# EDGAR Filing Document

**Accession Number:** 0001352280
**File Stem:** 0001145549-25-050345
**Filing Date:** 2025-8
**Character Count:** 332265
**Document Hash:** c9edbe3884a2ca61ebcccbe6590e42c5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-050345.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0001145549-25-050345

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 44

**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:** 251179549

**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 Quality Income Fund (Series ID: S000031344)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000097356 | Columbia Quality Income Fund Class A               | AUGAX           |
| C000097358 | Columbia Quality Income Fund Class C               | AUGCX           |
| C000097361 | Columbia Quality Income Fund Institutional Class   | CUGZX           |
| C000121134 | Columbia Quality Income Fund Institutional 2 Class | CGVRX           |
| C000149222 | Columbia Quality Income Fund Institutional 3 Class | CUGYX           |

?xml version='1.0' encoding='ASCII'? 8ddce969e078cdd

#### 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 Quality Income Fund

Class A / AUGAX

![FundLogo](images_1933.jpg)

Annual Shareholder Report \| May 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class A | $93 | 0.89% |

---

#### 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

**Interest rate positioning** \| The Fund's positioning with respect to interest rates contributed most to relative and absolute outperformance. Specifically, the Fund had an above-benchmark stance with respect to duration and corresponding interest rate sensitivity as short- and intermediate-term U.S. Treasury yields moved lower over the period. The Fund's rate positioning also benefitted from a steepening yield curve over the period.

**Agency residential mortgage-backed securities** \| Performance for the Fund's agency passthrough and collateralized mortgage obligation (CMO) holdings gained against a backdrop of falling interest rates and a steepening yield curve.

**Non-agency residential mortgage-backed securities** \| Non-agency residential mortgage-backed securities drove relative (the benchmark does not hold these securities) and absolute outperformance as housing fundamentals remained strong and borrower delinquencies remained low.

Top Performance Detractors

There were no material detractors to Fund 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_3659177.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class A (excluding sales charges) | 8.81 | (0.89) | 0.85 |
| Class A (including sales charges) | 5.54 | (1.49) | 0.54 |
| Bloomberg U.S. Mortgage-Backed Securities Index | 5.88 | (0.97) | 1.04 |
| Bloomberg U.S. Aggregate Bond Index | 5.46 | (0.90) | 1.49 |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1274068619 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;339 |
| **Management services fees<br>(represents 0.49% of Fund average net assets)** | &nbsp;&nbsp;&nbsp;&nbsp;$6652421 |
| **Portfolio turnover for the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;330% |
| **Portfolio turnover for the reporting period excluding to be announced (TBA) securities** | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

#### 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.

Bond ratings on Fund holdings are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody's Ratings, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated by Moody's Ratings, S&P or Fitch, but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily.

Top Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<br>06/13/2054 4.500% | 8.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<br>06/12/2055 3.500% | 7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association TBA<br>06/20/2054 4.500% | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association<br>05/20/2051 2.500% | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<br>06/18/2040 3.000% | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association<br>08/01/2052 4.000% | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<br>06/13/2054 3.000% | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association<br>11/01/2052 4.500% | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<br>06/13/2054 2.000% | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp.<br>08/01/2052 3.000% | 1.6% |

---

Asset Categories

![Graphical Representation - Allocation 1 Chart](chartimages_3659166.jpg)

Credit Quality

![Graphical Representation - Allocation 2 Chart](chartimages_3659174.jpg)

#### Availability of Ad dition al 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 Quality Income Fund \| Class A \| ASR236_01_(07/25)

Columbia Quality Income Fund

Class C / AUGCX

![FundLogo](images_1933.jpg)

Annual Shareholder Report \| May 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class C | $170 | 1.64% |

---

#### 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

**Interest rate positioning** \| The Fund's positioning with respect to interest rates contributed most to relative and absolute outperformance. Specifically, the Fund had an above-benchmark stance with respect to duration and corresponding interest rate sensitivity as short- and intermediate-term U.S. Treasury yields moved lower over the period. The Fund's rate positioning also benefitted from a steepening yield curve over the period.

**Agency residential mortgage-backed securities** \| Performance for the Fund's agency passthrough and collateralized mortgage obligation (CMO) holdings gained against a backdrop of falling interest rates and a steepening yield curve.

**Non-agency residential mortgage-backed securities** \| Non-agency residential mortgage-backed securities drove relative (the benchmark does not hold these securities) and absolute outperformance as housing fundamentals remained strong and borrower delinquencies remained low.

Top Performance Detractors

There were no material detractors to Fund 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_3659255.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class C (excluding sales charges) | 7.99 | (1.63) | 0.09 |
| Class C (including sales charges) | 6.99 | (1.63) | 0.09 |
| Bloomberg U.S. Mortgage-Backed Securities Index | 5.88 | (0.97) | 1.04 |
| Bloomberg U.S. Aggregate Bond Index | 5.46 | (0.90) | 1.49 |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1274068619 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;339 |
| **Management services fees<br>(represents 0.49% of Fund average net assets)** | &nbsp;&nbsp;&nbsp;&nbsp;$6652421 |
| **Portfolio turnover for the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;330% |
| **Portfolio turnover for the reporting period excluding to be announced (TBA) securities** | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

#### 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.

Bond ratings on Fund holdings are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody's Ratings, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated by Moody's Ratings, S&P or Fitch, but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily.

Top Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<br>06/13/2054 4.500% | 8.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<br>06/12/2055 3.500% | 7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association TBA<br>06/20/2054 4.500% | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association<br>05/20/2051 2.500% | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<br>06/18/2040 3.000% | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association<br>08/01/2052 4.000% | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<br>06/13/2054 3.000% | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association<br>11/01/2052 4.500% | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<br>06/13/2054 2.000% | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp.<br>08/01/2052 3.000% | 1.6% |

---

Asset Categories

![Graphical Representation - Allocation 1 Chart](chartimages_3659244.jpg)

Credit Quality

![Graphical Representation - Allocation 2 Chart](chartimages_3659245.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 Quality Income Fund \| Class C \| ASR236_04_(07/25)

Columbia Quality Income Fund

Institutional Class / CUGZX

![FundLogo](images_1933.jpg)

Annual Shareholder Report \| May 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional Class | $67 | 0.64% |

---

#### 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

**Interest rate positioning** \| The Fund's positioning with respect to interest rates contributed most to relative and absolute outperformance. Specifically, the Fund had an above-benchmark stance with respect to duration and corresponding interest rate sensitivity as short- and intermediate-term U.S. Treasury yields moved lower over the period. The Fund's rate positioning also benefitted from a steepening yield curve over the period.

**Agency residential mortgage-backed securities** \| Performance for the Fund's agency passthrough and collateralized mortgage obligation (CMO) holdings gained against a backdrop of falling interest rates and a steepening yield curve.

**Non-agency residential mortgage-backed securities** \| Non-agency residential mortgage-backed securities drove relative (the benchmark does not hold these securities) and absolute outperformance as housing fundamentals remained strong and borrower delinquencies remained low.

Top Performance Detractors

There were no material detractors to Fund 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_3659186.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Institutional Class | 9.08 | (0.65) | 1.10 |
| Bloomberg U.S. Mortgage-Backed Securities Index | 5.88 | (0.97) | 1.04 |
| Bloomberg U.S. Aggregate Bond Index | 5.46 | (0.90) | 1.49 |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1274068619 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;339 |
| **Management services fees<br>(represents 0.49% of Fund average net assets)** | &nbsp;&nbsp;&nbsp;&nbsp;$6652421 |
| **Portfolio turnover for the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;330% |
| **Portfolio turnover for the reporting period excluding to be announced (TBA) securities** | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

#### 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.

Bond ratings on Fund holdings are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody's Ratings, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated by Moody's Ratings, S&P or Fitch, but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily.

Top Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<br>06/13/2054 4.500% | 8.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<br>06/12/2055 3.500% | 7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association TBA<br>06/20/2054 4.500% | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association<br>05/20/2051 2.500% | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<br>06/18/2040 3.000% | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association<br>08/01/2052 4.000% | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<br>06/13/2054 3.000% | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association<br>11/01/2052 4.500% | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<br>06/13/2054 2.000% | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp.<br>08/01/2052 3.000% | 1.6% |

---

Asset Categories

![Graphical Representation - Allocation 1 Chart](chartimages_3659187.jpg)

Credit Quality

![Graphical Representation - Allocation 2 Chart](chartimages_3659195.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 Quality Income Fund \| Institutional Class \| ASR236_08_(07/25)

Columbia Quality Income Fund

Institutional 2 Class / CGVRX

![FundLogo](images_1933.jpg)

Annual Shareholder Report \| May 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 2 Class | $57 | 0.55% |

---

#### 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

**Interest rate positioning** \| The Fund's positioning with respect to interest rates contributed most to relative and absolute outperformance. Specifically, the Fund had an above-benchmark stance with respect to duration and corresponding interest rate sensitivity as short- and intermediate-term U.S. Treasury yields moved lower over the period. The Fund's rate positioning also benefitted from a steepening yield curve over the period.

**Agency residential mortgage-backed securities** \| Performance for the Fund's agency passthrough and collateralized mortgage obligation (CMO) holdings gained against a backdrop of falling interest rates and a steepening yield curve.

**Non-agency residential mortgage-backed securities** \| Non-agency residential mortgage-backed securities drove relative (the benchmark does not hold these securities) and absolute outperformance as housing fundamentals remained strong and borrower delinquencies remained low.

Top Performance Detractors

There were no material detractors to Fund 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_3659216.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Institutional 2 Class | 9.18 | (0.56) | 1.19 |
| Bloomberg U.S. Mortgage-Backed Securities Index | 5.88 | (0.97) | 1.04 |
| Bloomberg U.S. Aggregate Bond Index | 5.46 | (0.90) | 1.49 |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1274068619 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;339 |
| **Management services fees<br>(represents 0.49% of Fund average net assets)** | &nbsp;&nbsp;&nbsp;&nbsp;$6652421 |
| **Portfolio turnover for the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;330% |
| **Portfolio turnover for the reporting period excluding to be announced (TBA) securities** | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

#### 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.

Bond ratings on Fund holdings are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody's Ratings, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated by Moody's Ratings, S&P or Fitch, but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily.

Top Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<br>06/13/2054 4.500% | 8.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<br>06/12/2055 3.500% | 7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association TBA<br>06/20/2054 4.500% | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association<br>05/20/2051 2.500% | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<br>06/18/2040 3.000% | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association<br>08/01/2052 4.000% | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<br>06/13/2054 3.000% | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association<br>11/01/2052 4.500% | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<br>06/13/2054 2.000% | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp.<br>08/01/2052 3.000% | 1.6% |

---

Asset Categories

![Graphical Representation - Allocation 1 Chart](chartimages_3659217.jpg)

Credit Quality

![Graphical Representation - Allocation 2 Chart](chartimages_3659225.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 Quality Income Fund \| Institutional 2 Class \| ASR236_15_(07/25)

Columbia Quality Income Fund

Institutional 3 Class / CUGYX

![FundLogo](images_1933.jpg)

Annual Shareholder Report \| May 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 3 Class | $52 | 0.50% |

---

#### 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

**Interest rate positioning** \| The Fund's positioning with respect to interest rates contributed most to relative and absolute outperformance. Specifically, the Fund had an above-benchmark stance with respect to duration and corresponding interest rate sensitivity as short- and intermediate-term U.S. Treasury yields moved lower over the period. The Fund's rate positioning also benefitted from a steepening yield curve over the period.

**Agency residential mortgage-backed securities** \| Performance for the Fund's agency passthrough and collateralized mortgage obligation (CMO) holdings gained against a backdrop of falling interest rates and a steepening yield curve.

**Non-agency residential mortgage-backed securities** \| Non-agency residential mortgage-backed securities drove relative (the benchmark does not hold these securities) and absolute outperformance as housing fundamentals remained strong and borrower delinquencies remained low.

Top Performance Detractors

There were no material detractors to Fund 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_3659207.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Institutional 3 Class | 9.25 | (0.52) | 1.26 |
| Bloomberg U.S. Mortgage-Backed Securities Index | 5.88 | (0.97) | 1.04 |
| Bloomberg U.S. Aggregate Bond Index | 5.46 | (0.90) | 1.49 |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1274068619 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;339 |
| **Management services fees<br>(represents 0.49% of Fund average net assets)** | &nbsp;&nbsp;&nbsp;&nbsp;$6652421 |
| **Portfolio turnover for the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;330% |
| **Portfolio turnover for the reporting period excluding to be announced (TBA) securities** | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

#### 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.

Bond ratings on Fund holdings are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody's Ratings, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated by Moody's Ratings, S&P or Fitch, but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily.

Top Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<br>06/13/2054 4.500% | 8.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<br>06/12/2055 3.500% | 7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association TBA<br>06/20/2054 4.500% | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association<br>05/20/2051 2.500% | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<br>06/18/2040 3.000% | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association<br>08/01/2052 4.000% | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<br>06/13/2054 3.000% | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association<br>11/01/2052 4.500% | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<br>06/13/2054 2.000% | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp.<br>08/01/2052 3.000% | 1.6% |

---

Asset Categories

![Graphical Representation - Allocation 1 Chart](chartimages_3659196.jpg)

Credit Quality

![Graphical Representation - Allocation 2 Chart](chartimages_3659204.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 Quality Income Fund \| Institutional 3 Class \| ASR236_17_(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;53156 | &nbsp;&nbsp;52505 | &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.

------

![](img89404b001.jpg)

Columbia Quality Income 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_9479c68f-e739-46b8-965b-e49a422361dd_POI-CommonContent-Date-226_1) | 3 |
| [Statement of Assets and Liabilities](#xx_9479c68f-e739-46b8-965b-e49a422361dd_FS-CommonContent-Date-226_1) | 18 |
| [Statement of Operations](#xx_9479c68f-e739-46b8-965b-e49a422361dd_FS-CommonContent-Date-226_3) | 20 |
| [Statement of Changes in Net Assets](#xx_9479c68f-e739-46b8-965b-e49a422361dd_FS-CommonContent-Date-226_4) | 21 |
| [Financial Highlights](#xx_9479c68f-e739-46b8-965b-e49a422361dd_FIHI-CommonContent-Date-226_2) | 24 |
| [Notes to Financial Statements](#xx_9479c68f-e739-46b8-965b-e49a422361dd_NTF-CommonContent-Date-226_1) | 28 |
| [Report of Independent Registered Public Accounting Firm](#xx_9479c68f-e739-46b8-965b-e49a422361dd_AUD-CommonContent-Date-226_1) | 46 |
| [Federal Income Tax Information](#xx_9479c68f-e739-46b8-965b-e49a422361dd_CCH-CommonContent-Date-226_1) | 47 |

---

Columbia Quality Income Fund \| 2025

------

Portfolio of Investments

May 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency 10.1%** | **Asset-Backed Securities - Non-Agency 10.1%** | **Asset-Backed Securities - Non-Agency 10.1%** | **Asset-Backed Securities - Non-Agency 10.1%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| ACHV ABS Trust<sup>(a)</sup>  | ACHV ABS Trust<sup>(a)</sup>  | ACHV ABS Trust<sup>(a)</sup>  | ACHV ABS Trust<sup>(a)</sup>  |
| Subordinated Series 2023-3PL Class C | Subordinated Series 2023-3PL Class C | Subordinated Series 2023-3PL Class C | Subordinated Series 2023-3PL Class C |
| 08/19/2030 | &nbsp;&nbsp; 7.350% | 1000918 | &nbsp;&nbsp; 1002818 |
| Subordinated Series 2024-1PL Class C | Subordinated Series 2024-1PL Class C | Subordinated Series 2024-1PL Class C | Subordinated Series 2024-1PL Class C |
| 04/25/2031 | &nbsp;&nbsp; 6.420% | 1055324 | &nbsp;&nbsp; 1060171 |
| Affirm Asset Securitization Trust<sup>(a)</sup>  | Affirm Asset Securitization Trust<sup>(a)</sup>  | Affirm Asset Securitization Trust<sup>(a)</sup>  | Affirm Asset Securitization Trust<sup>(a)</sup>  |
| Series 2023-B Class A | Series 2023-B Class A | Series 2023-B Class A | Series 2023-B Class A |
| 09/15/2028 | &nbsp;&nbsp; 6.820% | 4250000 | &nbsp;&nbsp; 4275731 |
| Affirm Asset Securitization Trust<sup>(a),(b),(c)</sup>  | Affirm Asset Securitization Trust<sup>(a),(b),(c)</sup>  | Affirm Asset Securitization Trust<sup>(a),(b),(c)</sup>  | Affirm Asset Securitization Trust<sup>(a),(b),(c)</sup>  |
| Series 2024-X2 Class CERT | Series 2024-X2 Class CERT | Series 2024-X2 Class CERT | Series 2024-X2 Class CERT |
| 12/17/2029 | &nbsp;&nbsp; 0.000% | 22000 | &nbsp;&nbsp; 1156650 |
| Apidos CLO XXVIII<sup>(a),(d)</sup>  | Apidos CLO XXVIII<sup>(a),(d)</sup>  | Apidos CLO XXVIII<sup>(a),(d)</sup>  | Apidos CLO XXVIII<sup>(a),(d)</sup>  |
| Series 2017-28A Class B | Series 2017-28A Class B | Series 2017-28A Class B | Series 2017-28A Class B |
| 3-month Term SOFR + 1.962% <br>Floor 1.700% <br>01/20/2031<br>| &nbsp;&nbsp; 6.231% | 8000000 | &nbsp;&nbsp; 8017632 |
| ASP WHCO Participation LP<sup>(a),(d),(e)</sup>  | ASP WHCO Participation LP<sup>(a),(d),(e)</sup>  | ASP WHCO Participation LP<sup>(a),(d),(e)</sup>  | ASP WHCO Participation LP<sup>(a),(d),(e)</sup>  |
| 30-day Average SOFR + 2.400% <br>Floor 3.000% <br>03/29/2029<br>| &nbsp;&nbsp; 6.713% | 7600000 | &nbsp;&nbsp; 7600000 |
| Bain Capital Credit CLO Ltd.<sup>(a),(d)</sup>  | Bain Capital Credit CLO Ltd.<sup>(a),(d)</sup>  | Bain Capital Credit CLO Ltd.<sup>(a),(d)</sup>  | Bain Capital Credit CLO Ltd.<sup>(a),(d)</sup>  |
| Series 2019-4A Class DRR | Series 2019-4A Class DRR | Series 2019-4A Class DRR | Series 2019-4A Class DRR |
| 3-month Term SOFR + 2.900% <br>Floor 2.900% <br>04/23/2035<br>| &nbsp;&nbsp; 7.179% | 5000000 | &nbsp;&nbsp; 4996920 |
| Carlyle Global Market Strategies CLO Ltd.<sup>(a),(d)</sup>  | Carlyle Global Market Strategies CLO Ltd.<sup>(a),(d)</sup>  | Carlyle Global Market Strategies CLO Ltd.<sup>(a),(d)</sup>  | Carlyle Global Market Strategies CLO Ltd.<sup>(a),(d)</sup>  |
| Series 2013-3A Class BR | Series 2013-3A Class BR | Series 2013-3A Class BR | Series 2013-3A Class BR |
| 3-month Term SOFR + 1.962% <br>Floor 1.700% <br>10/15/2030<br>| &nbsp;&nbsp; 6.218% | 6750000 | &nbsp;&nbsp; 6754212 |
| Madison Park Funding XVIII Ltd.<sup>(a),(d)</sup>  | Madison Park Funding XVIII Ltd.<sup>(a),(d)</sup>  | Madison Park Funding XVIII Ltd.<sup>(a),(d)</sup>  | Madison Park Funding XVIII Ltd.<sup>(a),(d)</sup>  |
| Series 2015-18A Class CRR | Series 2015-18A Class CRR | Series 2015-18A Class CRR | Series 2015-18A Class CRR |
| 3-month Term SOFR + 2.162% <br>Floor 1.900% <br>10/21/2030<br>| &nbsp;&nbsp; 6.431% | 17075000 | &nbsp;&nbsp; 17093509 |
| MPOWER Education Trust<sup>(a)</sup>  | MPOWER Education Trust<sup>(a)</sup>  | MPOWER Education Trust<sup>(a)</sup>  | MPOWER Education Trust<sup>(a)</sup>  |
| Series 2025-A Class B | Series 2025-A Class B | Series 2025-A Class B | Series 2025-A Class B |
| 07/21/2042 | &nbsp;&nbsp; 8.470% | 2000000 | &nbsp;&nbsp; 2029020 |
| Subordinated Series 2024-A Class B | Subordinated Series 2024-A Class B | Subordinated Series 2024-A Class B | Subordinated Series 2024-A Class B |
| 07/22/2041 | &nbsp;&nbsp; 8.350% | 3000000 | &nbsp;&nbsp; 3061329 |
| NetCredit Combined Receivables A LLC<sup>(a),(e)</sup>  | NetCredit Combined Receivables A LLC<sup>(a),(e)</sup>  | NetCredit Combined Receivables A LLC<sup>(a),(e)</sup>  | NetCredit Combined Receivables A LLC<sup>(a),(e)</sup>  |
| Series 2025-A Class A | Series 2025-A Class A | Series 2025-A Class A | Series 2025-A Class A |
| 10/20/2031 | &nbsp;&nbsp; 7.290% | 3000000 | &nbsp;&nbsp; 2999850 |
| Netcredit Combined Receivables LLC<sup>(a)</sup>  | Netcredit Combined Receivables LLC<sup>(a)</sup>  | Netcredit Combined Receivables LLC<sup>(a)</sup>  | Netcredit Combined Receivables LLC<sup>(a)</sup>  |
| Series 2023-A Class A | Series 2023-A Class A | Series 2023-A Class A | Series 2023-A Class A |
| 12/20/2027 | &nbsp;&nbsp; 7.780% | 442162 | &nbsp;&nbsp; 445046 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Pagaya AI Debt Grantor Trust<sup>(a)</sup>  | Pagaya AI Debt Grantor Trust<sup>(a)</sup>  | Pagaya AI Debt Grantor Trust<sup>(a)</sup>  | Pagaya AI Debt Grantor Trust<sup>(a)</sup>  |
| Subordinated Series 2024-10 Class B | Subordinated Series 2024-10 Class B | Subordinated Series 2024-10 Class B | Subordinated Series 2024-10 Class B |
| 06/15/2032 | &nbsp;&nbsp; 5.750% | 3501736 | &nbsp;&nbsp; 3522513 |
| Subordinated Series 2024-9 Class C | Subordinated Series 2024-9 Class C | Subordinated Series 2024-9 Class C | Subordinated Series 2024-9 Class C |
| 03/15/2032 | &nbsp;&nbsp; 5.774% | 2596337 | &nbsp;&nbsp; 2598774 |
| Pagaya AI Debt Selection Trust<sup>(a)</sup>  | Pagaya AI Debt Selection Trust<sup>(a)</sup>  | Pagaya AI Debt Selection Trust<sup>(a)</sup>  | Pagaya AI Debt Selection Trust<sup>(a)</sup>  |
| Series 2021-2 Class NOTE | Series 2021-2 Class NOTE | Series 2021-2 Class NOTE | Series 2021-2 Class NOTE |
| 01/25/2029 | &nbsp;&nbsp; 3.000% | 275937 | &nbsp;&nbsp; 273125 |
| Pagaya AI Debt Trust<sup>(a)</sup>  | Pagaya AI Debt Trust<sup>(a)</sup>  | Pagaya AI Debt Trust<sup>(a)</sup>  | Pagaya AI Debt Trust<sup>(a)</sup>  |
| Series 2022-5 Class A | Series 2022-5 Class A | Series 2022-5 Class A | Series 2022-5 Class A |
| 06/17/2030 | &nbsp;&nbsp; 8.096% | 707213 | &nbsp;&nbsp; 710456 |
| Series 2023-3 Class A | Series 2023-3 Class A | Series 2023-3 Class A | Series 2023-3 Class A |
| 12/16/2030 | &nbsp;&nbsp; 7.600% | 23715 | &nbsp;&nbsp; 23739 |
| Series 2023-8 Class A | Series 2023-8 Class A | Series 2023-8 Class A | Series 2023-8 Class A |
| 06/16/2031 | &nbsp;&nbsp; 7.299% | 735384 | &nbsp;&nbsp; 746325 |
| Subordinated Series 2022-3 Class B | Subordinated Series 2022-3 Class B | Subordinated Series 2022-3 Class B | Subordinated Series 2022-3 Class B |
| 03/15/2030 | &nbsp;&nbsp; 8.050% | 638015 | &nbsp;&nbsp; 638674 |
| Subordinated Series 2023-5 Class C | Subordinated Series 2023-5 Class C | Subordinated Series 2023-5 Class C | Subordinated Series 2023-5 Class C |
| 04/15/2031 | &nbsp;&nbsp; 9.099% | 3669598 | &nbsp;&nbsp; 3687194 |
| Subordinated Series 2023-6 Class C | Subordinated Series 2023-6 Class C | Subordinated Series 2023-6 Class C | Subordinated Series 2023-6 Class C |
| 06/16/2031 | &nbsp;&nbsp; 8.491% | 2599333 | &nbsp;&nbsp; 2613969 |
| Subordinated Series 2024-2 Class B | Subordinated Series 2024-2 Class B | Subordinated Series 2024-2 Class B | Subordinated Series 2024-2 Class B |
| 08/15/2031 | &nbsp;&nbsp; 6.611% | 8729535 | &nbsp;&nbsp; 8782976 |
| Subordinated Series 2024-3 Class B | Subordinated Series 2024-3 Class B | Subordinated Series 2024-3 Class B | Subordinated Series 2024-3 Class B |
| 10/15/2031 | &nbsp;&nbsp; 6.571% | 3566293 | &nbsp;&nbsp; 3600973 |
| Subordinated Series 2024-3 Class C | Subordinated Series 2024-3 Class C | Subordinated Series 2024-3 Class C | Subordinated Series 2024-3 Class C |
| 10/15/2031 | &nbsp;&nbsp; 7.297% | 4797758 | &nbsp;&nbsp; 4830743 |
| PAGAYA AI Debt Trust<sup>(a),(f)</sup>  | PAGAYA AI Debt Trust<sup>(a),(f)</sup>  | PAGAYA AI Debt Trust<sup>(a),(f)</sup>  | PAGAYA AI Debt Trust<sup>(a),(f)</sup>  |
| Subordinated Series 2022-3 Class AB | Subordinated Series 2022-3 Class AB | Subordinated Series 2022-3 Class AB | Subordinated Series 2022-3 Class AB |
| 03/15/2030 | &nbsp;&nbsp; 7.576% | 479064 | &nbsp;&nbsp; 479560 |
| Palmer Square Loan Funding Ltd.<sup>(a),(d)</sup>  | Palmer Square Loan Funding Ltd.<sup>(a),(d)</sup>  | Palmer Square Loan Funding Ltd.<sup>(a),(d)</sup>  | Palmer Square Loan Funding Ltd.<sup>(a),(d)</sup>  |
| Series 2021-4A Class B | Series 2021-4A Class B | Series 2021-4A Class B | Series 2021-4A Class B |
| 3-month Term SOFR + 2.012% <br>Floor 1.750% <br>10/15/2029<br>| &nbsp;&nbsp; 6.268% | 12000000 | &nbsp;&nbsp; 12011556 |
| Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup>  | Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup>  | Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup>  | Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup>  |
| Series 2021-2A Class A | Series 2021-2A Class A | Series 2021-2A Class A | Series 2021-2A Class A |
| 03/25/2030 | &nbsp;&nbsp; 2.650% | 1695359 | &nbsp;&nbsp; 1655936 |
| Sound Point IV-R CLO Ltd.<sup>(a),(d)</sup>  | Sound Point IV-R CLO Ltd.<sup>(a),(d)</sup>  | Sound Point IV-R CLO Ltd.<sup>(a),(d)</sup>  | Sound Point IV-R CLO Ltd.<sup>(a),(d)</sup>  |
| Series 2013-3RA Class B | Series 2013-3RA Class B | Series 2013-3RA Class B | Series 2013-3RA Class B |
| 3-month Term SOFR + 2.012% <br>Floor 1.750% <br>04/18/2031<br>| &nbsp;&nbsp; 6.281% | 10000000 | &nbsp;&nbsp; 10013520 |
| Theorem Funding Trust<sup>(a)</sup>  | Theorem Funding Trust<sup>(a)</sup>  | Theorem Funding Trust<sup>(a)</sup>  | Theorem Funding Trust<sup>(a)</sup>  |
| Series 2022-3A Class A | Series 2022-3A Class A | Series 2022-3A Class A | Series 2022-3A Class A |
| 04/15/2029 | &nbsp;&nbsp; 7.600% | 273042 | &nbsp;&nbsp; 273723 |

