the appropriate personnel of the Fund's Primary Service Providers or their boards; A recommendation to censure, suspend or dismiss the Covered Officer; or Referral of the matter to the appropriate authorities for civil action or criminal prosecution.

All material amendments to this Code must be in writing and approved or ratified by the Fund's Board, including a majority of the Independent Board Members.

The Code Officer, in conjunction with the CLO, shall be responsible for administration of this Code and for adopting procedures to ensure compliance with the requirements set forth herein.

Any issues that arise under this policy should be communicated to an employee's immediate supervisor, and appropriately escalated to AMC. Additionally, AMC will escalate any compliance issues relating to this Code to the Fund CCO and, if warranted, the appropriate Fund Board.

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

Proprietary and Confidential Page 6 of 9

![Image is missing](g1gfkjur7r1pf2gehhwlm.jpg)

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

**Monitoring/Oversight/Escalation**

The Code Officer shall be responsible for oversight of compliance with this Code by the Covered Officers. AMC and Ameriprise Risk & Control Services may perform periodic reviews and assessments of various lines of business, including their compliance with this Code.

**Recordkeeping**

All records must be maintained for at least seven years, the first three in the appropriate Ameriprise Financial, Inc. management office. The following records will be maintained to evidence compliance with this Code: (1) a copy of the information or materials supplied to the Audit Committee or the Board: (i) that provided the basis for any amendment or waiver to this Code; and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Audit Committee and/or Board; (2) a copy of the policy and any amendments; and (3) a list of Covered Officers and reporting by Covered Officers.

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

Proprietary and Confidential Page 7 of 9

**Appendix A**

**INITIAL ACKNOWLEDGEMENT**

I acknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I have set forth below (and on attached sheets of paper, if necessary) all known affiliations or other relationships that may give rise to conflicts of interest for me with respect to the Fund.

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

I also acknowledge my responsibility to report any known violation of the Code to the Code Officer, the CLO, the Fund's outside counsel, or counsel to the Independent Board Members, all as defined in this Code. I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.

**Covered Officer Name and Title: <u>_______________________________________________</u>**

(please print)

<u>____________________________________________________________________________</u>

SignatureDate

Please return this completed form to the CLO (_______) within one week from the date of your

review of these documents. Thank you!

![Image is missing](gnbk1ckhx3uzlbw3edcki.jpg)

**Appendix B**

**ANNUAL ACKNOWLEDGEMENT**

I acknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge that I believe that I have fully complied with the terms and provisions of the Code during the period of time since the most recent Initial or Annual Acknowledgement provided by me except as described below.

______________________________________________________________

______________________________________________________________

______________________________________________________________

I have set forth below (and on attached sheets of paper, if necessary) all known affiliations or other relationships that may give rise to conflicts of interest for me with respect to the Fund.<sup>1</sup>

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.

**Covered Officer Name and Title: <u>_______________________________________________</u>**

(please print)

<u>____________________________________________________________________________</u>

SignatureDate

Please return this completed form to the CLO (_______) within one week from the date of your

receipt of a request to complete and return it. Thank you!

1It is acceptable to refer to affiliations and other relationships previously disclosed in prior Initial or Annual Acknowledgements without setting forth such affiliations and relationships again.

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## Ex-99.Cert

I, Daniel J. Beckman, certify that:

1. I have reviewed this report on Form N-CSR of Columbia Funds Series Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: July 23, 2025 | /s/ Daniel J. Beckman |
|  | Daniel J. Beckman, President and Principal |
|  | Executive Officer |

---

I, Michael G. Clarke, certify that:

1. I have reviewed this report on Form N-CSR of Columbia Funds Series Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: July 23, 2025 |  | /s/ Michael G. Clarke |
|  | Michael G. Clarke, Chief Financial Officer, | Michael G. Clarke, Chief Financial Officer, |
|  | Principal Financial Officer and Senior Vice | Principal Financial Officer and Senior Vice |
|  | President | President |

---

I, Charles H. Chiesa, certify that:

1. I have reviewed this report on Form N-CSR of Columbia Funds Series Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: July 23, 2025 | /s/ Charles H. Chiesa |
|  | Charles H. Chiesa, Treasurer, Chief Accounting |
|  | Officer and Principal Financial Officer |

---

------

## Exhibit 99.906

CERTIFICATION PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Columbia Funds Series Trust II (the "Trust") on Form N-CSR for the period ending May 31, 2025 as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that, to his knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | |
|:---|:---|
| Date: July 23, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | <u>/s/ Daniel J. Beckman</u>  |
|  | Daniel J. Beckman, President and Principal Executive Officer  |

---

---

| | |
|:---|:---|
| Date: July 23, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | <u>/s/ Michael G. Clarke</u>  |
|  | Michael G. Clarke, Chief Financial Officer,  |
|  | Principal Financial Officer and Senior Vice President  |

---

---

| | |
|:---|:---|
| Date: July 23, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | <u>/s/ Charles H. Chiesa</u>  |
|  | Charles H. Chiesa, Treasurer, Chief Accounting  |
|  | Officer and Principal Financial Officer  |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Form N-CSR with the Commission.

------