---

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

Columbia Quality Income Fund \| 2025

------

Portfolio of Investments (continued)

May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Upstart Asset Trust II Series<sup>(a),(c),(e),(g)</sup>  | Upstart Asset Trust II Series<sup>(a),(c),(e),(g)</sup>  | Upstart Asset Trust II Series<sup>(a),(c),(e),(g)</sup>  | Upstart Asset Trust II Series<sup>(a),(c),(e),(g)</sup>  |
| Series 2025-1GS Class CERT | Series 2025-1GS Class CERT | Series 2025-1GS Class CERT | Series 2025-1GS Class CERT |
| 02/20/2030 | &nbsp;&nbsp; 0.000% | 19500 | &nbsp;&nbsp; 6708585 |
| Upstart Pass-Through Trust<sup>(a)</sup>  | Upstart Pass-Through Trust<sup>(a)</sup>  | Upstart Pass-Through Trust<sup>(a)</sup>  | Upstart Pass-Through Trust<sup>(a)</sup>  |
| Series 2021-ST1 Class A | Series 2021-ST1 Class A | Series 2021-ST1 Class A | Series 2021-ST1 Class A |
| 02/20/2027 | &nbsp;&nbsp; 2.750% | 43523 | &nbsp;&nbsp; 43449 |
| Upstart Securitization Trust<sup>(a)</sup>  | Upstart Securitization Trust<sup>(a)</sup>  | Upstart Securitization Trust<sup>(a)</sup>  | Upstart Securitization Trust<sup>(a)</sup>  |
| Subordinated Series 2024-1 Class B | Subordinated Series 2024-1 Class B | Subordinated Series 2024-1 Class B | Subordinated Series 2024-1 Class B |
| 11/20/2034 | &nbsp;&nbsp; 6.240% | 5100000 | &nbsp;&nbsp; 5124107 |
| Total Asset-Backed Securities — Non-Agency <br>(Cost $129,053,091) | Total Asset-Backed Securities — Non-Agency <br>(Cost $129,053,091) | Total Asset-Backed Securities — Non-Agency <br>(Cost $129,053,091) | &nbsp;&nbsp; **128832785** |
| **Commercial Mortgage-Backed Securities - Agency 0.5%** | **Commercial Mortgage-Backed Securities - Agency 0.5%** | **Commercial Mortgage-Backed Securities - Agency 0.5%** | **Commercial Mortgage-Backed Securities - Agency 0.5%** |
| Government National Mortgage Association<sup>(f),(h)</sup>  | Government National Mortgage Association<sup>(f),(h)</sup>  | Government National Mortgage Association<sup>(f),(h)</sup>  | Government National Mortgage Association<sup>(f),(h)</sup>  |
| Series 2019-102 Class IB | Series 2019-102 Class IB | Series 2019-102 Class IB | Series 2019-102 Class IB |
| 03/16/2060 | &nbsp;&nbsp; 0.835% | 12452088 | &nbsp;&nbsp; 604306 |
| Series 2019-118 Class IO | Series 2019-118 Class IO | Series 2019-118 Class IO | Series 2019-118 Class IO |
| 06/16/2061 | &nbsp;&nbsp; 0.758% | 15767334 | &nbsp;&nbsp; 758507 |
| Series 2019-131 Class IO | Series 2019-131 Class IO | Series 2019-131 Class IO | Series 2019-131 Class IO |
| 07/16/2061 | &nbsp;&nbsp; 0.803% | 24307013 | &nbsp;&nbsp; 1385954 |
| Series 2019-134 Class IO | Series 2019-134 Class IO | Series 2019-134 Class IO | Series 2019-134 Class IO |
| 08/16/2061 | &nbsp;&nbsp; 0.644% | 16386135 | &nbsp;&nbsp; 693764 |
| Series 2019-139 Class IO | Series 2019-139 Class IO | Series 2019-139 Class IO | Series 2019-139 Class IO |
| 11/16/2061 | &nbsp;&nbsp; 0.671% | 17254689 | &nbsp;&nbsp; 738304 |
| Series 2020-19 Class IO | Series 2020-19 Class IO | Series 2020-19 Class IO | Series 2020-19 Class IO |
| 12/16/2061 | &nbsp;&nbsp; 0.719% | 17543003 | &nbsp;&nbsp; 804064 |
| Series 2020-3 Class IO | Series 2020-3 Class IO | Series 2020-3 Class IO | Series 2020-3 Class IO |
| 02/16/2062 | &nbsp;&nbsp; 0.616% | 18474673 | &nbsp;&nbsp; 709513 |
| Total Commercial Mortgage-Backed Securities - Agency <br>(Cost $17,674,400) | Total Commercial Mortgage-Backed Securities - Agency <br>(Cost $17,674,400) | Total Commercial Mortgage-Backed Securities - Agency <br>(Cost $17,674,400) | &nbsp;&nbsp; **5694412** |
| **Commercial Mortgage-Backed Securities - Non-Agency 2.1%** | **Commercial Mortgage-Backed Securities - Non-Agency 2.1%** | **Commercial Mortgage-Backed Securities - Non-Agency 2.1%** | **Commercial Mortgage-Backed Securities - Non-Agency 2.1%** |
| Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  | Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  | Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  | Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  |
| Subordinated Series 2014-USA Class E | Subordinated Series 2014-USA Class E | Subordinated Series 2014-USA Class E | Subordinated Series 2014-USA Class E |
| 09/15/2037 | &nbsp;&nbsp; 4.373% | 4200000 | &nbsp;&nbsp; 2667039 |
| Subordinated Series 2014-USA Class F | Subordinated Series 2014-USA Class F | Subordinated Series 2014-USA Class F | Subordinated Series 2014-USA Class F |
| 09/15/2037 | &nbsp;&nbsp; 4.373% | 4050000 | &nbsp;&nbsp; 1782038 |
| Hilton USA Trust<sup>(a)</sup>  | Hilton USA Trust<sup>(a)</sup>  | Hilton USA Trust<sup>(a)</sup>  | Hilton USA Trust<sup>(a)</sup>  |
| Subordinated Series 2016-SFP Class D | Subordinated Series 2016-SFP Class D | Subordinated Series 2016-SFP Class D | Subordinated Series 2016-SFP Class D |
| 11/05/2035 | &nbsp;&nbsp; 4.927% | 5000000 | &nbsp;&nbsp; 487020 |
| Hilton USA Trust<sup>(a),(i)</sup>  | Hilton USA Trust<sup>(a),(i)</sup>  | Hilton USA Trust<sup>(a),(i)</sup>  | Hilton USA Trust<sup>(a),(i)</sup>  |
| Subordinated Series 2016-SFP Class F | Subordinated Series 2016-SFP Class F | Subordinated Series 2016-SFP Class F | Subordinated Series 2016-SFP Class F |
| 11/05/2035 | &nbsp;&nbsp; 0.000% | 8700000 | &nbsp;&nbsp; 174941 |
| Home Partners of America Trust<sup>(a)</sup>  | Home Partners of America Trust<sup>(a)</sup>  | Home Partners of America Trust<sup>(a)</sup>  | Home Partners of America Trust<sup>(a)</sup>  |
| Subordinated Series 2021-2 Class B | Subordinated Series 2021-2 Class B | Subordinated Series 2021-2 Class B | Subordinated Series 2021-2 Class B |
| 12/17/2026 | &nbsp;&nbsp; 2.302% | 19198317 | &nbsp;&nbsp; 18358733 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| SFO Commercial Mortgage Trust<sup>(a),(d)</sup>  | SFO Commercial Mortgage Trust<sup>(a),(d)</sup>  | SFO Commercial Mortgage Trust<sup>(a),(d)</sup>  | SFO Commercial Mortgage Trust<sup>(a),(d)</sup>  |
| Series 2021-555 Class A | Series 2021-555 Class A | Series 2021-555 Class A | Series 2021-555 Class A |
| 1-month Term SOFR + 1.264% <br>Floor 1.150% <br>05/15/2038<br>| &nbsp;&nbsp; 5.594% | 3700000 | &nbsp;&nbsp; 3662988 |
| Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $43,689,750) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $43,689,750) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $43,689,750) | &nbsp;&nbsp; **27132759** |
| **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** |
| Fannie Mae REMICS | Fannie Mae REMICS | Fannie Mae REMICS | Fannie Mae REMICS |
| CMO Series 2018-7 Class CD | CMO Series 2018-7 Class CD | CMO Series 2018-7 Class CD | CMO Series 2018-7 Class CD |
| 02/25/2048 | &nbsp;&nbsp; 3.000% | 13778611 | &nbsp;&nbsp; 12343859 |
| Fannie Mae REMICS<sup>(d),(h)</sup>  | Fannie Mae REMICS<sup>(d),(h)</sup>  | Fannie Mae REMICS<sup>(d),(h)</sup>  | Fannie Mae REMICS<sup>(d),(h)</sup>  |
| CMO Series 2023-34 Class S | CMO Series 2023-34 Class S | CMO Series 2023-34 Class S | CMO Series 2023-34 Class S |
| -1.0 x 30-day Average SOFR + <br> 6.086% <br>Cap 6.200% <br>10/25/2048<br>| &nbsp;&nbsp; 1.764% | 19308006 | &nbsp;&nbsp; 2446624 |
| Fannie Mae REMICS<sup>(d)</sup>  | Fannie Mae REMICS<sup>(d)</sup>  | Fannie Mae REMICS<sup>(d)</sup>  | Fannie Mae REMICS<sup>(d)</sup>  |
| CMO Series 2025-12 Class LF | CMO Series 2025-12 Class LF | CMO Series 2025-12 Class LF | CMO Series 2025-12 Class LF |
| 30-day Average SOFR + 3.950% <br>Cap 8.250% <br>03/25/2055<br>| &nbsp;&nbsp; 8.184% | 18441228 | &nbsp;&nbsp; 18587491 |
| CMO Series 2025-16 Class MA | CMO Series 2025-16 Class MA | CMO Series 2025-16 Class MA | CMO Series 2025-16 Class MA |
| 30-day Average SOFR + 3.950% <br>Cap 8.250% <br>01/25/2055<br>| &nbsp;&nbsp; 8.184% | 6748024 | &nbsp;&nbsp; 6727411 |
| Fannie Mae REMICS<sup>(d),(e),(h)</sup>  | Fannie Mae REMICS<sup>(d),(e),(h)</sup>  | Fannie Mae REMICS<sup>(d),(e),(h)</sup>  | Fannie Mae REMICS<sup>(d),(e),(h)</sup>  |
| CMO Series 2025-45 Class SC | CMO Series 2025-45 Class SC | CMO Series 2025-45 Class SC | CMO Series 2025-45 Class SC |
| -1.0 x 30-day Average SOFR + <br> 5.800% <br>Cap 5.800% <br>06/25/2055<br>| &nbsp;&nbsp; 1.466% | 25000000 | &nbsp;&nbsp; 1761250 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 06/01/2030 | &nbsp;&nbsp; 5.500% | 609293 | &nbsp;&nbsp; 616972 |
| 05/01/2036 | &nbsp;&nbsp; 2.000% | 4645853 | &nbsp;&nbsp; 4228961 |
| 06/01/2039- <br>12/01/2052<br>| &nbsp;&nbsp; 5.000% | 17850375 | &nbsp;&nbsp; 17669131 |
| 03/01/2042- <br>11/01/2046<br>| &nbsp;&nbsp; 3.500% | 27238663 | &nbsp;&nbsp; 25001649 |
| 11/01/2043- <br>08/01/2052<br>| &nbsp;&nbsp; 3.000% | 45883997 | &nbsp;&nbsp; 39843887 |
| 08/01/2044- <br>12/01/2052<br>| &nbsp;&nbsp; 4.000% | 29490507 | &nbsp;&nbsp; 27378881 |
| 02/01/2051 | &nbsp;&nbsp; 2.500% | 19220221 | &nbsp;&nbsp; 15933775 |
| 09/01/2054 | &nbsp;&nbsp; 6.000% | 11359840 | &nbsp;&nbsp; 11521473 |
| Federal Home Loan Mortgage Corp.<sup>(j)</sup>  | Federal Home Loan Mortgage Corp.<sup>(j)</sup>  | Federal Home Loan Mortgage Corp.<sup>(j)</sup>  | Federal Home Loan Mortgage Corp.<sup>(j)</sup>  |
| 08/01/2041 | &nbsp;&nbsp; 4.500% | 1524297 | &nbsp;&nbsp; 1487269 |

---

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

Columbia Quality Income Fund \| 2025

------

Portfolio of Investments (continued)

May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Federal Home Loan Mortgage Corp.<sup>(d),(h)</sup>  | Federal Home Loan Mortgage Corp.<sup>(d),(h)</sup>  | Federal Home Loan Mortgage Corp.<sup>(d),(h)</sup>  | Federal Home Loan Mortgage Corp.<sup>(d),(h)</sup>  |
| CMO Series 264 Class S1 | CMO Series 264 Class S1 | CMO Series 264 Class S1 | CMO Series 264 Class S1 |
| -1.0 x 30-day Average SOFR + <br> 5.836% <br>Cap 5.950% <br>07/15/2042<br>| &nbsp;&nbsp; 1.503% | 2705756 | &nbsp;&nbsp; 261048 |
| CMO Series 318 Class S1 | CMO Series 318 Class S1 | CMO Series 318 Class S1 | CMO Series 318 Class S1 |
| -1.0 x 30-day Average SOFR + <br> 5.836% <br>Cap 5.950% <br>11/15/2043<br>| &nbsp;&nbsp; 1.503% | 3758854 | &nbsp;&nbsp; 398184 |
| CMO Series 4286 Class NS | CMO Series 4286 Class NS | CMO Series 4286 Class NS | CMO Series 4286 Class NS |
| -1.0 x 30-day Average SOFR + <br> 5.786% <br>Cap 5.900% <br>12/15/2043<br>| &nbsp;&nbsp; 1.453% | 1677088 | &nbsp;&nbsp; 199199 |
| CMO Series 4594 Class SA | CMO Series 4594 Class SA | CMO Series 4594 Class SA | CMO Series 4594 Class SA |
| -1.0 x 30-day Average SOFR + <br> 5.836% <br>Cap 5.950% <br>06/15/2046<br>| &nbsp;&nbsp; 1.503% | 3435375 | &nbsp;&nbsp; 392846 |
| CMO Series 4620 Class AS | CMO Series 4620 Class AS | CMO Series 4620 Class AS | CMO Series 4620 Class AS |
| -1.0 x 30-day Average SOFR + <br> 0.554% <br>11/15/2042<br>| &nbsp;&nbsp; 2.098% | 2659407 | &nbsp;&nbsp; 250589 |
| CMO Series 4935 Class JS | CMO Series 4935 Class JS | CMO Series 4935 Class JS | CMO Series 4935 Class JS |
| -1.0 x 30-day Average SOFR + <br> 5.936% <br>Cap 6.050% <br>12/25/2049<br>| &nbsp;&nbsp; 1.614% | 6412350 | &nbsp;&nbsp; 845316 |
| CMO Series 4965 Class KS | CMO Series 4965 Class KS | CMO Series 4965 Class KS | CMO Series 4965 Class KS |
| -1.0 x 30-day Average SOFR + <br> 5.736% <br>Cap 5.850% <br>04/25/2050<br>| &nbsp;&nbsp; 1.414% | 4939994 | &nbsp;&nbsp; 530691 |
| CMO Series 4987 Class KS | CMO Series 4987 Class KS | CMO Series 4987 Class KS | CMO Series 4987 Class KS |
| -1.0 x 30-day Average SOFR + <br> 6.194% <br>Cap 6.080% <br>06/25/2050<br>| &nbsp;&nbsp; 1.644% | 10656741 | &nbsp;&nbsp; 1522648 |
| CMO Series 4993 Class MS | CMO Series 4993 Class MS | CMO Series 4993 Class MS | CMO Series 4993 Class MS |
| -1.0 x 30-day Average SOFR + <br> 5.936% <br>Cap 6.050% <br>07/25/2050<br>| &nbsp;&nbsp; 1.614% | 14117431 | &nbsp;&nbsp; 2070289 |
| CMO STRIPS Series 309 Class S4 | CMO STRIPS Series 309 Class S4 | CMO STRIPS Series 309 Class S4 | CMO STRIPS Series 309 Class S4 |
| -1.0 x 30-day Average SOFR + <br> 5.856% <br>Cap 5.970% <br>08/15/2043<br>| &nbsp;&nbsp; 1.523% | 3521532 | &nbsp;&nbsp; 365116 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO STRIPS Series 326 Class S1 | CMO STRIPS Series 326 Class S1 | CMO STRIPS Series 326 Class S1 | CMO STRIPS Series 326 Class S1 |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>03/15/2044<br>| &nbsp;&nbsp; 1.553% | 1287217 | &nbsp;&nbsp; 130810 |
| Federal Home Loan Mortgage Corp.<sup>(h)</sup>  | Federal Home Loan Mortgage Corp.<sup>(h)</sup>  | Federal Home Loan Mortgage Corp.<sup>(h)</sup>  | Federal Home Loan Mortgage Corp.<sup>(h)</sup>  |
| CMO Series 304 Class C69 | CMO Series 304 Class C69 | CMO Series 304 Class C69 | CMO Series 304 Class C69 |
| 12/15/2042 | &nbsp;&nbsp; 4.000% | 954000 | &nbsp;&nbsp; 163816 |
| CMO Series 4139 Class CI | CMO Series 4139 Class CI | CMO Series 4139 Class CI | CMO Series 4139 Class CI |
| 05/15/2042 | &nbsp;&nbsp; 3.500% | 1199715 | &nbsp;&nbsp; 80505 |
| CMO Series 4147 Class CI | CMO Series 4147 Class CI | CMO Series 4147 Class CI | CMO Series 4147 Class CI |
| 01/15/2041 | &nbsp;&nbsp; 3.500% | 256438 | &nbsp;&nbsp; 2816 |
| CMO Series 4177 Class IY | CMO Series 4177 Class IY | CMO Series 4177 Class IY | CMO Series 4177 Class IY |
| 03/15/2043 | &nbsp;&nbsp; 4.000% | 2872115 | &nbsp;&nbsp; 416442 |
| CMO Series 4215 Class IL | CMO Series 4215 Class IL | CMO Series 4215 Class IL | CMO Series 4215 Class IL |
| 07/15/2041 | &nbsp;&nbsp; 3.500% | 164081 | &nbsp;&nbsp; 4359 |
| Federal Home Loan Mortgage Corp.<sup>(f),(h)</sup>  | Federal Home Loan Mortgage Corp.<sup>(f),(h)</sup>  | Federal Home Loan Mortgage Corp.<sup>(f),(h)</sup>  | Federal Home Loan Mortgage Corp.<sup>(f),(h)</sup>  |
| CMO Series 4068 Class GI | CMO Series 4068 Class GI | CMO Series 4068 Class GI | CMO Series 4068 Class GI |
| 09/15/2036 | &nbsp;&nbsp; 2.391% | 1602046 | &nbsp;&nbsp; 163353 |
| CMO Series 4107 Class KS | CMO Series 4107 Class KS | CMO Series 4107 Class KS | CMO Series 4107 Class KS |
| 06/15/2038 | &nbsp;&nbsp; 2.170% | 1456503 | &nbsp;&nbsp; 80038 |
| Federal Home Loan Mortgage Corp. REMICS<sup>(d),(h)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(d),(h)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(d),(h)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(d),(h)</sup>  |
| CMO Series 4983 Class SY | CMO Series 4983 Class SY | CMO Series 4983 Class SY | CMO Series 4983 Class SY |
| -1.0 x 30-day Average SOFR + <br> 5.986% <br>Cap 6.100% <br>05/25/2050<br>| &nbsp;&nbsp; 1.664% | 21470604 | &nbsp;&nbsp; 2730395 |
| CMO Series 5345 Class SE | CMO Series 5345 Class SE | CMO Series 5345 Class SE | CMO Series 5345 Class SE |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>01/15/2048<br>| &nbsp;&nbsp; 1.553% | 29132117 | &nbsp;&nbsp; 3008826 |
| Federal Home Loan Mortgage Corp. REMICS<sup>(h)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(h)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(h)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(h)</sup>  |
| CMO Series 5105 Class ID | CMO Series 5105 Class ID | CMO Series 5105 Class ID | CMO Series 5105 Class ID |
| 05/25/2051 | &nbsp;&nbsp; 3.000% | 18421275 | &nbsp;&nbsp; 3053065 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 11/01/2034- <br>05/01/2052<br>| &nbsp;&nbsp; 3.500% | 39748556 | &nbsp;&nbsp; 36400623 |
| 02/01/2035- <br>09/01/2053<br>| &nbsp;&nbsp; 5.000% | 42224871 | &nbsp;&nbsp; 41424214 |
| 03/01/2036- <br>11/01/2052<br>| &nbsp;&nbsp; 4.500% | 51196651 | &nbsp;&nbsp; 49001235 |
| 06/01/2036- <br>03/01/2052<br>| &nbsp;&nbsp; 2.000% | 115072884 | &nbsp;&nbsp; 91640997 |
| 09/01/2036 | &nbsp;&nbsp; 6.500% | 791740 | &nbsp;&nbsp; 825110 |
| 01/01/2042 | &nbsp;&nbsp; 4.000% | 1290157 | &nbsp;&nbsp; 1225180 |
| 11/01/2046- <br>06/01/2052<br>| &nbsp;&nbsp; 3.000% | 63603321 | &nbsp;&nbsp; 55166762 |
| 12/01/2050- <br>05/01/2051<br>| &nbsp;&nbsp; 2.500% | 34400990 | &nbsp;&nbsp; 28427157 |

---

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

Columbia Quality Income Fund \| 2025

------

Portfolio of Investments (continued)

May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2017-72 Class B | CMO Series 2017-72 Class B | CMO Series 2017-72 Class B | CMO Series 2017-72 Class B |
| 09/25/2047 | &nbsp;&nbsp; 3.000% | 3919170 | &nbsp;&nbsp; 3593062 |
| Federal National Mortgage Association<sup>(j)</sup>  | Federal National Mortgage Association<sup>(j)</sup>  | Federal National Mortgage Association<sup>(j)</sup>  | Federal National Mortgage Association<sup>(j)</sup>  |
| 08/01/2052 | &nbsp;&nbsp; 4.000% | 32250100 | &nbsp;&nbsp; 29862475 |
| Federal National Mortgage Association<sup>(d),(h)</sup>  | Federal National Mortgage Association<sup>(d),(h)</sup>  | Federal National Mortgage Association<sup>(d),(h)</sup>  | Federal National Mortgage Association<sup>(d),(h)</sup>  |
| CMO Series 2005-74 Class NI | CMO Series 2005-74 Class NI | CMO Series 2005-74 Class NI | CMO Series 2005-74 Class NI |
| -1.0 x 30-day Average SOFR + <br> 5.966% <br>Cap 6.080% <br>05/25/2035<br>| &nbsp;&nbsp; 1.644% | 3405970 | &nbsp;&nbsp; 169253 |
| CMO Series 2007-54 Class DI | CMO Series 2007-54 Class DI | CMO Series 2007-54 Class DI | CMO Series 2007-54 Class DI |
| -1.0 x 30-day Average SOFR + <br> 5.986% <br>Cap 6.100% <br>06/25/2037<br>| &nbsp;&nbsp; 1.664% | 3257997 | &nbsp;&nbsp; 270467 |
| CMO Series 2014-93 Class ES | CMO Series 2014-93 Class ES | CMO Series 2014-93 Class ES | CMO Series 2014-93 Class ES |
| -1.0 x 30-day Average SOFR + <br> 6.036% <br>Cap 6.150% <br>01/25/2045<br>| &nbsp;&nbsp; 1.714% | 5763221 | &nbsp;&nbsp; 675482 |
| CMO Series 2016-101 Class SK | CMO Series 2016-101 Class SK | CMO Series 2016-101 Class SK | CMO Series 2016-101 Class SK |
| -1.0 x 30-day Average SOFR + <br> 5.836% <br>Cap 5.950% <br>01/25/2047<br>| &nbsp;&nbsp; 1.514% | 13097127 | &nbsp;&nbsp; 1440615 |
| CMO Series 2016-37 Class SA | CMO Series 2016-37 Class SA | CMO Series 2016-37 Class SA | CMO Series 2016-37 Class SA |
| -1.0 x 30-day Average SOFR + <br> 5.736% <br>Cap 5.850% <br>06/25/2046<br>| &nbsp;&nbsp; 1.414% | 7235308 | &nbsp;&nbsp; 794699 |
| CMO Series 2016-42 Class SB | CMO Series 2016-42 Class SB | CMO Series 2016-42 Class SB | CMO Series 2016-42 Class SB |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>07/25/2046<br>| &nbsp;&nbsp; 1.564% | 10255278 | &nbsp;&nbsp; 1063590 |
| CMO Series 2017-3 Class SA | CMO Series 2017-3 Class SA | CMO Series 2017-3 Class SA | CMO Series 2017-3 Class SA |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>02/25/2047<br>| &nbsp;&nbsp; 1.564% | 9312458 | &nbsp;&nbsp; 1057238 |
| CMO Series 2017-51 Class SC | CMO Series 2017-51 Class SC | CMO Series 2017-51 Class SC | CMO Series 2017-51 Class SC |
| -1.0 x 30-day Average SOFR + <br> 6.036% <br>Cap 6.150% <br>07/25/2047<br>| &nbsp;&nbsp; 1.714% | 6928827 | &nbsp;&nbsp; 793599 |
| CMO Series 2017-72 Class S | CMO Series 2017-72 Class S | CMO Series 2017-72 Class S | CMO Series 2017-72 Class S |
| -1.0 x 30-day Average SOFR + <br> 3.836% <br>Cap 2.750% <br>09/25/2047<br>| &nbsp;&nbsp; 0.000% | 23893378 | &nbsp;&nbsp; 823287 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2017-90 Class SP | CMO Series 2017-90 Class SP | CMO Series 2017-90 Class SP | CMO Series 2017-90 Class SP |
| -1.0 x 30-day Average SOFR + <br> 6.036% <br>Cap 6.150% <br>11/25/2047<br>| &nbsp;&nbsp; 1.714% | 5181108 | &nbsp;&nbsp; 619599 |
| CMO Series 2019-33 Class SB | CMO Series 2019-33 Class SB | CMO Series 2019-33 Class SB | CMO Series 2019-33 Class SB |
| -1.0 x 30-day Average SOFR + <br> 5.936% <br>Cap 6.050% <br>07/25/2049<br>| &nbsp;&nbsp; 1.614% | 14565516 | &nbsp;&nbsp; 1659011 |
| CMO Series 2019-57 Class AS | CMO Series 2019-57 Class AS | CMO Series 2019-57 Class AS | CMO Series 2019-57 Class AS |
| -1.0 x 30-day Average SOFR + <br> 5.936% <br>Cap 6.050% <br>10/25/2049<br>| &nbsp;&nbsp; 1.614% | 9703149 | &nbsp;&nbsp; 1193813 |
| CMO Series 2019-77 Class SP | CMO Series 2019-77 Class SP | CMO Series 2019-77 Class SP | CMO Series 2019-77 Class SP |
| -1.0 x 30-day Average SOFR + <br> 5.836% <br>Cap 5.950% <br>01/25/2050<br>| &nbsp;&nbsp; 1.514% | 13010897 | &nbsp;&nbsp; 1623751 |
| CMO Series 2020-40 Class LS | CMO Series 2020-40 Class LS | CMO Series 2020-40 Class LS | CMO Series 2020-40 Class LS |
| -1.0 x 30-day Average SOFR + <br> 5.966% <br>Cap 6.080% <br>06/25/2050<br>| &nbsp;&nbsp; 1.644% | 15034585 | &nbsp;&nbsp; 2220530 |
| Federal National Mortgage Association<sup>(f),(h)</sup>  | Federal National Mortgage Association<sup>(f),(h)</sup>  | Federal National Mortgage Association<sup>(f),(h)</sup>  | Federal National Mortgage Association<sup>(f),(h)</sup>  |
| CMO Series 2006-5 Class N1 | CMO Series 2006-5 Class N1 | CMO Series 2006-5 Class N1 | CMO Series 2006-5 Class N1 |
| 08/25/2034 | &nbsp;&nbsp; 0.000% | 1712061 | &nbsp;&nbsp; 17 |
| Federal National Mortgage Association<sup>(h)</sup>  | Federal National Mortgage Association<sup>(h)</sup>  | Federal National Mortgage Association<sup>(h)</sup>  | Federal National Mortgage Association<sup>(h)</sup>  |
| CMO Series 2012-129 Class IC | CMO Series 2012-129 Class IC | CMO Series 2012-129 Class IC | CMO Series 2012-129 Class IC |
| 01/25/2041 | &nbsp;&nbsp; 3.500% | 459568 | &nbsp;&nbsp; 8048 |
| CMO Series 2012-144 Class HI | CMO Series 2012-144 Class HI | CMO Series 2012-144 Class HI | CMO Series 2012-144 Class HI |
| 07/25/2042 | &nbsp;&nbsp; 3.500% | 1072769 | &nbsp;&nbsp; 86282 |
| CMO Series 2013-1 Class AI | CMO Series 2013-1 Class AI | CMO Series 2013-1 Class AI | CMO Series 2013-1 Class AI |
| 02/25/2043 | &nbsp;&nbsp; 3.500% | 1319424 | &nbsp;&nbsp; 186172 |
| CMO Series 2013-16 | CMO Series 2013-16 | CMO Series 2013-16 | CMO Series 2013-16 |
| 01/25/2040 | &nbsp;&nbsp; 3.500% | 96215 | &nbsp;&nbsp; 190 |
| CMO Series 2020-55 Class MI | CMO Series 2020-55 Class MI | CMO Series 2020-55 Class MI | CMO Series 2020-55 Class MI |
| 08/25/2050 | &nbsp;&nbsp; 2.500% | 17581640 | &nbsp;&nbsp; 2771867 |
| CMO Series 417 Class C4 | CMO Series 417 Class C4 | CMO Series 417 Class C4 | CMO Series 417 Class C4 |
| 02/25/2043 | &nbsp;&nbsp; 3.500% | 4977129 | &nbsp;&nbsp; 980990 |
| Federal National Mortgage Association REMICS<sup>(d),(h)</sup>  | Federal National Mortgage Association REMICS<sup>(d),(h)</sup>  | Federal National Mortgage Association REMICS<sup>(d),(h)</sup>  | Federal National Mortgage Association REMICS<sup>(d),(h)</sup>  |
| CMO Series 2016-1 Class SJ | CMO Series 2016-1 Class SJ | CMO Series 2016-1 Class SJ | CMO Series 2016-1 Class SJ |
| -1.0 x 30-day Average SOFR + <br> 6.036% <br>Cap 6.150% <br>02/25/2046<br>| &nbsp;&nbsp; 1.714% | 10680937 | &nbsp;&nbsp; 1145628 |

---

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

Columbia Quality Income Fund \| 2025

------

Portfolio of Investments (continued)

May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2022-46 Class SG | CMO Series 2022-46 Class SG | CMO Series 2022-46 Class SG | CMO Series 2022-46 Class SG |
| -1.0 x 30-day Average SOFR + <br> 6.000% <br>Cap 6.000% <br>07/25/2052<br>| &nbsp;&nbsp; 1.678% | 17755150 | &nbsp;&nbsp; 1722727 |
| Federal National Mortgage Association REMICS<sup>(h)</sup>  | Federal National Mortgage Association REMICS<sup>(h)</sup>  | Federal National Mortgage Association REMICS<sup>(h)</sup>  | Federal National Mortgage Association REMICS<sup>(h)</sup>  |
| CMO Series 2021-13 Class IO | CMO Series 2021-13 Class IO | CMO Series 2021-13 Class IO | CMO Series 2021-13 Class IO |
| 03/25/2051 | &nbsp;&nbsp; 3.000% | 13370448 | &nbsp;&nbsp; 2254264 |
| CMO Series 2021-54 Class LI | CMO Series 2021-54 Class LI | CMO Series 2021-54 Class LI | CMO Series 2021-54 Class LI |
| 04/25/2049 | &nbsp;&nbsp; 2.500% | 18665633 | &nbsp;&nbsp; 2495166 |
| Freddie Mac REMICS | Freddie Mac REMICS | Freddie Mac REMICS | Freddie Mac REMICS |
| CMO Series 5104 Class LH | CMO Series 5104 Class LH | CMO Series 5104 Class LH | CMO Series 5104 Class LH |
| 06/25/2049 | &nbsp;&nbsp; 2.000% | 4412680 | &nbsp;&nbsp; 3644508 |
| Freddie Mac REMICS<sup>(d),(h)</sup>  | Freddie Mac REMICS<sup>(d),(h)</sup>  | Freddie Mac REMICS<sup>(d),(h)</sup>  | Freddie Mac REMICS<sup>(d),(h)</sup>  |
| CMO Series 5371 Class S | CMO Series 5371 Class S | CMO Series 5371 Class S | CMO Series 5371 Class S |
| -1.0 x 30-day Average SOFR + <br> 5.936% <br>Cap 6.050% <br>08/15/2048<br>| &nbsp;&nbsp; 1.603% | 20110394 | &nbsp;&nbsp; 2196475 |
| Freddie Mac REMICS<sup>(d)</sup>  | Freddie Mac REMICS<sup>(d)</sup>  | Freddie Mac REMICS<sup>(d)</sup>  | Freddie Mac REMICS<sup>(d)</sup>  |
| CMO Series 5513 Class MQ | CMO Series 5513 Class MQ | CMO Series 5513 Class MQ | CMO Series 5513 Class MQ |
| 30-day Average SOFR + 3.950% <br>Cap 8.250% <br>06/25/2054<br>| &nbsp;&nbsp; 8.184% | 8632532 | &nbsp;&nbsp; 8836053 |
| CMO Series 5513 Class MU | CMO Series 5513 Class MU | CMO Series 5513 Class MU | CMO Series 5513 Class MU |
| 30-day Average SOFR + 3.950% <br>Cap 8.250% <br>11/25/2054<br>| &nbsp;&nbsp; 8.184% | 14338172 | &nbsp;&nbsp; 14562674 |
| CMO Series 5517 Class HT | CMO Series 5517 Class HT | CMO Series 5517 Class HT | CMO Series 5517 Class HT |
| 30-day Average SOFR + 3.950% <br>Floor 3.950%, Cap 8.250% <br>03/25/2055<br>| &nbsp;&nbsp; 8.184% | 7665637 | &nbsp;&nbsp; 7712328 |
| CMO Series 5532 Class MB | CMO Series 5532 Class MB | CMO Series 5532 Class MB | CMO Series 5532 Class MB |
| 30-day Average SOFR + 3.950% <br>Cap 8.250% <br>04/25/2055<br>| &nbsp;&nbsp; 8.184% | 15471379 | &nbsp;&nbsp; 15565057 |
| CMO Series 5533 Class F | CMO Series 5533 Class F | CMO Series 5533 Class F | CMO Series 5533 Class F |
| 30-day Average SOFR + 3.450% <br>Floor 3.450%, Cap 7.950% <br>04/25/2055<br>| &nbsp;&nbsp; 7.772% | 13131639 | &nbsp;&nbsp; 13235363 |
| CMO Series 5542 Class F | CMO Series 5542 Class F | CMO Series 5542 Class F | CMO Series 5542 Class F |
| 30-day Average SOFR + 4.300% <br>05/25/2055<br>| &nbsp;&nbsp; 8.334% | 7913722 | &nbsp;&nbsp; 7945026 |
| Freddie Mac REMICS<sup>(d),(e),(g),(h)</sup>  | Freddie Mac REMICS<sup>(d),(e),(g),(h)</sup>  | Freddie Mac REMICS<sup>(d),(e),(g),(h)</sup>  | Freddie Mac REMICS<sup>(d),(e),(g),(h)</sup>  |
| CMO Series 5544 Class SC | CMO Series 5544 Class SC | CMO Series 5544 Class SC | CMO Series 5544 Class SC |
| 30-day Average SOFR + 7.000% <br>06/25/2055<br>| &nbsp;&nbsp; 2.649% | 14143212 | &nbsp;&nbsp; 1878395 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Freddie Mac REMICS<sup>(d),(e),(g)</sup>  | Freddie Mac REMICS<sup>(d),(e),(g)</sup>  | Freddie Mac REMICS<sup>(d),(e),(g)</sup>  | Freddie Mac REMICS<sup>(d),(e),(g)</sup>  |
| CMO Series 5548 Class F | CMO Series 5548 Class F | CMO Series 5548 Class F | CMO Series 5548 Class F |
| 30-day Average SOFR + 4.600% <br>Cap 8.700% <br>06/25/2055<br>| &nbsp;&nbsp; 7.950% | 12000000 | &nbsp;&nbsp; 12060000 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 12/15/2031- <br>02/15/2032<br>| &nbsp;&nbsp; 6.500% | 103234 | &nbsp;&nbsp; 106969 |
| 01/15/2039- <br>08/20/2040<br>| &nbsp;&nbsp; 5.000% | 3778149 | &nbsp;&nbsp; 3770709 |
| 04/20/2051 | &nbsp;&nbsp; 2.500% | 20554184 | &nbsp;&nbsp; 16966251 |
| CMO Series 2024-30 Class TQ | CMO Series 2024-30 Class TQ | CMO Series 2024-30 Class TQ | CMO Series 2024-30 Class TQ |
| 02/20/2064 | &nbsp;&nbsp; 5.000% | 7281747 | &nbsp;&nbsp; 7310081 |
| CMO Series 2024-80 Class DT | CMO Series 2024-80 Class DT | CMO Series 2024-80 Class DT | CMO Series 2024-80 Class DT |
| 05/20/2064 | &nbsp;&nbsp; 3.000% | 10054727 | &nbsp;&nbsp; 8686208 |
| CMO Series 2024-80 Class PT | CMO Series 2024-80 Class PT | CMO Series 2024-80 Class PT | CMO Series 2024-80 Class PT |
| 05/20/2064 | &nbsp;&nbsp; 3.500% | 15326546 | &nbsp;&nbsp; 13554054 |
| Government National Mortgage Association<sup>(j)</sup>  | Government National Mortgage Association<sup>(j)</sup>  | Government National Mortgage Association<sup>(j)</sup>  | Government National Mortgage Association<sup>(j)</sup>  |
| 04/20/2048 | &nbsp;&nbsp; 4.500% | 5729953 | &nbsp;&nbsp; 5486909 |
| 05/20/2051 | &nbsp;&nbsp; 2.500% | 42145265 | &nbsp;&nbsp; 34788333 |
| Government National Mortgage Association<sup>(h)</sup>  | Government National Mortgage Association<sup>(h)</sup>  | Government National Mortgage Association<sup>(h)</sup>  | Government National Mortgage Association<sup>(h)</sup>  |
| CMO Series 2012-121 Class PI | CMO Series 2012-121 Class PI | CMO Series 2012-121 Class PI | CMO Series 2012-121 Class PI |
| 09/16/2042 | &nbsp;&nbsp; 4.500% | 1679988 | &nbsp;&nbsp; 225378 |
| CMO Series 2014-131 Class EI | CMO Series 2014-131 Class EI | CMO Series 2014-131 Class EI | CMO Series 2014-131 Class EI |
| 09/16/2039 | &nbsp;&nbsp; 4.000% | 3184287 | &nbsp;&nbsp; 194403 |
| CMO Series 2015-175 Class AI | CMO Series 2015-175 Class AI | CMO Series 2015-175 Class AI | CMO Series 2015-175 Class AI |
| 10/16/2038 | &nbsp;&nbsp; 3.500% | 7873497 | &nbsp;&nbsp; 564821 |
| CMO Series 2020-138 Class IN | CMO Series 2020-138 Class IN | CMO Series 2020-138 Class IN | CMO Series 2020-138 Class IN |
| 09/20/2050 | &nbsp;&nbsp; 2.500% | 11754521 | &nbsp;&nbsp; 2007752 |
| CMO Series 2020-191 Class TI | CMO Series 2020-191 Class TI | CMO Series 2020-191 Class TI | CMO Series 2020-191 Class TI |
| 12/20/2050 | &nbsp;&nbsp; 2.500% | 8126319 | &nbsp;&nbsp; 1176948 |
| CMO Series 2020-191 Class UC | CMO Series 2020-191 Class UC | CMO Series 2020-191 Class UC | CMO Series 2020-191 Class UC |
| 12/20/2050 | &nbsp;&nbsp; 4.000% | 15089785 | &nbsp;&nbsp; 3067738 |
| CMO Series 2021-1 Class IB | CMO Series 2021-1 Class IB | CMO Series 2021-1 Class IB | CMO Series 2021-1 Class IB |
| 01/20/2051 | &nbsp;&nbsp; 2.500% | 17802778 | &nbsp;&nbsp; 2650908 |
| CMO Series 2021-111 Class AI | CMO Series 2021-111 Class AI | CMO Series 2021-111 Class AI | CMO Series 2021-111 Class AI |
| 06/20/2051 | &nbsp;&nbsp; 2.500% | 16005771 | &nbsp;&nbsp; 2373257 |
| CMO Series 2021-119 Class LI | CMO Series 2021-119 Class LI | CMO Series 2021-119 Class LI | CMO Series 2021-119 Class LI |
| 07/20/2051 | &nbsp;&nbsp; 3.000% | 17976552 | &nbsp;&nbsp; 3068802 |
| CMO Series 2021-122 Class HI | CMO Series 2021-122 Class HI | CMO Series 2021-122 Class HI | CMO Series 2021-122 Class HI |
| 11/20/2050 | &nbsp;&nbsp; 2.500% | 15329471 | &nbsp;&nbsp; 2069243 |
| CMO Series 2021-142 Class IX | CMO Series 2021-142 Class IX | CMO Series 2021-142 Class IX | CMO Series 2021-142 Class IX |
| 08/20/2051 | &nbsp;&nbsp; 2.500% | 21109447 | &nbsp;&nbsp; 2873346 |
| CMO Series 2021-146 Class IK | CMO Series 2021-146 Class IK | CMO Series 2021-146 Class IK | CMO Series 2021-146 Class IK |
| 08/20/2051 | &nbsp;&nbsp; 3.500% | 18992544 | &nbsp;&nbsp; 3621227 |
| CMO Series 2021-158 Class VI | CMO Series 2021-158 Class VI | CMO Series 2021-158 Class VI | CMO Series 2021-158 Class VI |
| 09/20/2051 | &nbsp;&nbsp; 3.000% | 15464962 | &nbsp;&nbsp; 2471966 |

---

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

Columbia Quality Income Fund \| 2025

------

Portfolio of Investments (continued)

May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2021-159 Class IP | CMO Series 2021-159 Class IP | CMO Series 2021-159 Class IP | CMO Series 2021-159 Class IP |
| 09/20/2051 | &nbsp;&nbsp; 3.000% | 11807960 | &nbsp;&nbsp; 1851760 |
| CMO Series 2021-175 Class IJ | CMO Series 2021-175 Class IJ | CMO Series 2021-175 Class IJ | CMO Series 2021-175 Class IJ |
| 10/20/2051 | &nbsp;&nbsp; 3.000% | 19631099 | &nbsp;&nbsp; 3347831 |
| CMO Series 2021-27 Class IN | CMO Series 2021-27 Class IN | CMO Series 2021-27 Class IN | CMO Series 2021-27 Class IN |
| 02/20/2051 | &nbsp;&nbsp; 2.500% | 11117559 | &nbsp;&nbsp; 1653040 |
| CMO Series 2021-67 Class GI | CMO Series 2021-67 Class GI | CMO Series 2021-67 Class GI | CMO Series 2021-67 Class GI |
| 04/20/2051 | &nbsp;&nbsp; 3.000% | 16805669 | &nbsp;&nbsp; 2921467 |
| CMO Series 2021-8 Class BI | CMO Series 2021-8 Class BI | CMO Series 2021-8 Class BI | CMO Series 2021-8 Class BI |
| 01/20/2051 | &nbsp;&nbsp; 2.500% | 17161988 | &nbsp;&nbsp; 3113255 |
| CMO Series 2021-8 Class IO | CMO Series 2021-8 Class IO | CMO Series 2021-8 Class IO | CMO Series 2021-8 Class IO |
| 01/20/2051 | &nbsp;&nbsp; 3.000% | 30908389 | &nbsp;&nbsp; 5097316 |
| Government National Mortgage Association<sup>(d),(h)</sup>  | Government National Mortgage Association<sup>(d),(h)</sup>  | Government National Mortgage Association<sup>(d),(h)</sup>  | Government National Mortgage Association<sup>(d),(h)</sup>  |
| CMO Series 2014-131 Class BS | CMO Series 2014-131 Class BS | CMO Series 2014-131 Class BS | CMO Series 2014-131 Class BS |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>09/16/2044<br>| &nbsp;&nbsp; 1.757% | 8532217 | &nbsp;&nbsp; 1073444 |
| CMO Series 2017-170 Class QS | CMO Series 2017-170 Class QS | CMO Series 2017-170 Class QS | CMO Series 2017-170 Class QS |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>11/20/2047<br>| &nbsp;&nbsp; 1.761% | 5200432 | &nbsp;&nbsp; 604580 |
| CMO Series 2018-1 Class SA | CMO Series 2018-1 Class SA | CMO Series 2018-1 Class SA | CMO Series 2018-1 Class SA |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>01/20/2048<br>| &nbsp;&nbsp; 1.761% | 6406245 | &nbsp;&nbsp; 780329 |
| CMO Series 2018-105 Class SA | CMO Series 2018-105 Class SA | CMO Series 2018-105 Class SA | CMO Series 2018-105 Class SA |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>08/20/2048<br>| &nbsp;&nbsp; 1.761% | 4750777 | &nbsp;&nbsp; 509330 |
| CMO Series 2018-139 Class KS | CMO Series 2018-139 Class KS | CMO Series 2018-139 Class KS | CMO Series 2018-139 Class KS |
| -1.0 x 1-month Term SOFR + <br> 6.036% <br>Cap 6.150% <br>10/20/2048<br>| &nbsp;&nbsp; 1.711% | 3013933 | &nbsp;&nbsp; 348861 |
| CMO Series 2018-155 Class LS | CMO Series 2018-155 Class LS | CMO Series 2018-155 Class LS | CMO Series 2018-155 Class LS |
| -1.0 x 1-month Term SOFR + <br> 6.036% <br>Cap 6.150% <br>11/20/2048<br>| &nbsp;&nbsp; 1.711% | 6194670 | &nbsp;&nbsp; 682939 |
| CMO Series 2018-21 Class WS | CMO Series 2018-21 Class WS | CMO Series 2018-21 Class WS | CMO Series 2018-21 Class WS |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>02/20/2048<br>| &nbsp;&nbsp; 1.761% | 5934531 | &nbsp;&nbsp; 803084 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2018-40 Class SC | CMO Series 2018-40 Class SC | CMO Series 2018-40 Class SC | CMO Series 2018-40 Class SC |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>03/20/2048<br>| &nbsp;&nbsp; 1.761% | 3695309 | &nbsp;&nbsp; 422967 |
| CMO Series 2018-63 Class HS | CMO Series 2018-63 Class HS | CMO Series 2018-63 Class HS | CMO Series 2018-63 Class HS |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>04/20/2048<br>| &nbsp;&nbsp; 1.761% | 4215068 | &nbsp;&nbsp; 483389 |
| CMO Series 2018-94 Class SA | CMO Series 2018-94 Class SA | CMO Series 2018-94 Class SA | CMO Series 2018-94 Class SA |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>05/20/2048<br>| &nbsp;&nbsp; 1.761% | 5811291 | &nbsp;&nbsp; 778692 |
| CMO Series 2018-97 Class MS | CMO Series 2018-97 Class MS | CMO Series 2018-97 Class MS | CMO Series 2018-97 Class MS |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>07/20/2048<br>| &nbsp;&nbsp; 1.761% | 4972052 | &nbsp;&nbsp; 525928 |
| CMO Series 2019-117 Class SA | CMO Series 2019-117 Class SA | CMO Series 2019-117 Class SA | CMO Series 2019-117 Class SA |
| -1.0 x 1-month Term SOFR + <br> 5.986% <br>Cap 6.100% <br>09/20/2049<br>| &nbsp;&nbsp; 1.661% | 10657337 | &nbsp;&nbsp; 1449858 |
| CMO Series 2019-119 Class GS | CMO Series 2019-119 Class GS | CMO Series 2019-119 Class GS | CMO Series 2019-119 Class GS |
| -1.0 x 1-month Term SOFR + <br> 5.986% <br>Floor 0.400%, Cap 6.100% <br>09/20/2049<br>| &nbsp;&nbsp; 1.661% | 6418164 | &nbsp;&nbsp; 651783 |
| CMO Series 2019-21 Class SH | CMO Series 2019-21 Class SH | CMO Series 2019-21 Class SH | CMO Series 2019-21 Class SH |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>02/20/2049<br>| &nbsp;&nbsp; 1.611% | 5440323 | &nbsp;&nbsp; 556943 |
| CMO Series 2019-23 Class SQ | CMO Series 2019-23 Class SQ | CMO Series 2019-23 Class SQ | CMO Series 2019-23 Class SQ |
| 1-month Term SOFR + 6.164% <br>Cap 6.050% <br>02/20/2049<br>| &nbsp;&nbsp; 1.611% | 5942327 | &nbsp;&nbsp; 793370 |
| CMO Series 2019-43 Class SE | CMO Series 2019-43 Class SE | CMO Series 2019-43 Class SE | CMO Series 2019-43 Class SE |
| -1.0 x 1-month Term SOFR + <br> 5.986% <br>Cap 6.100% <br>04/20/2049<br>| &nbsp;&nbsp; 1.661% | 10139848 | &nbsp;&nbsp; 1079762 |
| CMO Series 2019-52 Class AS | CMO Series 2019-52 Class AS | CMO Series 2019-52 Class AS | CMO Series 2019-52 Class AS |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>04/16/2049<br>| &nbsp;&nbsp; 1.607% | 13682777 | &nbsp;&nbsp; 2002116 |

---

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

Columbia Quality Income Fund \| 2025

------

Portfolio of Investments (continued)

May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2019-92 Class SD | CMO Series 2019-92 Class SD | CMO Series 2019-92 Class SD | CMO Series 2019-92 Class SD |
| -1.0 x 1-month Term SOFR + <br> 5.986% <br>Cap 6.100% <br>07/20/2049<br>| &nbsp;&nbsp; 1.661% | 13533220 | &nbsp;&nbsp; 1685297 |
| CMO Series 2020-104 Class SA | CMO Series 2020-104 Class SA | CMO Series 2020-104 Class SA | CMO Series 2020-104 Class SA |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>07/20/2050<br>| &nbsp;&nbsp; 1.761% | 9982565 | &nbsp;&nbsp; 1275256 |
| CMO Series 2020-125 Class AS | CMO Series 2020-125 Class AS | CMO Series 2020-125 Class AS | CMO Series 2020-125 Class AS |
| -1.0 x 1-month Term SOFR + <br> 6.136% <br>Cap 6.250% <br>08/20/2050<br>| &nbsp;&nbsp; 1.811% | 16022001 | &nbsp;&nbsp; 2096777 |
| CMO Series 2020-125 Class SD | CMO Series 2020-125 Class SD | CMO Series 2020-125 Class SD | CMO Series 2020-125 Class SD |
| -1.0 x 1-month Term SOFR + <br> 6.136% <br>Cap 6.250% <br>08/20/2050<br>| &nbsp;&nbsp; 1.811% | 11301321 | &nbsp;&nbsp; 1494942 |
| CMO Series 2020-77 Class GS | CMO Series 2020-77 Class GS | CMO Series 2020-77 Class GS | CMO Series 2020-77 Class GS |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>05/20/2049<br>| &nbsp;&nbsp; 1.611% | 13089340 | &nbsp;&nbsp; 1389432 |
| CMO Series 2020-79 Class S | CMO Series 2020-79 Class S | CMO Series 2020-79 Class S | CMO Series 2020-79 Class S |
| -1.0 x 1-month Term SOFR + <br> 5.986% <br>Cap 6.100% <br>06/20/2050<br>| &nbsp;&nbsp; 1.661% | 9817682 | &nbsp;&nbsp; 1346564 |
| CMO Series 2021-117 Class ES | CMO Series 2021-117 Class ES | CMO Series 2021-117 Class ES | CMO Series 2021-117 Class ES |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>07/20/2051<br>| &nbsp;&nbsp; 1.861% | 16653695 | &nbsp;&nbsp; 2313313 |
| CMO Series 2021-161 Class SM | CMO Series 2021-161 Class SM | CMO Series 2021-161 Class SM | CMO Series 2021-161 Class SM |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>09/20/2051<br>| &nbsp;&nbsp; 1.861% | 17883649 | &nbsp;&nbsp; 2476040 |
| CMO Series 2021-193 Class ES | CMO Series 2021-193 Class ES | CMO Series 2021-193 Class ES | CMO Series 2021-193 Class ES |
| 30-day Average SOFR + 1.700% <br>11/20/2051<br>| &nbsp;&nbsp; 0.000% | 132511743 | &nbsp;&nbsp; 462413 |
| CMO Series 2021-46 Class SE | CMO Series 2021-46 Class SE | CMO Series 2021-46 Class SE | CMO Series 2021-46 Class SE |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>03/20/2051<br>| &nbsp;&nbsp; 1.861% | 19217012 | &nbsp;&nbsp; 2573690 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2022-126 Class SN | CMO Series 2022-126 Class SN | CMO Series 2022-126 Class SN | CMO Series 2022-126 Class SN |
| -1.0 x 30-day Average SOFR + <br> 5.970% <br>Cap 5.970% <br>07/20/2052<br>| &nbsp;&nbsp; 1.642% | 19826631 | &nbsp;&nbsp; 2120833 |
| CMO Series 2022-128 Class SD | CMO Series 2022-128 Class SD | CMO Series 2022-128 Class SD | CMO Series 2022-128 Class SD |
| -1.0 x 30-day Average SOFR + <br> 5.980% <br>Cap 5.980% <br>07/20/2052<br>| &nbsp;&nbsp; 1.652% | 17278374 | &nbsp;&nbsp; 1760905 |
| CMO Series 2022-152 Class SA | CMO Series 2022-152 Class SA | CMO Series 2022-152 Class SA | CMO Series 2022-152 Class SA |
| -1.0 x 30-day Average SOFR + <br> 6.050% <br>Cap 6.050% <br>09/20/2052<br>| &nbsp;&nbsp; 1.722% | 28353764 | &nbsp;&nbsp; 2690126 |
| CMO Series 2022-190 Class CS | CMO Series 2022-190 Class CS | CMO Series 2022-190 Class CS | CMO Series 2022-190 Class CS |
| -1.0 x 30-day Average SOFR + <br> 6.050% <br>Cap 6.050% <br>11/20/2049<br>| &nbsp;&nbsp; 1.611% | 24061329 | &nbsp;&nbsp; 2224881 |
| CMO Series 2022-190 Class GS | CMO Series 2022-190 Class GS | CMO Series 2022-190 Class GS | CMO Series 2022-190 Class GS |
| -1.0 x 1-month Term SOFR + <br> 6.150% <br>Cap 6.150% <br>07/20/2049<br>| &nbsp;&nbsp; 1.711% | 28089665 | &nbsp;&nbsp; 3499888 |
| CMO Series 2023-100 Class KS | CMO Series 2023-100 Class KS | CMO Series 2023-100 Class KS | CMO Series 2023-100 Class KS |
| -1.0 x 30-day Average SOFR + <br> 6.850% <br>Cap 6.850% <br>07/20/2053<br>| &nbsp;&nbsp; 2.522% | 22859780 | &nbsp;&nbsp; 2457067 |
| CMO Series 2023-100 Class SC | CMO Series 2023-100 Class SC | CMO Series 2023-100 Class SC | CMO Series 2023-100 Class SC |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>09/20/2049<br>| &nbsp;&nbsp; 1.611% | 26170708 | &nbsp;&nbsp; 2313412 |
| CMO Series 2023-113 Class CS | CMO Series 2023-113 Class CS | CMO Series 2023-113 Class CS | CMO Series 2023-113 Class CS |
| -1.0 x 30-day Average SOFR + <br> 5.730% <br>Cap 5.730% <br>08/20/2053<br>| &nbsp;&nbsp; 1.402% | 14264191 | &nbsp;&nbsp; 1136518 |
| CMO Series 2023-113 Class HS | CMO Series 2023-113 Class HS | CMO Series 2023-113 Class HS | CMO Series 2023-113 Class HS |
| 1-month Term SOFR + 5.936% <br>Cap 6.050% <br>09/20/2049<br>| &nbsp;&nbsp; 1.611% | 30044806 | &nbsp;&nbsp; 3416596 |
| CMO Series 2023-141 Class SQ | CMO Series 2023-141 Class SQ | CMO Series 2023-141 Class SQ | CMO Series 2023-141 Class SQ |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>12/20/2049<br>| &nbsp;&nbsp; 1.611% | 21947329 | &nbsp;&nbsp; 2266027 |

---

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

Columbia Quality Income Fund \| 2025

------

Portfolio of Investments (continued)

May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2023-17 Class NS | CMO Series 2023-17 Class NS | CMO Series 2023-17 Class NS | CMO Series 2023-17 Class NS |
| -1.0 x 30-day Average SOFR + <br> 6.150% <br>Cap 6.150% <br>02/20/2053<br>| &nbsp;&nbsp; 1.822% | 21550182 | &nbsp;&nbsp; 2230644 |
| CMO Series 2023-17 Class SY | CMO Series 2023-17 Class SY | CMO Series 2023-17 Class SY | CMO Series 2023-17 Class SY |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>05/20/2050<br>| &nbsp;&nbsp; 1.611% | 21351292 | &nbsp;&nbsp; 2382757 |
| CMO Series 2023-47 Class AS | CMO Series 2023-47 Class AS | CMO Series 2023-47 Class AS | CMO Series 2023-47 Class AS |
| -1.0 x 30-day Average SOFR + <br> 6.350% <br>Cap 6.350% <br>03/20/2053<br>| &nbsp;&nbsp; 2.022% | 13905001 | &nbsp;&nbsp; 1078422 |
| CMO Series 2023-81 Class SB | CMO Series 2023-81 Class SB | CMO Series 2023-81 Class SB | CMO Series 2023-81 Class SB |
| -1.0 x 30-day Average SOFR + <br> 6.050% <br>Cap 6.050% <br>06/20/2053<br>| &nbsp;&nbsp; 1.722% | 14089604 | &nbsp;&nbsp; 990044 |
| CMO Series 2024-64 Class DS | CMO Series 2024-64 Class DS | CMO Series 2024-64 Class DS | CMO Series 2024-64 Class DS |
| -1.0 x 30-day Average SOFR + <br> 5.400% <br>Cap 5.400% <br>04/20/2054<br>| &nbsp;&nbsp; 1.072% | 29610901 | &nbsp;&nbsp; 1583964 |
| CMO Series 2024-79 Class SH | CMO Series 2024-79 Class SH | CMO Series 2024-79 Class SH | CMO Series 2024-79 Class SH |
| -1.0 x 30-day Average SOFR + <br> 7.250% <br>Cap 7.250% <br>05/20/2054<br>| &nbsp;&nbsp; 2.922% | 13691446 | &nbsp;&nbsp; 2014094 |
| CMO Series 2024-95 Class SW | CMO Series 2024-95 Class SW | CMO Series 2024-95 Class SW | CMO Series 2024-95 Class SW |
| -1.0 x 30-day Average SOFR + <br> 5.400% <br>Cap 5.400% <br>06/20/2054<br>| &nbsp;&nbsp; 1.072% | 15498110 | &nbsp;&nbsp; 1171615 |
| CMO Series 2024-97 Class KS | CMO Series 2024-97 Class KS | CMO Series 2024-97 Class KS | CMO Series 2024-97 Class KS |
| -1.0 x 30-day Average SOFR + <br> 7.300% <br>Cap 7.300% <br>06/20/2054<br>| &nbsp;&nbsp; 2.972% | 18511651 | &nbsp;&nbsp; 3050339 |
| Government National Mortgage Association<sup>(d)</sup>  | Government National Mortgage Association<sup>(d)</sup>  | Government National Mortgage Association<sup>(d)</sup>  | Government National Mortgage Association<sup>(d)</sup>  |
| CMO Series 2023-140 Class JS | CMO Series 2023-140 Class JS | CMO Series 2023-140 Class JS | CMO Series 2023-140 Class JS |
| -2.5 x 30-day Average SOFR + <br> 16.050% <br>Cap 16.050% <br>09/20/2053<br>| &nbsp;&nbsp; 5.280% | 1988557 | &nbsp;&nbsp; 1971035 |
| CMO Series 2025-39 Class M | CMO Series 2025-39 Class M | CMO Series 2025-39 Class M | CMO Series 2025-39 Class M |
| 30-day Average SOFR + 4.000% <br>Floor 4.000%, Cap 7.700% <br>03/20/2055<br>| &nbsp;&nbsp; 6.318% | 6050414 | &nbsp;&nbsp; 6055440 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** | **Residential Mortgage-Backed Securities - Agency 102.3%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Government National Mortgage Association TBA<sup>(k)</sup>  | Government National Mortgage Association TBA<sup>(k)</sup>  | Government National Mortgage Association TBA<sup>(k)</sup>  | Government National Mortgage Association TBA<sup>(k)</sup>  |
| 06/20/2054 | &nbsp;&nbsp; 4.500% | 65000000 | &nbsp;&nbsp; 61314462 |
| 06/23/2055 | &nbsp;&nbsp; 2.000% | 12000000 | &nbsp;&nbsp; 9636858 |
| 06/23/2055 | &nbsp;&nbsp; 3.000% | 17000000 | &nbsp;&nbsp; 14807912 |
| Uniform Mortgage-Backed Security TBA<sup>(k)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(k)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(k)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(k)</sup>  |
| 06/18/2040 | &nbsp;&nbsp; 2.500% | 20000000 | &nbsp;&nbsp; 18461002 |
| 06/18/2040- <br>06/13/2054<br>| &nbsp;&nbsp; 3.000% | 65000000 | &nbsp;&nbsp; 58595513 |
| 06/13/2054 | &nbsp;&nbsp; 2.000% | 29000000 | &nbsp;&nbsp; 22527824 |
| 06/13/2054 | &nbsp;&nbsp; 4.000% | 15000000 | &nbsp;&nbsp; 13741034 |
| 06/13/2054 | &nbsp;&nbsp; 4.500% | 111000000 | &nbsp;&nbsp; 104678811 |
| 06/13/2054 | &nbsp;&nbsp; 5.500% | 8000000 | &nbsp;&nbsp; 7919292 |
| 06/12/2055 | &nbsp;&nbsp; 3.500% | 112927560 | &nbsp;&nbsp; 100084562 |
| 06/12/2055 | &nbsp;&nbsp; 5.000% | 19000000 | &nbsp;&nbsp; 18389267 |
| 06/12/2055 | &nbsp;&nbsp; 6.000% | 8000000 | &nbsp;&nbsp; 8078092 |
| Total Residential Mortgage-Backed Securities - Agency <br>(Cost $1,395,413,807) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $1,395,413,807) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $1,395,413,807) | &nbsp;&nbsp; **1303808270** |
| **Residential Mortgage-Backed Securities - Non-Agency 15.6%** | **Residential Mortgage-Backed Securities - Non-Agency 15.6%** | **Residential Mortgage-Backed Securities - Non-Agency 15.6%** | **Residential Mortgage-Backed Securities - Non-Agency 15.6%** |
| A&D Mortgage Trust<sup>(a),(l)</sup>  | A&D Mortgage Trust<sup>(a),(l)</sup>  | A&D Mortgage Trust<sup>(a),(l)</sup>  | A&D Mortgage Trust<sup>(a),(l)</sup>  |
| CMO Series 2024-NQM1 Class A1 | CMO Series 2024-NQM1 Class A1 | CMO Series 2024-NQM1 Class A1 | CMO Series 2024-NQM1 Class A1 |
| 02/25/2069 | &nbsp;&nbsp; 6.195% | 1907443 | &nbsp;&nbsp; 1915442 |
| A&D Mortgage Trust<sup>(a),(f)</sup>  | A&D Mortgage Trust<sup>(a),(f)</sup>  | A&D Mortgage Trust<sup>(a),(f)</sup>  | A&D Mortgage Trust<sup>(a),(f)</sup>  |
| Subordinated CMO Series 2024-NQM1 Class B1 | Subordinated CMO Series 2024-NQM1 Class B1 | Subordinated CMO Series 2024-NQM1 Class B1 | Subordinated CMO Series 2024-NQM1 Class B1 |
| 02/25/2069 | &nbsp;&nbsp; 8.604% | 2000000 | &nbsp;&nbsp; 2017780 |
| Arroyo Mortgage Trust<sup>(a),(f)</sup>  | Arroyo Mortgage Trust<sup>(a),(f)</sup>  | Arroyo Mortgage Trust<sup>(a),(f)</sup>  | Arroyo Mortgage Trust<sup>(a),(f)</sup>  |
| CMO Series 2019-3 Class M1 | CMO Series 2019-3 Class M1 | CMO Series 2019-3 Class M1 | CMO Series 2019-3 Class M1 |
| 10/25/2048 | &nbsp;&nbsp; 4.204% | 2900000 | &nbsp;&nbsp; 2422121 |
| CHNGE Mortgage Trust<sup>(a),(f)</sup>  | CHNGE Mortgage Trust<sup>(a),(f)</sup>  | CHNGE Mortgage Trust<sup>(a),(f)</sup>  | CHNGE Mortgage Trust<sup>(a),(f)</sup>  |
| CMO Series 2022-2 Class A1 | CMO Series 2022-2 Class A1 | CMO Series 2022-2 Class A1 | CMO Series 2022-2 Class A1 |
| 03/25/2067 | &nbsp;&nbsp; 3.757% | 5800029 | &nbsp;&nbsp; 5653586 |
| CMO Series 2023-1 Class M1 | CMO Series 2023-1 Class M1 | CMO Series 2023-1 Class M1 | CMO Series 2023-1 Class M1 |
| 03/25/2058 | &nbsp;&nbsp; 8.237% | 6144000 | &nbsp;&nbsp; 6181045 |
| CMO Series 2023-4 Class M1 | CMO Series 2023-4 Class M1 | CMO Series 2023-4 Class M1 | CMO Series 2023-4 Class M1 |
| 09/25/2058 | &nbsp;&nbsp; 8.436% | 5480320 | &nbsp;&nbsp; 5628423 |
| CHNGE Mortgage Trust<sup>(a),(l)</sup>  | CHNGE Mortgage Trust<sup>(a),(l)</sup>  | CHNGE Mortgage Trust<sup>(a),(l)</sup>  | CHNGE Mortgage Trust<sup>(a),(l)</sup>  |
| CMO Series 2023-3 Class A1 | CMO Series 2023-3 Class A1 | CMO Series 2023-3 Class A1 | CMO Series 2023-3 Class A1 |
| 07/25/2058 | &nbsp;&nbsp; 7.100% | 3734148 | &nbsp;&nbsp; 3766473 |
| CMO Series 2023-4 Class A1 | CMO Series 2023-4 Class A1 | CMO Series 2023-4 Class A1 | CMO Series 2023-4 Class A1 |
| 09/25/2058 | &nbsp;&nbsp; 7.573% | 2559304 | &nbsp;&nbsp; 2597481 |
| CIM Trust<sup>(a),(f)</sup>  | CIM Trust<sup>(a),(f)</sup>  | CIM Trust<sup>(a),(f)</sup>  | CIM Trust<sup>(a),(f)</sup>  |
| CMO Series 2020-R3 Class A1B | CMO Series 2020-R3 Class A1B | CMO Series 2020-R3 Class A1B | CMO Series 2020-R3 Class A1B |
| 01/26/2060 | &nbsp;&nbsp; 4.000% | 8500000 | &nbsp;&nbsp; 7440172 |
| Citigroup Mortgage Loan Trust, Inc.<sup>(a),(f)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(a),(f)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(a),(f)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(a),(f)</sup>  |
| CMO Series 2009-11 Class 1A2 | CMO Series 2009-11 Class 1A2 | CMO Series 2009-11 Class 1A2 | CMO Series 2009-11 Class 1A2 |
| 02/25/2037 | &nbsp;&nbsp; 6.915% | 142504 | &nbsp;&nbsp; 140552 |
| CMO Series 2014-A Class B2 | CMO Series 2014-A Class B2 | CMO Series 2014-A Class B2 | CMO Series 2014-A Class B2 |
| 01/25/2035 | &nbsp;&nbsp; 5.448% | 394105 | &nbsp;&nbsp; 390233 |

---

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

Columbia Quality Income Fund \| 2025

------

Portfolio of Investments (continued)

May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency 15.6%** | **Residential Mortgage-Backed Securities - Non-Agency 15.6%** | **Residential Mortgage-Backed Securities - Non-Agency 15.6%** | **Residential Mortgage-Backed Securities - Non-Agency 15.6%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Citigroup Mortgage Loan Trust, Inc.<sup>(a)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(a)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(a)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(a)</sup>  |
| CMO Series 2015-RP2 Class B2 | CMO Series 2015-RP2 Class B2 | CMO Series 2015-RP2 Class B2 | CMO Series 2015-RP2 Class B2 |
| 01/25/2053 | &nbsp;&nbsp; 4.250% | 2216105 | &nbsp;&nbsp; 2158402 |
| Connecticut Avenue Securities Trust<sup>(a),(d)</sup>  | Connecticut Avenue Securities Trust<sup>(a),(d)</sup>  | Connecticut Avenue Securities Trust<sup>(a),(d)</sup>  | Connecticut Avenue Securities Trust<sup>(a),(d)</sup>  |
| CMO Series 2022-R02 Class 2M2 | CMO Series 2022-R02 Class 2M2 | CMO Series 2022-R02 Class 2M2 | CMO Series 2022-R02 Class 2M2 |
| 30-day Average SOFR + 3.000% <br>01/25/2042<br>| &nbsp;&nbsp; 7.322% | 10000000 | &nbsp;&nbsp; 10239832 |
| CSMC Trust<sup>(a),(f)</sup>  | CSMC Trust<sup>(a),(f)</sup>  | CSMC Trust<sup>(a),(f)</sup>  | CSMC Trust<sup>(a),(f)</sup>  |
| CMO Series 2022-NQM1 Class A3 | CMO Series 2022-NQM1 Class A3 | CMO Series 2022-NQM1 Class A3 | CMO Series 2022-NQM1 Class A3 |
| 11/25/2066 | &nbsp;&nbsp; 2.675% | 4590517 | &nbsp;&nbsp; 3944869 |
| EASY<sup>(a),(l)</sup>  | EASY<sup>(a),(l)</sup>  | EASY<sup>(a),(l)</sup>  | EASY<sup>(a),(l)</sup>  |
| CMO Series 2025-RTL1 Class A1 | CMO Series 2025-RTL1 Class A1 | CMO Series 2025-RTL1 Class A1 | CMO Series 2025-RTL1 Class A1 |
| 05/25/2040 | &nbsp;&nbsp; 6.456% | 4350000 | &nbsp;&nbsp; 4358440 |
| FIGRE Trust<sup>(a),(f)</sup>  | FIGRE Trust<sup>(a),(f)</sup>  | FIGRE Trust<sup>(a),(f)</sup>  | FIGRE Trust<sup>(a),(f)</sup>  |
| Subordinated CMO Series 2023-HE3 Class C | Subordinated CMO Series 2023-HE3 Class C | Subordinated CMO Series 2023-HE3 Class C | Subordinated CMO Series 2023-HE3 Class C |
| 01/25/2042 | &nbsp;&nbsp; 7.310% | 1612892 | &nbsp;&nbsp; 1657934 |
| Freddie Mac STACR<sup>(d)</sup>  | Freddie Mac STACR<sup>(d)</sup>  | Freddie Mac STACR<sup>(d)</sup>  | Freddie Mac STACR<sup>(d)</sup>  |
| CMO Series 2020-CS02 Class M4 | CMO Series 2020-CS02 Class M4 | CMO Series 2020-CS02 Class M4 | CMO Series 2020-CS02 Class M4 |
| 30-day Average SOFR + 0.114% <br>06/25/2033<br>| &nbsp;&nbsp; 4.454% | 55157 | &nbsp;&nbsp; 55007 |
| Freddie Mac STACR REMIC Trust<sup>(a),(d)</sup>  | Freddie Mac STACR REMIC Trust<sup>(a),(d)</sup>  | Freddie Mac STACR REMIC Trust<sup>(a),(d)</sup>  | Freddie Mac STACR REMIC Trust<sup>(a),(d)</sup>  |
| Subordinated CMO Series 2021-DNA1 Class B2 | Subordinated CMO Series 2021-DNA1 Class B2 | Subordinated CMO Series 2021-DNA1 Class B2 | Subordinated CMO Series 2021-DNA1 Class B2 |
| 30-day Average SOFR + 4.750% <br>01/25/2051<br>| &nbsp;&nbsp; 9.072% | 4000000 | &nbsp;&nbsp; 4398047 |
| Subordinated CMO Series 2021-DNA5 Class B2 | Subordinated CMO Series 2021-DNA5 Class B2 | Subordinated CMO Series 2021-DNA5 Class B2 | Subordinated CMO Series 2021-DNA5 Class B2 |
| 30-day Average SOFR + 5.500% <br>01/25/2034<br>| &nbsp;&nbsp; 9.822% | 7000000 | &nbsp;&nbsp; 7975370 |
| Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(d)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(d)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(d)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(d)</sup>  |
| Subordinated CMO Series 2022-DNA2 Class B1 | Subordinated CMO Series 2022-DNA2 Class B1 | Subordinated CMO Series 2022-DNA2 Class B1 | Subordinated CMO Series 2022-DNA2 Class B1 |
| 30-day Average SOFR + 4.750% <br>02/25/2042<br>| &nbsp;&nbsp; 9.072% | 4500000 | &nbsp;&nbsp; 4711536 |
| GCAT Trust<sup>(a),(f)</sup>  | GCAT Trust<sup>(a),(f)</sup>  | GCAT Trust<sup>(a),(f)</sup>  | GCAT Trust<sup>(a),(f)</sup>  |
| CMO Series 2021-CM1 Class A1 | CMO Series 2021-CM1 Class A1 | CMO Series 2021-CM1 Class A1 | CMO Series 2021-CM1 Class A1 |
| 04/25/2065 | &nbsp;&nbsp; 2.469% | 1297623 | &nbsp;&nbsp; 1232059 |
| CMO Series 2023-NQM4 Class A1 | CMO Series 2023-NQM4 Class A1 | CMO Series 2023-NQM4 Class A1 | CMO Series 2023-NQM4 Class A1 |
| 05/25/2067 | &nbsp;&nbsp; 4.250% | 5625967 | &nbsp;&nbsp; 5262096 |
| HTAP Issuer Trust<sup>(a)</sup>  | HTAP Issuer Trust<sup>(a)</sup>  | HTAP Issuer Trust<sup>(a)</sup>  | HTAP Issuer Trust<sup>(a)</sup>  |
| CMO Series 2024-2 Class A | CMO Series 2024-2 Class A | CMO Series 2024-2 Class A | CMO Series 2024-2 Class A |
| 04/25/2042 | &nbsp;&nbsp; 6.500% | 6488240 | &nbsp;&nbsp; 6411455 |
| Imperial Fund Mortgage Trust<sup>(a),(f)</sup>  | Imperial Fund Mortgage Trust<sup>(a),(f)</sup>  | Imperial Fund Mortgage Trust<sup>(a),(f)</sup>  | Imperial Fund Mortgage Trust<sup>(a),(f)</sup>  |
| CMO Series 2021-NQM4 Class A3 | CMO Series 2021-NQM4 Class A3 | CMO Series 2021-NQM4 Class A3 | CMO Series 2021-NQM4 Class A3 |
| 01/25/2057 | &nbsp;&nbsp; 2.450% | 6550817 | &nbsp;&nbsp; 5718631 |
| Legacy Mortgage Asset Trust<sup>(a),(l)</sup>  | Legacy Mortgage Asset Trust<sup>(a),(l)</sup>  | Legacy Mortgage Asset Trust<sup>(a),(l)</sup>  | Legacy Mortgage Asset Trust<sup>(a),(l)</sup>  |
| CMO Series 2021-GS1 Class A1 | CMO Series 2021-GS1 Class A1 | CMO Series 2021-GS1 Class A1 | CMO Series 2021-GS1 Class A1 |
| 10/25/2066 | &nbsp;&nbsp; 5.892% | 3534878 | &nbsp;&nbsp; 3537651 |
| LHOME Mortgage Trust<sup>(a),(l)</sup>  | LHOME Mortgage Trust<sup>(a),(l)</sup>  | LHOME Mortgage Trust<sup>(a),(l)</sup>  | LHOME Mortgage Trust<sup>(a),(l)</sup>  |
| CMO Series 2024-RTL1 Class A1 | CMO Series 2024-RTL1 Class A1 | CMO Series 2024-RTL1 Class A1 | CMO Series 2024-RTL1 Class A1 |
| 01/25/2029 | &nbsp;&nbsp; 7.017% | 10000000 | &nbsp;&nbsp; 10059069 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency 15.6%** | **Residential Mortgage-Backed Securities - Non-Agency 15.6%** | **Residential Mortgage-Backed Securities - Non-Agency 15.6%** | **Residential Mortgage-Backed Securities - Non-Agency 15.6%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Mello Mortgage Capital Acceptance<sup>(a),(l)</sup>  | Mello Mortgage Capital Acceptance<sup>(a),(l)</sup>  | Mello Mortgage Capital Acceptance<sup>(a),(l)</sup>  | Mello Mortgage Capital Acceptance<sup>(a),(l)</sup>  |
| CMO Series 2024-SD1 Class M1 | CMO Series 2024-SD1 Class M1 | CMO Series 2024-SD1 Class M1 | CMO Series 2024-SD1 Class M1 |
| 04/25/2054 | &nbsp;&nbsp; 4.000% | 2789000 | &nbsp;&nbsp; 2593223 |
| New Residential Mortgage Loan Trust<sup>(a),(f),(h)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(f),(h)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(f),(h)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(f),(h)</sup>  |
| CMO Series 2014-1A Class AIO | CMO Series 2014-1A Class AIO | CMO Series 2014-1A Class AIO | CMO Series 2014-1A Class AIO |
| 01/25/2054 | &nbsp;&nbsp; 2.164% | 6392039 | &nbsp;&nbsp; 288797 |
| New Residential Mortgage Loan Trust<sup>(a),(f)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(f)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(f)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(f)</sup>  |
| CMO Series 2022-NQM2 Class A2 | CMO Series 2022-NQM2 Class A2 | CMO Series 2022-NQM2 Class A2 | CMO Series 2022-NQM2 Class A2 |
| 03/27/2062 | &nbsp;&nbsp; 3.699% | 4420000 | &nbsp;&nbsp; 3474094 |
| Subordinated CMO Series 2019-RPL3 Class B3 | Subordinated CMO Series 2019-RPL3 Class B3 | Subordinated CMO Series 2019-RPL3 Class B3 | Subordinated CMO Series 2019-RPL3 Class B3 |
| 07/25/2059 | &nbsp;&nbsp; 3.985% | 12000000 | &nbsp;&nbsp; 9080507 |
| NRZ Excess Spread-Collateralized Notes<sup>(a)</sup>  | NRZ Excess Spread-Collateralized Notes<sup>(a)</sup>  | NRZ Excess Spread-Collateralized Notes<sup>(a)</sup>  | NRZ Excess Spread-Collateralized Notes<sup>(a)</sup>  |
| CMO Series 2021-GNT1 Class A | CMO Series 2021-GNT1 Class A | CMO Series 2021-GNT1 Class A | CMO Series 2021-GNT1 Class A |
| 11/25/2026 | &nbsp;&nbsp; 3.474% | 1648686 | &nbsp;&nbsp; 1573175 |
| OBX Trust<sup>(a),(f)</sup>  | OBX Trust<sup>(a),(f)</sup>  | OBX Trust<sup>(a),(f)</sup>  | OBX Trust<sup>(a),(f)</sup>  |
| CMO Series 2022-NQM3 Class A2 | CMO Series 2022-NQM3 Class A2 | CMO Series 2022-NQM3 Class A2 | CMO Series 2022-NQM3 Class A2 |
| 01/25/2062 | &nbsp;&nbsp; 3.833% | 5264000 | &nbsp;&nbsp; 4170854 |
| Point Securitization Trust<sup>(a),(f)</sup>  | Point Securitization Trust<sup>(a),(f)</sup>  | Point Securitization Trust<sup>(a),(f)</sup>  | Point Securitization Trust<sup>(a),(f)</sup>  |
| CMO Series 2021-1 Class A1 | CMO Series 2021-1 Class A1 | CMO Series 2021-1 Class A1 | CMO Series 2021-1 Class A1 |
| 02/25/2052 | &nbsp;&nbsp; 3.228% | 4530388 | &nbsp;&nbsp; 4487782 |
| Preston Ridge Partners Mortgage Trust<sup>(a),(f)</sup>  | Preston Ridge Partners Mortgage Trust<sup>(a),(f)</sup>  | Preston Ridge Partners Mortgage Trust<sup>(a),(f)</sup>  | Preston Ridge Partners Mortgage Trust<sup>(a),(f)</sup>  |
| CMO Series 2022-NQM1 Class M1 | CMO Series 2022-NQM1 Class M1 | CMO Series 2022-NQM1 Class M1 | CMO Series 2022-NQM1 Class M1 |
| 08/25/2067 | &nbsp;&nbsp; 5.430% | 6000000 | &nbsp;&nbsp; 5884729 |
| Preston Ridge Partners Mortgage Trust<sup>(a),(l)</sup>  | Preston Ridge Partners Mortgage Trust<sup>(a),(l)</sup>  | Preston Ridge Partners Mortgage Trust<sup>(a),(l)</sup>  | Preston Ridge Partners Mortgage Trust<sup>(a),(l)</sup>  |
| CMO Series 2023-RCF2 Class A3 | CMO Series 2023-RCF2 Class A3 | CMO Series 2023-RCF2 Class A3 | CMO Series 2023-RCF2 Class A3 |
| 11/25/2053 | &nbsp;&nbsp; 4.000% | 5000000 | &nbsp;&nbsp; 4724338 |
| PRET LLC<sup>(a),(l)</sup>  | PRET LLC<sup>(a),(l)</sup>  | PRET LLC<sup>(a),(l)</sup>  | PRET LLC<sup>(a),(l)</sup>  |
| CMO Series 2024-NPL4 Class A2 | CMO Series 2024-NPL4 Class A2 | CMO Series 2024-NPL4 Class A2 | CMO Series 2024-NPL4 Class A2 |
| 07/25/2054 | &nbsp;&nbsp; 9.437% | 2000000 | &nbsp;&nbsp; 2003194 |
| PRKCM Trust<sup>(a),(f)</sup>  | PRKCM Trust<sup>(a),(f)</sup>  | PRKCM Trust<sup>(a),(f)</sup>  | PRKCM Trust<sup>(a),(f)</sup>  |
| CMO Series 2022-AFC1 Class A3 | CMO Series 2022-AFC1 Class A3 | CMO Series 2022-AFC1 Class A3 | CMO Series 2022-AFC1 Class A3 |
| 04/25/2057 | &nbsp;&nbsp; 4.100% | 3730110 | &nbsp;&nbsp; 3509190 |
| PRPM LLC<sup>(a),(l)</sup>  | PRPM LLC<sup>(a),(l)</sup>  | PRPM LLC<sup>(a),(l)</sup>  | PRPM LLC<sup>(a),(l)</sup>  |
| CMO Series 2024-RCF1 Class A2 | CMO Series 2024-RCF1 Class A2 | CMO Series 2024-RCF1 Class A2 | CMO Series 2024-RCF1 Class A2 |
| 01/25/2054 | &nbsp;&nbsp; 4.000% | 3600000 | &nbsp;&nbsp; 3418821 |
| CMO Series 2024-RCF1 Class A3 | CMO Series 2024-RCF1 Class A3 | CMO Series 2024-RCF1 Class A3 | CMO Series 2024-RCF1 Class A3 |
| 01/25/2054 | &nbsp;&nbsp; 4.000% | 2700000 | &nbsp;&nbsp; 2536185 |
| CMO Series 2025-2 Class A2 | CMO Series 2025-2 Class A2 | CMO Series 2025-2 Class A2 | CMO Series 2025-2 Class A2 |
| 05/25/2030 | &nbsp;&nbsp; 9.560% | 3000000 | &nbsp;&nbsp; 2984714 |
| RUN Trust<sup>(a),(f)</sup>  | RUN Trust<sup>(a),(f)</sup>  | RUN Trust<sup>(a),(f)</sup>  | RUN Trust<sup>(a),(f)</sup>  |
| CMO Series 2022-NQM1 Class M1 | CMO Series 2022-NQM1 Class M1 | CMO Series 2022-NQM1 Class M1 | CMO Series 2022-NQM1 Class M1 |
| 03/25/2067 | &nbsp;&nbsp; 4.038% | 5000000 | &nbsp;&nbsp; 3945724 |
| Saluda Grade Alternative Mortgage Trust<sup>(a),(f)</sup>  | Saluda Grade Alternative Mortgage Trust<sup>(a),(f)</sup>  | Saluda Grade Alternative Mortgage Trust<sup>(a),(f)</sup>  | Saluda Grade Alternative Mortgage Trust<sup>(a),(f)</sup>  |
| Subordinated CMO Series 2023-FIG4 Class CE | Subordinated CMO Series 2023-FIG4 Class CE | Subordinated CMO Series 2023-FIG4 Class CE | Subordinated CMO Series 2023-FIG4 Class CE |
| 11/25/2053 | &nbsp;&nbsp; 49.381% | 3215775 | &nbsp;&nbsp; 5539468 |
| SG Residential Mortgage Trust<sup>(a),(f)</sup>  | SG Residential Mortgage Trust<sup>(a),(f)</sup>  | SG Residential Mortgage Trust<sup>(a),(f)</sup>  | SG Residential Mortgage Trust<sup>(a),(f)</sup>  |
| CMO Series 2019-3 Class M1 | CMO Series 2019-3 Class M1 | CMO Series 2019-3 Class M1 | CMO Series 2019-3 Class M1 |
| 09/25/2059 | &nbsp;&nbsp; 3.526% | 4224000 | &nbsp;&nbsp; 4146948 |

---

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

Columbia Quality Income Fund \| 2025

------

Portfolio of Investments (continued)

May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency 15.6%** | **Residential Mortgage-Backed Securities - Non-Agency 15.6%** | **Residential Mortgage-Backed Securities - Non-Agency 15.6%** | **Residential Mortgage-Backed Securities - Non-Agency 15.6%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Stanwich Mortgage Loan Co. LLC<sup>(a),(l)</sup>  | Stanwich Mortgage Loan Co. LLC<sup>(a),(l)</sup>  | Stanwich Mortgage Loan Co. LLC<sup>(a),(l)</sup>  | Stanwich Mortgage Loan Co. LLC<sup>(a),(l)</sup>  |
| CMO Series 2021-NPB1 Class A1 | CMO Series 2021-NPB1 Class A1 | CMO Series 2021-NPB1 Class A1 | CMO Series 2021-NPB1 Class A1 |
| 10/16/2026 | &nbsp;&nbsp; 6.235% | 152392 | &nbsp;&nbsp; 152306 |
| Toorak Mortgage Trust<sup>(a),(f)</sup>  | Toorak Mortgage Trust<sup>(a),(f)</sup>  | Toorak Mortgage Trust<sup>(a),(f)</sup>  | Toorak Mortgage Trust<sup>(a),(f)</sup>  |
| CMO Series 2024-RRTL1 Class M1 | CMO Series 2024-RRTL1 Class M1 | CMO Series 2024-RRTL1 Class M1 | CMO Series 2024-RRTL1 Class M1 |
| 02/25/2039 | &nbsp;&nbsp; 9.162% | 4000000 | &nbsp;&nbsp; 4031781 |
| Unlock HEA Trust<sup>(a)</sup>  | Unlock HEA Trust<sup>(a)</sup>  | Unlock HEA Trust<sup>(a)</sup>  | Unlock HEA Trust<sup>(a)</sup>  |
| CMO Series 2023-1 Class A | CMO Series 2023-1 Class A | CMO Series 2023-1 Class A | CMO Series 2023-1 Class A |
| 10/25/2038 | &nbsp;&nbsp; 7.000% | 3191607 | &nbsp;&nbsp; 3190952 |
| Vendee Mortgage Trust<sup>(f),(h)</sup>  | Vendee Mortgage Trust<sup>(f),(h)</sup>  | Vendee Mortgage Trust<sup>(f),(h)</sup>  | Vendee Mortgage Trust<sup>(f),(h)</sup>  |
| CMO Series 1998-1 Class 2IO | CMO Series 1998-1 Class 2IO | CMO Series 1998-1 Class 2IO | CMO Series 1998-1 Class 2IO |
| 03/15/2028 | &nbsp;&nbsp; 0.000% | 183617 | &nbsp;&nbsp; 0 |
| CMO Series 1998-3 Class IO | CMO Series 1998-3 Class IO | CMO Series 1998-3 Class IO | CMO Series 1998-3 Class IO |
| 03/15/2029 | &nbsp;&nbsp; 0.000% | 209420 | &nbsp;&nbsp; 0 |
| Verus Securitization Trust<sup>(a),(f)</sup>  | Verus Securitization Trust<sup>(a),(f)</sup>  | Verus Securitization Trust<sup>(a),(f)</sup>  | Verus Securitization Trust<sup>(a),(f)</sup>  |
| CMO Series 2020-1 Class M1 | CMO Series 2020-1 Class M1 | CMO Series 2020-1 Class M1 | CMO Series 2020-1 Class M1 |
| 01/25/2060 | &nbsp;&nbsp; 3.021% | 6700000 | &nbsp;&nbsp; 6282355 |
| CMO Series 2023-INV1 Class M1 | CMO Series 2023-INV1 Class M1 | CMO Series 2023-INV1 Class M1 | CMO Series 2023-INV1 Class M1 |
| 02/25/2068 | &nbsp;&nbsp; 7.495% | 4200000 | &nbsp;&nbsp; 4206595 |
| Visio Trust<sup>(a)</sup>  | Visio Trust<sup>(a)</sup>  | Visio Trust<sup>(a)</sup>  | Visio Trust<sup>(a)</sup>  |
| CMO Series 2021-1R Class A3 | CMO Series 2021-1R Class A3 | CMO Series 2021-1R Class A3 | CMO Series 2021-1R Class A3 |
| 05/25/2056 | &nbsp;&nbsp; 1.688% | 1464277 | &nbsp;&nbsp; 1360787 |
| Vista Point Securitization Trust<sup>(a),(l)</sup>  | Vista Point Securitization Trust<sup>(a),(l)</sup>  | Vista Point Securitization Trust<sup>(a),(l)</sup>  | Vista Point Securitization Trust<sup>(a),(l)</sup>  |
| CMO Series 2024-CES3 Class A3 | CMO Series 2024-CES3 Class A3 | CMO Series 2024-CES3 Class A3 | CMO Series 2024-CES3 Class A3 |
| 01/25/2055 | &nbsp;&nbsp; 6.194% | 5000000 | &nbsp;&nbsp; 5027960 |
| Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $192,571,417) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $192,571,417) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $192,571,417) | &nbsp;&nbsp; **198488185** |

---

---

| | |
|:---|:---|
| **Call Option Contracts Purchased 0.5%** | **Call Option Contracts Purchased 0.5%** |
|  | **Value ($)** |
| (Cost $8,784,789) | &nbsp;&nbsp; **6574710** |
| **Put Option Contracts Purchased 0.3%** | **Put Option Contracts Purchased 0.3%** |
| (Cost $4,424,700) | &nbsp;&nbsp; **3575063** |

---

---

| | | |
|:---|:---|:---|
| **Money Market Funds 2.9%** | **Money Market Funds 2.9%** | **Money Market Funds 2.9%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 4.495%<sup>(m),(n)</sup> <br>| &nbsp;&nbsp; 36527146 | &nbsp;&nbsp; 36516188 |
| Total Money Market Funds <br>(Cost $36,517,129) | Total Money Market Funds <br>(Cost $36,517,129) | &nbsp;&nbsp; **36516188** |
| **Total Investments in Securities** <br>**(Cost: $1,828,129,083)** | **Total Investments in Securities** <br>**(Cost: $1,828,129,083)** | &nbsp;&nbsp; **1710622372** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(436553753)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **1274068619** |

---

At May 31, 2025, securities and/or cash totaling $17,963,561 were pledged as collateral.

**Investments in derivatives** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| 3-Month SOFR | 872 | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 210206500 | &nbsp;&nbsp;&nbsp;&nbsp; 210616 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 5-Year Note | 2598 | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 281071125 | &nbsp;&nbsp;&nbsp;&nbsp; 1578090 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1788706 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| 3-Month SOFR | (872) | 06/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (208527900)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 565316 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Long Bond | (543) | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (61240219)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1393876)<br>|
| U.S. Treasury 10-Year Note | (2646) | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (293044500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3271845)<br>|
| U.S. Treasury 2-Year Note | (1268) | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (263030750)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (332703)<br>|
| U.S. Treasury Ultra Bond | (4) | 09/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (464250)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12474)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 565316 | &nbsp;&nbsp;&nbsp;&nbsp; (5010898)<br>|

---

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

Columbia Quality Income Fund \| 2025

------

Portfolio of Investments (continued)

May 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Cost ($)** | **Value ($)** |
| 10-Year OTC interest rate swap with <br> Citi to receive exercise rate and <br> pay SOFR<br>| Citi | USD | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; 50000000 | 3.70 | &nbsp;&nbsp; 06/12/2025 | &nbsp;&nbsp; 995000 | &nbsp;&nbsp; 74580 |
| 10-Year OTC interest rate swap with <br> Citi to receive exercise rate and <br> pay SOFR<br>| Citi | USD | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; 50000000 | 3.80 | &nbsp;&nbsp; 09/12/2025 | &nbsp;&nbsp; 1062500 | &nbsp;&nbsp; 737555 |
| 10-Year OTC interest rate swap with <br> Citi to receive exercise rate and <br> pay SOFR<br>| Citi | USD | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp; 100000000 | 3.80 | &nbsp;&nbsp; 10/14/2025 | &nbsp;&nbsp; 2110000 | &nbsp;&nbsp; 1710360 |
| 10-Year OTC interest rate swap with <br> Goldman Sachs International to <br> receive exercise rate and pay <br> SOFR<br>| Goldman Sachs International | USD | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp; 25000000 | 3.25 | &nbsp;&nbsp; 08/19/2025 | &nbsp;&nbsp; 766250 | &nbsp;&nbsp; 43937 |
| 30-Year OTC interest rate swap with <br> Citi to receive exercise rate and <br> pay SOFR<br>| Citi | USD | &nbsp;&nbsp; 14000800 | &nbsp;&nbsp; 14000800 | 3.80 | &nbsp;&nbsp; 10/29/2025 | &nbsp;&nbsp; 686039 | &nbsp;&nbsp; 335573 |
| 5-Year OTC interest rate swap with <br> Citi to receive exercise rate and <br> pay SOFR<br>| Citi | USD | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp; 25000000 | 3.90 | &nbsp;&nbsp; 07/02/2025 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 361305 |
| 5-Year OTC interest rate swap with <br> Morgan Stanley to receive <br> exercise rate and pay SOFR<br>| Morgan Stanley | USD | &nbsp;&nbsp; 150000000 | &nbsp;&nbsp; 150000000 | 3.75 | &nbsp;&nbsp; 05/14/2026 | &nbsp;&nbsp; 2865000 | &nbsp;&nbsp; 3311400 |
| Total |  |  |  |  |  |  | &nbsp;&nbsp; 8784789 | &nbsp;&nbsp; 6574710 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Cost ($)** | **Value ($)** |
| 10-Year OTC interest rate swap with <br> Morgan Stanley to receive SOFR <br> and pay exercise rate<br>| Morgan Stanley | USD | &nbsp;&nbsp; 70000000 | &nbsp;&nbsp; 70000000 | 3.90 | &nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp; 1291500 | &nbsp;&nbsp; 1210902 |
| 5-Year OTC interest rate swap with <br> Citi to receive SOFR and pay <br> exercise rate<br>| Citi | USD | &nbsp;&nbsp; 60000000 | &nbsp;&nbsp; 60000000 | 4.05 | &nbsp;&nbsp; 09/05/2025 | &nbsp;&nbsp; 474000 | &nbsp;&nbsp; 158046 |
| 5-Year OTC interest rate swap with <br> Citi to receive SOFR and pay <br> exercise rate<br>| Citi | USD | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp; 100000000 | 4.00 | &nbsp;&nbsp; 11/10/2025 | &nbsp;&nbsp; 695000 | &nbsp;&nbsp; 523360 |
| 5-Year OTC interest rate swap with <br> Citi to receive SOFR and pay <br> exercise rate<br>| Citi | USD | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp; 100000000 | 4.00 | &nbsp;&nbsp; 11/21/2025 | &nbsp;&nbsp; 896700 | &nbsp;&nbsp; 559270 |
| 5-Year OTC interest rate swap with <br> Goldman Sachs International to <br> receive SOFR and pay exercise <br> rate<br>| Goldman Sachs International | USD | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; 50000000 | 3.50 | &nbsp;&nbsp; 10/03/2025 | &nbsp;&nbsp; 587500 | &nbsp;&nbsp; 643485 |
| 5-Year OTC interest rate swap with <br> Morgan Stanley to receive SOFR <br> and pay exercise rate<br>| Morgan Stanley | USD | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; 50000000 | 3.75 | &nbsp;&nbsp; 11/28/2025 | &nbsp;&nbsp; 480000 | &nbsp;&nbsp; 480000 |
| Total |  |  |  |  |  |  | &nbsp;&nbsp; 4424700 | &nbsp;&nbsp; 3575063 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Premium** <br>**received ($)**<br>| **Value ($)** |
| 2-Year OTC interest rate swap with Citi to receive <br> SOFR and pay exercise rate<br>| Citi | USD | &nbsp;&nbsp; (146531000)<br>| &nbsp;&nbsp; (146531000)<br>| 3.25 | &nbsp;&nbsp; 07/29/2025 | &nbsp;&nbsp; (647667)<br>| &nbsp;&nbsp; (148744)<br>|
| 2-Year OTC interest rate swap with Citi to receive <br> SOFR and pay exercise rate<br>| Citi | USD | &nbsp;&nbsp; (300000000)<br>| &nbsp;&nbsp; (300000000)<br>| 3.10 | &nbsp;&nbsp; 08/01/2025 | &nbsp;&nbsp; (1290000)<br>| &nbsp;&nbsp; (216840)<br>|
| Total |  |  |  |  |  |  | &nbsp;&nbsp; (1937667)<br>| &nbsp;&nbsp; (365584)<br>|

---

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

Columbia Quality Income Fund \| 2025

------

Portfolio of Investments (continued)

May 31, 2025

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** |
| **Reference** <br>**entity**<br>| **Counterparty** | **Maturity** <br>**date**<br>| **Pay** <br>**fixed** <br>**rate** <br>**(%)**<br>| **Payment** <br>**frequency**<br>| **Notional** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Value** <br>**($)**<br>| **Periodic** <br>**payments** <br>**receivable** <br>**(payable)** <br>**($)**<br>| **Upfront** <br>**payments** <br>**($)**<br>| **Upfront** <br>**receipts** <br>**($)**<br>| **Unrealized** <br>**appreciation** <br>**($)**<br>| **Unrealized** <br>**depreciation** <br>**($)**<br>|
| CMBX North America Index, <br> Series 11 BBB-<br>| Citi | 11/18/2054 | 3.000 | Monthly | USD | 5000000 | 648722 | (2500)<br>| 658238 |  |  | (12016)<br>|

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** |
| **Reference** <br>**entity**<br>| **Counterparty** | **Maturity** <br>**date**<br>| **Receive** <br>**fixed** <br>**rate** <br>**(%)**<br>| **Payment** <br>**frequency**<br>| **Implied** <br>**credit** <br>**spread** <br>**(%)\***<br>| **Notional** <br>**currency**<br>| **Notional** <br>**amount** <br>| **Value** <br>**($)**<br>| **Periodic** <br>**payments** <br>**receivable** <br>**(payable)** <br>**($)**<br>| **Upfront** <br>**payments** <br>**($)**<br>| **Upfront** <br>**receipts** <br>**($)**<br>| **Unrealized** <br>**appreciation** <br>**($)**<br>| **Unrealized** <br>**depreciation** <br>**($)**<br>|
| CMBX North <br> America Index, <br> Series 10 BBB-<br>| Citi | 11/17/2059 | 3.000 | Monthly | 20.251 | USD | 5000000 | (985940)<br>| 2500 |  | (559351)<br>|  | (424089)<br>|
| CMBX North <br> America Index, <br> Series 16 BBB-<br>| Goldman Sachs <br> International<br>| 04/17/2065 | 3.000 | Monthly | 7.048 | USD | 5000000 | (854580)<br>| 2500 |  | (644382)<br>|  | (207698)<br>|
| CMBX North <br> America Index, <br> Series 17 BBB-<br>| Goldman Sachs <br> International<br>| 12/15/2056 | 3.000 | Monthly | 5.728 | USD | 18000000 | (2350944)<br>| 9000 |  | (2721784)<br>| 379840 |  |
| CMBX North <br> America Index, <br> Series 17 BBB-<br>| Goldman Sachs <br> International<br>| 12/15/2056 | 3.000 | Monthly | 5.728 | USD | 3000000 | (391824)<br>| 1500 |  | (293100)<br>|  | (97224)<br>|
| CMBX North <br> America Index, <br> Series 10 BBB-<br>| Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 20.251 | USD | 10000000 | (1971880)<br>| 5000 |  | (1455461)<br>|  | (511419)<br>|
| CMBX North <br> America Index, <br> Series 7 BBB-<br>| Morgan Stanley | 01/17/2047 | 3.000 | Monthly | 24.832 | USD | 2162138 | (302236)<br>| 1081 |  | (103972)<br>|  | (197183)<br>|
| Total |  |  |  |  |  |  |  | (6857404)<br>| 21581 |  | (5778050)<br>| 379840 | (1437613)<br>|

---

\* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

**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 $354,398,722, which represents 27.82% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Principal amount represents ownership shares of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security represents a pool of loans that generate cash payments generally over fixed
 periods of time. Such securities entitle the security holders to receive distributions (i.e. principal and interest, net of fees and expenses) that are tied to the payments
 made by the borrower on the underlying loans. Due to the structure of the security the cash payments received are not known until the time of payment. The interest rate
 shown is the stated coupon rate as of May 31, 2025 and is not reflective of the cash flow payments.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Variable rate security. The interest rate shown was the current rate as of May 31,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Valuation based on significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Variable or floating rate security, the interest rate of which adjusts periodically
 based on changes in current interest rates and prepayments on the underlying pool
 of assets. The interest rate shown was the current rate as of May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Represents fair value as determined in good faith under procedures approved by the
 Board of Trustees. At May 31, 2025, the total value of these securities amounted to $20,646,980, which represents 1.62% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents interest only securities which have the right to receive the monthly interest
 payments on an underlying pool of mortgage loans.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Represents a security in default.

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

Columbia Quality Income Fund \| 2025

------

Portfolio of Investments (continued)

May 31, 2025

**Notes to Portfolio of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(j) This security or a portion of this security has been pledged as collateral in connection
 with derivative contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents a security purchased on a when-issued basis.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Represents a variable rate security with a step coupon where the rate adjusts according
 to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the
 current rate as of May 31, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;(n) 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% |
|  | 38059462 | &nbsp;&nbsp; 564102120 | &nbsp;&nbsp; (565643233)<br>| &nbsp;&nbsp; (2161)<br>| &nbsp;&nbsp; 36516188 | &nbsp;&nbsp; 759 | &nbsp;&nbsp; 2392575 | &nbsp;&nbsp; 36527146 |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| CMO | Collateralized Mortgage Obligation |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal Securities |
| TBA | To Be Announced |

---

**Currency Legend** 

USD US Dollar

**Fair value measurements** 

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

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

■

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

■

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

■

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

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

Columbia Quality Income Fund \| 2025

------

Portfolio of Investments (continued)

May 31, 2025

**Fair value measurements (continued)**

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** |  |  |  |  |
| Asset-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 111524350 | &nbsp;&nbsp;&nbsp;&nbsp; 17308435 | &nbsp;&nbsp;&nbsp;&nbsp; 128832785 |
| Commercial Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 5694412 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5694412 |
| Commercial Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 27132759 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27132759 |
| Residential Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 1288108625 | &nbsp;&nbsp;&nbsp;&nbsp; 15699645 | &nbsp;&nbsp;&nbsp;&nbsp; 1303808270 |
| Residential Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 198488185 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 198488185 |
| Call Option Contracts Purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 6574710 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6574710 |
| Put Option Contracts Purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 3575063 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3575063 |
| Money Market Funds | 36516188 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36516188 |
| Total Investments in Securities | 36516188 | &nbsp;&nbsp;&nbsp;&nbsp; 1641098104 | &nbsp;&nbsp;&nbsp;&nbsp; 33008080 | &nbsp;&nbsp;&nbsp;&nbsp; 1710622372 |
| **Investments in Derivatives** |  |  |  |  |
| Asset |  |  |  |  |
| Futures Contracts | 2354022 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2354022 |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 379840 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 379840 |
| Liability |  |  |  |  |
| Futures Contracts | (5010898)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5010898)<br>|
| Call Option Contracts Written |  | &nbsp;&nbsp;&nbsp;&nbsp; (365584)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (365584)<br>|
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (1449629)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1449629)<br>|
| Total | 33859312 | &nbsp;&nbsp;&nbsp;&nbsp; 1639662731 | &nbsp;&nbsp;&nbsp;&nbsp; 33008080 | &nbsp;&nbsp;&nbsp;&nbsp; 1706530123 |

---

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.

Futures contracts and swap contracts are valued at unrealized appreciation (depreciation).

The following table is a reconciliation of Level 3 assets for which significant observable and unobservable inputs were used to determine fair value:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance** <br>**as of** <br>**05/31/2024** <br>**($)**<br>| **Increase** <br>**(decrease)** <br>**in accrued** <br>**discounts/** <br>**premiums** <br>**($)**<br>| **Realized** <br>**gain (loss)** <br>**($)**<br>| **Change** <br>**in unrealized** <br>**appreciation** <br>**(depreciation)**<sup>(a)</sup> <br>**($)**<br>| **Purchases** <br>**($)**<br>| **Sales** <br>**($)**<br>| **Transfers** <br>**into** <br>**Level 3** <br>**($)**<br>| **Transfers** <br>**out of** <br>**Level 3** <br>**($)**<br>| **Balance** <br>**as of** <br>**05/31/2025** <br>**($)**<br>|
| Asset-Backed Securities — <br> Non-Agency<br>| 4075077<br>| &nbsp;&nbsp; (799689)<br>| &nbsp;&nbsp; (487664)<br>| &nbsp;&nbsp; (118339)<br>| &nbsp;&nbsp; 17698425<br>| &nbsp;&nbsp; (1924000)<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; (1135375)<br>| &nbsp;&nbsp; 17308435<br>|
| Residential Mortgage-Backed <br> Securities — Agency<br>| 26165117<br>| &nbsp;&nbsp; (1660)<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; (178496)<br>| &nbsp;&nbsp; 15879801<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; (26165117)<br>| &nbsp;&nbsp; 15699645<br>|
| Residential Mortgage-Backed <br> Securities — Non-Agency<br>| 24810970<br>| &nbsp;&nbsp; 164233<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; (149303)<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; (18042311)<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; (6783589)<br>| &nbsp;&nbsp; -<br>|
| **Total** | **55051164**<br>| &nbsp;&nbsp; **(637116)**<br>| &nbsp;&nbsp; **(487664)**<br>| &nbsp;&nbsp; **(446138)**<br>| &nbsp;&nbsp; **33578226**<br>| &nbsp;&nbsp; **(19966311)**<br>| &nbsp;&nbsp; **-**<br>| &nbsp;&nbsp; **(34084081)**<br>| &nbsp;&nbsp; **33008080**<br>|

---

(a) Change in unrealized appreciation (depreciation) relating to securities held at May 31, 2025 was $(296,835), which is comprised of Asset-Backed Securities — Non-Agency of $(118,339) and Residential Mortgage-Backed Securities — Agency of $(178,496).

Financial assets were transferred from Level 3 to Level 2 as observable market inputs were utilized and management determined that there was sufficient, reliable and observable market data to value these assets as of period end.

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

Columbia Quality Income Fund \| 2025

------

Portfolio of Investments (continued)

May 31, 2025

**Fair value measurements (continued)**

The Fund's assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. The following table is a summary of valuation technique(s) used to value the Fund's investments at May 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Valuation Technique** | **Value ($)** |
| Asset-Backed Securities - Non-Agency | Single Market Quotes from Broker | &nbsp;&nbsp; 17308435 |
| Residential Mortgage-Backed Securities - Agency | Single Market Quotes from Broker | &nbsp;&nbsp; 15699645 |
| Total |  | &nbsp;&nbsp; 33008080 |

---

The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, manual price reviews and other control procedures. Significant increases (decreases) to any of these inputs would have resulted in a significantly higher (lower) fair value measurement.

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

Columbia Quality Income Fund \| 2025

------

Statement of Assets and Liabilities

May 31, 2025

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $1,778,402,465) | $1663956411 |
| Affiliated issuers (cost $36,517,129) | 36516188 |
| Option contracts purchased (cost $13,209,489) | 10149773 |
| Cash | 164750 |
| Cash collateral held at broker for: |  |
| Swap contracts | 273000 |
| TBA | 2294340 |
| Other<sup>(a)</sup> <br>| 2740000 |
| Unrealized appreciation on swap contracts | 379840 |
| Upfront payments on swap contracts | 658238 |
| Receivable for: |  |
| Capital shares sold | 4625160 |
| Dividends | 157791 |
| Interest | 5529290 |
| Variation margin for futures contracts | 284458 |
| Expense reimbursement due from Investment Manager | 1985 |
| Prepaid expenses | 5218 |
| Total assets | 1727736442 |
| **Liabilities** |  |
| Option contracts written, at value (premiums received $1,937,667) | 365584 |
| Unrealized depreciation on swap contracts | 1449629 |
| Upfront receipts on swap contracts | 5778050 |
| Payable for: |  |
| Investments purchased | 480000 |
| Investments purchased on a delayed delivery basis | 439751091 |
| Capital shares redeemed | 703098 |
| Distributions to shareholders | 4505582 |
| Variation margin for futures contracts | 274344 |
| Management services fees | 17137 |
| Distribution and/or service fees | 1315 |
| Transfer agent fees | 61930 |
| Compensation of board members | 2610 |
| Other expenses | 61778 |
| Deferred compensation of board members | 215675 |
| Total liabilities | 453667823 |
| **Net assets applicable to outstanding capital stock** | **$1274068619** |
| **Represented by** |  |
| Paid in capital | 1686556556 |
| Total distributable earnings (loss) | (412487937)<br>|
| **Total - representing net assets applicable to outstanding capital stock** | **$1274068619** |

---

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

Columbia Quality Income Fund \| 2025

------

Statement of Assets and Liabilities (continued)

May 31, 2025

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets | $178655692 |
| Shares outstanding | 9963895 |
| Net asset value per share | $17.93 |
| Maximum sales charge  | 3.00% |
| Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | $18.48 |
| **Class C** |  |
| Net assets | $3609963 |
| Shares outstanding | 200998 |
| Net asset value per share | $17.96 |
| **Institutional Class** |  |
| Net assets | $399048118 |
| Shares outstanding | 22271091 |
| Net asset value per share | $17.92 |
| **Institutional 2 Class** |  |
| Net assets | $12645269 |
| Shares outstanding | 705809 |
| Net asset value per share | $17.92 |
| **Institutional 3 Class** |  |
| Net assets | $680109577 |
| Shares outstanding | 38106413 |
| Net asset value per share | $17.85 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes collateral related to option contracts purchased and swap contracts.

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

Columbia Quality Income Fund \| 2025

------

Statement of Operations

Year Ended May 31, 2025

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — affiliated issuers | $2392575 |
| Interest | 62346706 |
| Interfund lending | 2490 |
| Total income | 64741771 |
| Expenses: |  |
| Management services fees | 6652421 |
| Distribution and/or service fees |  |
| Class A | 490909 |
| Class C | 34592 |
| Transfer agent fees |  |
| Class A | 286875 |
| Advisor Class | 14144 |
| Class C | 5051 |
| Institutional Class | 566662 |
| Institutional 2 Class | 7991 |
| Institutional 3 Class | 37915 |
| Custodian fees | 36229 |
| Printing and postage fees | 45173 |
| Registration fees | 120272 |
| Accounting services fees | 54565 |
| Legal fees | 31472 |
| Interest on collateral | 518700 |
| Compensation of chief compliance officer | 229 |
| Compensation of board members | 25378 |
| Deferred compensation of board members | 23172 |
| Other | 29788 |
| Total expenses | 8981538 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (847720)<br>|
| Expense reduction | (2940)<br>|
| Total net expenses | 8130878 |
| **Net investment income** | 56610893 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 4384682 |
| Investments — affiliated issuers | 759 |
| Foreign currency translations | (1094)<br>|
| Futures contracts | 12270278 |
| Option contracts purchased | (5151640)<br>|
| Option contracts written | 1678000 |
| Swap contracts | 5459994 |
| Net realized gain | 18640979 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 40682879 |
| Investments — affiliated issuers | (2161)<br>|
| Futures contracts | (3860298)<br>|
| Option contracts purchased | 6019088 |
| Option contracts written | 1572083 |
| Swap contracts | 98705 |
| Net change in unrealized appreciation (depreciation) | 44510296 |
| Net realized and unrealized gain | 63151275 |
| **Net increase in net assets resulting from operations** | **$119762168** |

---

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

Columbia Quality Income Fund \| 2025

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**May 31, 2025**<br>| **Year Ended** <br>**May 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $56610893 | &nbsp;&nbsp; $59227995 |
| Net realized gain (loss) | 18640979 | &nbsp;&nbsp; (88412275)<br>|
| Net change in unrealized appreciation (depreciation) | 44510296 | &nbsp;&nbsp; 19111139 |
| Net increase (decrease) in net assets resulting from operations | 119762168 | &nbsp;&nbsp; (10073141)<br>|
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class A | (7332930)<br>| &nbsp;&nbsp; (9014557)<br>|
| Advisor Class | (386929)<br>| &nbsp;&nbsp; (906562)<br>|
| Class C | (103289)<br>| &nbsp;&nbsp; (155433)<br>|
| Institutional Class | (15474042)<br>| &nbsp;&nbsp; (13588950)<br>|
| Institutional 2 Class | (574534)<br>| &nbsp;&nbsp; (795794)<br>|
| Institutional 3 Class | (30436040)<br>| &nbsp;&nbsp; (35954015)<br>|
| Class R |  | &nbsp;&nbsp; (51277)<br>|
| Total distributions to shareholders | (54307764)<br>| &nbsp;&nbsp; (60466588)<br>|
| Increase (decrease) in net assets from capital stock activity | (145257071)<br>| &nbsp;&nbsp; 19882745 |
| Total decrease in net assets | (79802667)<br>| &nbsp;&nbsp; (50656984)<br>|
| Net assets at beginning of year | 1353871286 | &nbsp;&nbsp; 1404528270 |
| **Net assets at end of year** | **$1274068619** | &nbsp;&nbsp; **$1353871286** |

---

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

Columbia Quality Income 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 | 723270 | &nbsp;&nbsp;&nbsp;&nbsp; 12939415 | &nbsp;&nbsp;&nbsp;&nbsp; 1314119 | &nbsp;&nbsp;&nbsp;&nbsp; 22792147 |
| Distributions reinvested | 333672 | &nbsp;&nbsp;&nbsp;&nbsp; 5975233 | &nbsp;&nbsp;&nbsp;&nbsp; 398429 | &nbsp;&nbsp;&nbsp;&nbsp; 6872444 |
| Shares redeemed | (3216494)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (57130752)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3698855)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (63848841)<br>|
| Net decrease | (2159552)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (38216104)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1986307)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (34184250)<br>|
| Advisor Class |  |  |  |  |
| Shares sold | 36602 | &nbsp;&nbsp;&nbsp;&nbsp; 655403 | &nbsp;&nbsp;&nbsp;&nbsp; 703168 | &nbsp;&nbsp;&nbsp;&nbsp; 11932791 |
| Distributions reinvested | 18955 | &nbsp;&nbsp;&nbsp;&nbsp; 339629 | &nbsp;&nbsp;&nbsp;&nbsp; 47693 | &nbsp;&nbsp;&nbsp;&nbsp; 823526 |
| Shares redeemed | (1347226)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23741339)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (601847)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10290849)<br>|
| Net increase (decrease) | (1291669)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22746307)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 149014 | &nbsp;&nbsp;&nbsp;&nbsp; 2465468 |
| Class C |  |  |  |  |
| Shares sold | 64478 | &nbsp;&nbsp;&nbsp;&nbsp; 1156301 | &nbsp;&nbsp;&nbsp;&nbsp; 26793 | &nbsp;&nbsp;&nbsp;&nbsp; 465123 |
| Distributions reinvested | 5423 | &nbsp;&nbsp;&nbsp;&nbsp; 97271 | &nbsp;&nbsp;&nbsp;&nbsp; 8328 | &nbsp;&nbsp;&nbsp;&nbsp; 143808 |
| Shares redeemed | (77133)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1381637)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (202788)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3503095)<br>|
| Net decrease | (7232)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (128065)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (167667)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2894164)<br>|
| Institutional Class |  |  |  |  |
| Shares sold | 4798538 | &nbsp;&nbsp;&nbsp;&nbsp; 85772110 | &nbsp;&nbsp;&nbsp;&nbsp; 11594624 | &nbsp;&nbsp;&nbsp;&nbsp; 201637811 |
| Distributions reinvested | 825619 | &nbsp;&nbsp;&nbsp;&nbsp; 14773231 | &nbsp;&nbsp;&nbsp;&nbsp; 752266 | &nbsp;&nbsp;&nbsp;&nbsp; 12957953 |
| Shares redeemed | (5608908)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (100607875)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6373491)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (110174278)<br>|
| Net increase (decrease) | 15249 | &nbsp;&nbsp;&nbsp;&nbsp; (62534)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5973399 | &nbsp;&nbsp;&nbsp;&nbsp; 104421486 |
| Institutional 2 Class |  |  |  |  |
| Shares sold | 435277 | &nbsp;&nbsp;&nbsp;&nbsp; 7865242 | &nbsp;&nbsp;&nbsp;&nbsp; 300278 | &nbsp;&nbsp;&nbsp;&nbsp; 5140331 |
| Distributions reinvested | 32030 | &nbsp;&nbsp;&nbsp;&nbsp; 573642 | &nbsp;&nbsp;&nbsp;&nbsp; 46150 | &nbsp;&nbsp;&nbsp;&nbsp; 795337 |
| Shares redeemed | (729989)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12858775)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (407039)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6969240)<br>|
| Net decrease | (262682)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4419891)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (60611)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1033572)<br>|
| Institutional 3 Class |  |  |  |  |
| Shares sold | 6729582 | &nbsp;&nbsp;&nbsp;&nbsp; 120073325 | &nbsp;&nbsp;&nbsp;&nbsp; 12500031 | &nbsp;&nbsp;&nbsp;&nbsp; 216564159 |
| Distributions reinvested | 1661793 | &nbsp;&nbsp;&nbsp;&nbsp; 29613307 | &nbsp;&nbsp;&nbsp;&nbsp; 2043873 | &nbsp;&nbsp;&nbsp;&nbsp; 35103404 |
| Shares redeemed | (12836301)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (229370802)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17668682)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (298701351)<br>|
| Net decrease | (4444926)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (79684170)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3124778)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (47033788)<br>|
| Class R |  |  |  |  |
| Shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6266 | &nbsp;&nbsp;&nbsp;&nbsp; 108658 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2885 | &nbsp;&nbsp;&nbsp;&nbsp; 49851 |
| Shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (117330)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2016944)<br>|
| Net decrease |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (108179)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1858435)<br>|
| **Total net increase (decrease)** | **(8150812)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(145257071)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **674871** | &nbsp;&nbsp;&nbsp;&nbsp; **19882745** |

---

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

Columbia Quality Income Fund \| 2025

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Quality Income Fund \| 2025

------

Financial Highlights

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <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 | $17.10<br>| 0.69<br>| 0.80<br>| 1.49<br>| &nbsp;&nbsp; (0.66) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.66) <br>|
| Year Ended 5/31/2024 | $17.89<br>| 0.67<br>| &nbsp;&nbsp; (0.77) <br>| &nbsp;&nbsp; (0.10) <br>| &nbsp;&nbsp; (0.69) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.69) <br>|
| Year Ended 5/31/2023 | $20.05<br>| 0.58<br>| &nbsp;&nbsp; (2.14) <br>| &nbsp;&nbsp; (1.56) <br>| &nbsp;&nbsp; (0.60) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.60) <br>|
| Year Ended 5/31/2022 | $22.86<br>| 0.46<br>| &nbsp;&nbsp; (2.89) <br>| &nbsp;&nbsp; (2.43) <br>| &nbsp;&nbsp; (0.38) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.38) <br>|
| Year Ended 5/31/2021<sup>(e)</sup> <br>| $22.20<br>| 0.61<br>| 1.00<br>| 1.61<br>| &nbsp;&nbsp; (0.68) <br>| &nbsp;&nbsp; (0.27) <br>| &nbsp;&nbsp; (0.95) <br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year Ended 5/31/2025 | $17.13<br>| 0.57<br>| 0.79<br>| 1.36<br>| &nbsp;&nbsp; (0.53) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.53) <br>|
| Year Ended 5/31/2024 | $17.92<br>| 0.54<br>| &nbsp;&nbsp; (0.77) <br>| &nbsp;&nbsp; (0.23) <br>| &nbsp;&nbsp; (0.56) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.56) <br>|
| Year Ended 5/31/2023 | $20.08<br>| 0.44<br>| &nbsp;&nbsp; (2.13) <br>| &nbsp;&nbsp; (1.69) <br>| &nbsp;&nbsp; (0.47) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.47) <br>|
| Year Ended 5/31/2022 | $22.90<br>| 0.29<br>| &nbsp;&nbsp; (2.89) <br>| &nbsp;&nbsp; (2.60) <br>| &nbsp;&nbsp; (0.22) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.22) <br>|
| Year Ended 5/31/2021<sup>(e)</sup> <br>| $22.24<br>| 0.44<br>| 1.00<br>| 1.44<br>| &nbsp;&nbsp; (0.51) <br>| &nbsp;&nbsp; (0.27) <br>| &nbsp;&nbsp; (0.78) <br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Year Ended 5/31/2025 | $17.09<br>| 0.74<br>| 0.80<br>| 1.54<br>| &nbsp;&nbsp; (0.71) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.71) <br>|
| Year Ended 5/31/2024 | $17.88<br>| 0.72<br>| &nbsp;&nbsp; (0.78) <br>| &nbsp;&nbsp; (0.06) <br>| &nbsp;&nbsp; (0.73) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.73) <br>|
| Year Ended 5/31/2023 | $20.04<br>| 0.63<br>| &nbsp;&nbsp; (2.14) <br>| &nbsp;&nbsp; (1.51) <br>| &nbsp;&nbsp; (0.65) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.65) <br>|
| Year Ended 5/31/2022 | $22.84<br>| 0.51<br>| &nbsp;&nbsp; (2.87) <br>| &nbsp;&nbsp; (2.36) <br>| &nbsp;&nbsp; (0.44) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.44) <br>|
| Year Ended 5/31/2021<sup>(e)</sup> <br>| $22.19<br>| 0.66<br>| 1.00<br>| 1.66<br>| &nbsp;&nbsp; (0.74) <br>| &nbsp;&nbsp; (0.27) <br>| &nbsp;&nbsp; (1.01) <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 | $17.09<br>| 0.75<br>| 0.80<br>| 1.55<br>| &nbsp;&nbsp; (0.72) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.72) <br>|
| Year Ended 5/31/2024 | $17.88<br>| 0.73<br>| &nbsp;&nbsp; (0.77) <br>| &nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp; (0.75) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.75) <br>|
| Year Ended 5/31/2023 | $20.04<br>| 0.64<br>| &nbsp;&nbsp; (2.13) <br>| &nbsp;&nbsp; (1.49) <br>| &nbsp;&nbsp; (0.67) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.67) <br>|
| Year Ended 5/31/2022 | $22.84<br>| 0.53<br>| &nbsp;&nbsp; (2.88) <br>| &nbsp;&nbsp; (2.35) <br>| &nbsp;&nbsp; (0.45) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.45) <br>|
| Year Ended 5/31/2021<sup>(e)</sup> <br>| $22.19<br>| 0.68<br>| 1.00<br>| 1.68<br>| &nbsp;&nbsp; (0.76) <br>| &nbsp;&nbsp; (0.27) <br>| &nbsp;&nbsp; (1.03) <br>|

---

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

Columbia Quality Income 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; **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** |
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $17.93<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.81%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.95% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.89% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 330%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $178656<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $17.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.52%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.95% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.90% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 375%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $207275<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $17.89<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.78%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.95% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.93% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 341%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $252442<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $20.05<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.74%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.89% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.89% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 207%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $323845<br>|
|  Year Ended 5/31/2021 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $22.86<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.36%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.91% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.90% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 319%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $429196<br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $17.96<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.99%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.70% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.64% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 330%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3610<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $17.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.26%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 1.70% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.65% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 375%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3566<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $17.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.45%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 1.69% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.68% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 341%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6737<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $20.08<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.44%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 1.64% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.64% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 207%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12902<br>|
|  Year Ended 5/31/2021 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $22.90<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.54%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.66% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.65% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 319%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17854<br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $17.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.08%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.70% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.64% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 330%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $399048<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $17.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.27%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.70% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.64% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 375%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $380248<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $17.88<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.56%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.70% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.68% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 341%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $291134<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $20.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.49%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.64% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.64% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 207%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $332225<br>|
|  Year Ended 5/31/2021 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $22.84<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.53%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.66% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.65% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 319%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $519577<br>|
| **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; $17.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.18%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.62% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.55% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 330%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12645<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $17.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.18%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.60% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.55% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 375%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16547<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $17.88<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.47%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.60% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.59% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.49%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 341%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18400<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $20.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.41%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.56% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.37%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 207%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $24711<br>|
|  Year Ended 5/31/2021 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $22.84<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.62%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.57% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.56% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 319%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $41073<br>|

---

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

Columbia Quality Income 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>|
| **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 | $17.02<br>| 0.76<br>| 0.80<br>| 1.56<br>| &nbsp;&nbsp; (0.73) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.73) <br>|
| Year Ended 5/31/2024 | $17.81<br>| 0.74<br>| &nbsp;&nbsp; (0.77) <br>| &nbsp;&nbsp; (0.03) <br>| &nbsp;&nbsp; (0.76) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.76) <br>|
| Year Ended 5/31/2023 | $19.96<br>| 0.65<br>| &nbsp;&nbsp; (2.13) <br>| &nbsp;&nbsp; (1.48) <br>| &nbsp;&nbsp; (0.67) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.67) <br>|
| Year Ended 5/31/2022 | $22.75<br>| 0.54<br>| &nbsp;&nbsp; (2.87) <br>| &nbsp;&nbsp; (2.33) <br>| &nbsp;&nbsp; (0.46) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.46) <br>|
| Year Ended 5/31/2021<sup>(e)</sup> <br>| $22.10<br>| 0.69<br>| 0.99<br>| 1.68<br>| &nbsp;&nbsp; (0.76) <br>| &nbsp;&nbsp; (0.27) <br>| &nbsp;&nbsp; (1.03) <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) | Ratios include interest on collateral expense. For the periods indicated below, if interest on collateral expense had been excluded, expenses would have been lower by: |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class** | **5/31/2025** | **5/31/2024** | **5/31/2023** | **5/31/2022** | **5/31/2021** |
| Class A | 0.04% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 0.02% | less than 0.01% | less than 0.01% |
| Class C | 0.04% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 0.02% | less than 0.01% | less than 0.01% |
| Institutional Class | 0.04% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 0.02% | less than 0.01% | less than 0.01% |
| Institutional 2 Class | 0.04% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 0.02% | less than 0.01% | less than 0.01% |
| Institutional 3 Class | 0.04% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 0.02% | less than 0.01% | less than 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) 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.

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

Columbia Quality Income 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; **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>|
| **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; $17.85<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.56% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.50% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 330%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $680110<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $17.02<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.15%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.55% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.50% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 375%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $724162<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $17.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.42%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.54% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 341%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $813449<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $19.96<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.38%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.51% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 207%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $987973<br>|
|  Year Ended 5/31/2021 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $22.75<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.64%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.52% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 319%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1197807<br>|

---

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

Columbia Quality Income Fund \| 2025

------

Notes to Financial Statements

May 31, 2025

Note 1. Organization

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

**Fund shares**

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

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

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.

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.

Columbia Quality Income Fund \| 2025

------

Notes to Financial Statements (continued)

May 31, 2025

**Security valuation**

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

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

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market evaluations from independent third-party vendors.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

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.

**Foreign currency transactions and translations** 

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

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

**Derivative instruments**

The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may

Columbia Quality Income Fund \| 2025

------

Notes to Financial Statements (continued)

May 31, 2025

also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

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

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk in respect of over-the-counter derivatives, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

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

Columbia Quality Income Fund \| 2025

------

Notes to Financial Statements (continued)

May 31, 2025

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

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

**Futures contracts**

Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark and to manage exposure to movements in interest rates. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

**Options contracts**

Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased and has written option contracts to manage exposure to fluctuations in interest rates and to manage convexity risk. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option

Columbia Quality Income Fund \| 2025

------

Notes to Financial Statements (continued)

May 31, 2025

contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.

**Interest rate swaption contracts** 

Interest rate swaption contracts entered into by the Fund typically represent an option that gives the purchaser the right, but not the obligation, to enter into an interest rate swap contract on a future date. Each interest rate swaption contract will specify if the buyer is entitled to receive the fixed or floating rate if the interest rate is exercised. Changes in the value of purchased interest rate swaption contracts are reported as unrealized appreciation or depreciation on options in the Statement of Assets and Liabilities. Gain or loss is recognized in the Statement of Operations when the interest rate swaption contract is closed or expires.

When the Fund writes an interest rate swaption contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the interest rate swaption contract written. Premiums received from writing interest rate swaption contracts that expire unexercised are recorded by the Fund on the expiration date as realized gains from options written in the Statement of Operations. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also recorded as realized gain, or if the premium is less than the amount paid for the closing purchase, as realized loss. These amounts are reflected as net realized gain (loss) on options written in the Statement of Operations.

**Swap contracts**

Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty and the central counterparty becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the central counterparty in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the mark-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, there is less credit exposure to the FCM than in the case of an over-the-counter derivative, because the central counterparty stands between the Fund and the relevant buyer/seller on the other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the bilateral counterparty, FCM or central counterparty, as applicable, may not fulfill its obligation under the contract.

**Credit default swap contracts**

The Fund entered into credit default swap contracts to increase or decrease its credit exposure to an index and to manage credit risk exposure. These instruments may be used for other purposes in future periods. Credit default swap contracts are transactions in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are typically bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

Columbia Quality Income Fund \| 2025

------

Notes to Financial Statements (continued)

May 31, 2025

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on a notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract with the counterparty occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation (recovery value) as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. These potential amounts may be partially offset by any recovery values of the respective reference obligations or upfront receipts upon entering into the agreement. The notional amounts and market values of all credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the counterparty. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.

Any upfront payment or receipt by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to other risks including counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk.

**Interest rate and inflation rate swap contracts**

The Fund entered into interest rate swap transactions or inflation rate swap contracts (together, rate swaps) to manage interest rate and market risk exposure to produce incremental earnings. These instruments may be used for other purposes in future periods. A rate swap is an agreement between two parties where there are two flows and payments are made between the two counterparties and the payments are dependent upon changes in an interest rate, inflation rate or inflation index calculated on a notional amount. Certain rate swaps are considered forward-starting, whereby the accrual for the exchange of cash flows does not begin until a specified date in the future. The net cash flow for a standard rate swap is generally the difference between a floating market interest rate or floating rate linked to an inflation index versus a fixed interest rate as applied to the notional amount.

Rate swaps are valued daily and unrealized appreciation (depreciation) is recorded. Certain rate swaps may accrue periodic interest on a daily basis as a component of unrealized appreciation (depreciation); the Fund will realize a gain or loss upon the payment or receipt of accrued interest. The Fund will realize a gain or a loss when the rate swap is terminated.

Columbia Quality Income Fund \| 2025

------

Notes to Financial Statements (continued)

May 31, 2025

**Effects of derivative transactions in the financial statements**

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

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at May 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Asset derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Credit risk | Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 379,840<br> \*<br>|
| Credit risk | Upfront payments on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 658238 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 2,354,022<br> \*<br>|
| Interest rate risk | Investments, at value — Option contracts purchased | &nbsp;&nbsp;&nbsp;&nbsp; 10149773 |
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 13541873 |

---

---

| | | |
|:---|:---|:---|
|  | **Liability derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Credit risk | Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1,449,629<br> \*<br>|
| Credit risk | Upfront receipts on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 5778050 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 5,010,898<br> \*<br>|
| Interest rate risk | Option contracts written, at value | &nbsp;&nbsp;&nbsp;&nbsp; 365584 |
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 12604161 |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended May 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Credit risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 693877 | &nbsp;&nbsp;&nbsp;&nbsp; 693877 |
| Interest rate risk | &nbsp;&nbsp; 12270278 | &nbsp;&nbsp;&nbsp;&nbsp; (5151640)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1678000 | &nbsp;&nbsp;&nbsp;&nbsp; 4766117 | &nbsp;&nbsp;&nbsp;&nbsp; 13562755 |
| Total | &nbsp;&nbsp; 12270278 | &nbsp;&nbsp;&nbsp;&nbsp; (5151640)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1678000 | &nbsp;&nbsp;&nbsp;&nbsp; 5459994 | &nbsp;&nbsp;&nbsp;&nbsp; 14256632 |
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Credit risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 98705 | &nbsp;&nbsp;&nbsp;&nbsp; 98705 |
| Interest rate risk | &nbsp;&nbsp; (3860298)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6019088 | &nbsp;&nbsp;&nbsp;&nbsp; 1572083 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3730873 |
| Total | &nbsp;&nbsp; (3860298)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6019088 | &nbsp;&nbsp;&nbsp;&nbsp; 1572083 | &nbsp;&nbsp;&nbsp;&nbsp; 98705 | &nbsp;&nbsp;&nbsp;&nbsp; 3829578 |

---

Columbia Quality Income Fund \| 2025

------

Notes to Financial Statements (continued)

May 31, 2025

The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended May 31, 2025:

---

| | |
|:---|:---|
| **Derivative instrument** | **Average notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 586004032 |
| Futures contracts — short | 789080583 |
| Credit default swap contracts — buy protection | 12653846 |
| Credit default swap contracts — sell protection | 23378344 |

---

---

| | |
|:---|:---|
| **Derivative instrument** | **Average** <br>**value ($)**<br>|
| Option contracts purchased | 11673742 |
| Option contracts written | (86296)<br>|

---

---

| | | |
|:---|:---|:---|
| **Derivative instrument** | **Average unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Average unrealized** <br>**depreciation ($)**<br>|
| Interest rate swap contracts | &nbsp;&nbsp; 1014822 | &nbsp;&nbsp;&nbsp;&nbsp; (22081)<br>|

---

**Asset- and mortgage-backed securities** 

The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.

**Delayed delivery securities**

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

**To be announced securities** 

The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

**Mortgage dollar roll transactions**

The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund's portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage

Columbia Quality Income Fund \| 2025

------

Notes to Financial Statements (continued)

May 31, 2025

dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

**Interest only and principal only securities** 

The Fund may invest in Interest Only (IO) or Principal Only (PO) securities. IOs are stripped securities entitled to receive all of the security's interest, but none of its principal. IOs are particularly sensitive to changes in interest rates and therefore subject to greater fluctuations in price than typical interest bearing debt securities. IOs are also subject to credit risk because the Fund may not receive all or part of the interest payments if the issuer, obligor, guarantor or counterparty defaults on its obligation. Payments received for IOs are included in interest income in the Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income in the Statement of Operations. POs are stripped securities entitled to receive the principal from the underlying obligation, but not the interest. POs are particularly sensitive to changes in interest rates and therefore are subject to fluctuations in price. POs are also subject to credit risk because the Fund may not receive all or part of its principal if the issuer, obligor, guarantor or counterparty defaults on its obligation. The Fund may also invest in IO or PO stripped mortgage-backed securities. Payments received for POs are treated as reductions to the cost and par value of the securities.

**Offsetting of assets and liabilities** 

The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of May 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Citi ($)** <sup>(a)</sup> <br>| **Citi ($)** <sup>(a)</sup> <br>| &nbsp;&nbsp; **Goldman** <br>**Sachs** <br>**International ($)**<br>| &nbsp;&nbsp; **Morgan** <br>**Stanley ($)**<br>| **Total ($)** |
| **Assets** |  |  |  |  |  |
| Call option contracts purchased | 3219373<br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; 43937<br>| &nbsp;&nbsp;&nbsp; 3311400<br>| &nbsp;&nbsp;&nbsp; 6574710<br>|
| Put option contracts purchased | 1240676<br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; 643485<br>| &nbsp;&nbsp;&nbsp; 1690902<br>| &nbsp;&nbsp;&nbsp; 3575063<br>|
| OTC credit default swap contracts (b) | -<br>| &nbsp;&nbsp;&nbsp; 658238 | &nbsp;&nbsp;&nbsp; 379840 | &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; 1038078<br>|
| Total Assets | 4460049<br>| &nbsp;&nbsp;&nbsp; 658238 | &nbsp;&nbsp;&nbsp; 1067262 | &nbsp;&nbsp;&nbsp; 5002302<br>| &nbsp;&nbsp;&nbsp; 11187851<br>|
| **Liabilities** |  |  |  |  |  |
| Call option contracts written | 365584<br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; 365584<br>|
| OTC credit default swap contracts (b) | -<br>| &nbsp;&nbsp;&nbsp; 995456 | &nbsp;&nbsp;&nbsp; 3964188<br>| &nbsp;&nbsp;&nbsp; 2268035 | &nbsp;&nbsp;&nbsp; 7227679<br>|
| Total Liabilities | 365584<br>| &nbsp;&nbsp;&nbsp; 995456 | &nbsp;&nbsp;&nbsp; 3964188<br>| &nbsp;&nbsp;&nbsp; 2268035 | &nbsp;&nbsp;&nbsp; 7593263<br>|
| **Total Financial and Derivative Net Assets** | **4094465**<br>| &nbsp;&nbsp;&nbsp; **(337218)**<br>| &nbsp;&nbsp;&nbsp; **(2896926)**<br>| &nbsp;&nbsp;&nbsp; **2734267** | &nbsp;&nbsp;&nbsp; **3594588**<br>|
| Total collateral received (pledged) (c) | 4085800<br>| &nbsp;&nbsp;&nbsp; (273000)<br>| &nbsp;&nbsp;&nbsp; (2740000)<br>| &nbsp;&nbsp;&nbsp; 2348000<br>| &nbsp;&nbsp;&nbsp; 3420800<br>|
| **Net Amount (d)** | **8665**<br>| &nbsp;&nbsp;&nbsp; **(64218)**<br>| &nbsp;&nbsp;&nbsp; **(156926)**<br>| &nbsp;&nbsp;&nbsp; **386267** | &nbsp;&nbsp;&nbsp; **173788**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exposure can only be netted across transactions governed under the same master agreement
 with the same legal entity.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Over-the-Counter (OTC) swap contracts are presented at market value plus periodic
 payments receivable (payable), which is comprised of unrealized appreciation, unrealized depreciation, upfront payments and upfront receipts.

&nbsp;&nbsp;&nbsp;&nbsp;(c) In some instances, the actual collateral received and/or pledged may be more than
 the amount shown due to overcollateralization.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents the net amount due from/(to) counterparties in the event of default.

**Security transactions**

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

Columbia Quality Income Fund \| 2025

------

Notes to Financial Statements (continued)

May 31, 2025

**Income recognition**

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income.

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

Dividend income is recorded on the ex-dividend date.

**Expenses**

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

**Determination of class net asset value**

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

**Federal income tax status**

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

**Distributions to shareholders**

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

**Guarantees and indemnifications**

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 Quality Income 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 0.50% to 0.34% as the Fund's net assets increase. The effective management services fee rate for the year ended May 31, 2025 was 0.49% 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 Quality Income 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 | 0.15 |
| Advisor Class | 0.07 <br><sup>(a)</sup><br>|
| Class C | 0.15 |
| Institutional Class | 0.15 |
| Institutional 2 Class | 0.06 |
| Institutional 3 Class | 0.01 |

---

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

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 $2,940.

**Distribution and service fees**

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

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $374,000 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 | 3.00<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.50 - 1.00 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 21483 |
| Class C | —<br> &nbsp;&nbsp;&nbsp;&nbsp; 1.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2816 |

---

&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 Quality Income 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;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| 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;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 |
| 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;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| 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;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| 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;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. In addition to the contractual agreement, the Investment Manager and certain of its affiliates have voluntarily agreed to waive fees and/or reimburse Fund expenses (excluding certain fees and expenses described above) so that Fund level expenses (expenses directly attributable to the Fund and not to a specific share class) are waived proportionately across all share classes. This arrangement may be revised or discontinued at any time. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

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, derivative investments, tax straddles, principal and/or interest from fixed income securities, defaulted securities/troubled debt, capital loss carryforwards, trustees' deferred compensation, distributions, foreign currency transactions, swap investments and miscellaneous adjustments. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| **Undistributed net** <br>**investment** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(loss) ($)**<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>|
| 555188 | &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; (555187)<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; (1)<br>|

---

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 Quality Income 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 ($)**<br>| **Total ($)** |
| 54307764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54307764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60466588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60466588 |

---

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 ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>|
| 8111418 | &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; (276391830)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (139486269)<br>|

---

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) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>|
| 1840896580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16018892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (155505161)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (139486269)<br>|

---

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

The following capital loss carryforwards, determined at May 31, 2025, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended May 31, 2025, capital loss carryforwards utilized, if any, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **No expiration** <br>**short-term ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No expiration** <br>**long-term ($)**<br>| **Total ($)** | **Utilized ($)** |
| (152506106)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (123885724)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (276391830)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29208709 |

---

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 $5,670,386,432 and $5,794,830,482, respectively, for the year ended May 31, 2025, of which $5,594,993,579 and $5,565,769,583, respectively, were U.S. government securities. 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.

Columbia Quality Income Fund \| 2025

------

Notes to Financial Statements (continued)

May 31, 2025

Note 7. Interfund lending

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

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

The Fund's activity in the Interfund Program during the year ended May 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower or lender** | **Average loan** <br>**balance ($)**<br>| &nbsp;&nbsp;&nbsp; **Weighted average** <br>**interest rate (%)**<br>| &nbsp;&nbsp;&nbsp; **Number of days** <br>**with outstanding loans**<br>|
| Lender | 1330769 | &nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |

---

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

**Credit risk**

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

**Derivatives risk**

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

Columbia Quality Income Fund \| 2025

------

Notes to Financial Statements (continued)

May 31, 2025

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

**Interest rate risk**

Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund's investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. For example, a three-year duration means a bond is expected to decrease in value by 3% if interest rates rise 1% and increase in value by 3% if interest rates fall 1%. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Such actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund's performance and NAV. Any interest rate increases could cause the value of the Fund's investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses.

**Leverage risk**

Leverage occurs when the Fund increases its assets available for investment using borrowings, derivatives, or similar instruments or techniques. The use of leverage may produce volatility and may exaggerate changes in the Fund's net asset value and in the return on the Fund's portfolio, which may increase the risk that the Fund will lose more than it has invested. If the Fund uses leverage, through the purchase of particular instruments such as derivatives, the Fund may experience capital losses that exceed the net assets of the Fund. Leverage can create an interest expense that may lower the Fund's overall returns. Leverage presents the opportunity for increased net income and capital gains, but may also exaggerate the Fund's volatility and risk of loss. There can be no guarantee that a leveraging strategy will be successful.

**Liquidity risk**

Liquidity risk is the risk associated with any event, circumstance, or characteristic of an investment or market that negatively impacts the Fund's ability to sell, or realize the proceeds from the sale of, an investment at a desirable time or price. Liquidity risk may arise because of, for example, a lack of marketability of the investment, which means that when seeking to sell its portfolio investments, the Fund could find that selling is more difficult than anticipated, especially during times of high market volatility. Market participants attempting to sell the same or a similar instrument at the same time as the Fund could exacerbate the Fund's exposure to liquidity risk. The Fund may have to accept a lower selling price for the holding, sell other liquid or more liquid investments that it might otherwise prefer to hold (thereby increasing the proportion of the Fund's investments in less liquid or illiquid securities), or forego another more appealing investment opportunity. The liquidity of Fund investments may change significantly over time and certain investments that were liquid when purchased by the Fund may later become illiquid, particularly in times of overall economic distress. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may also adversely affect the liquidity and the price of the Fund's investments. Judgment plays a larger role in valuing illiquid or less liquid investments as compared to valuing liquid or more liquid investments. Price volatility may be higher for illiquid or less liquid investments as a result of, for example, the relatively less frequent pricing of such securities (as compared to liquid or more liquid investments). Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. Overall market liquidity and other factors can lead to an increase in redemptions, which may negatively impact Fund performance and NAV, including, for example, if the Fund is forced to sell investments in a down market.

**Market risk**

The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and

Columbia Quality Income Fund \| 2025

------

Notes to Financial Statements (continued)

May 31, 2025

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.

**Mortgage- and other asset-backed securities risk**

The value of any mortgage-backed and other asset-backed securities including collateralized debt obligations, if any, held by the Fund may be affected by, among other things, changes or perceived changes in: interest rates; factors concerning the interests in and structure of the issuer or the originator of the mortgages or other assets; the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements; or the market's assessment of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not the market value of the securities themselves) may be guaranteed by the full faith and credit of a particular U.S. Government agency, authority, enterprise or instrumentality, and some, but not all, are also insured or guaranteed by the U.S. Government. Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers) may entail greater risk than obligations guaranteed by the U.S. Government. Mortgage- and other asset-backed securities are subject to liquidity risk and prepayment risk. A decline or flattening of housing values may cause delinquencies in mortgages (especially sub-prime or non-prime mortgages) underlying mortgage-backed securities and thereby adversely affect the ability of the mortgage-backed securities issuer to make principal and/or interest payments to mortgage-backed securities holders, including the Fund. Rising or high interest rates tend to extend the duration of mortgage- and other asset-backed securities, making their prices more volatile and more sensitive to changes in interest rates.

**Shareholder concentration risk**

At May 31, 2025, affiliated shareholders of record owned 74.2% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued 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.

Columbia Quality Income Fund \| 2025

------

Notes to Financial Statements (continued)

May 31, 2025

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 Quality Income Fund \| 2025

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Quality Income Fund**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Quality Income Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of May 31, 2025, the related statement of operations for the year ended May 31, 2025, the statement of changes in net assets for each of the two years in the period ended May 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2025 (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 five years in the period ended May 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

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

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

July 23, 2025

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

Columbia Quality Income 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.

---

| |
|:---|
| **Section** <br>**163(j)** <br>**Interest** <br>**Dividends**<br>|
| 100.00% |

---

Section 163(j) Interest Dividends. The percentage of ordinary income distributed during the fiscal year that shareholders may treat as interest income for purposes of IRC Section 163(j), subject to holding period requirements and other limitations.

Columbia Quality Income Fund \| 2025

------

**Columbia Quality Income Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](img1de2a94b2.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/

ANN236_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](gsrdjzpfcoxp9ekfkpnkn.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](gdlagcz5n1uxe8i3kn3pc.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](go1w19vpcis9fqbm7gw60.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](gkrau0a1vhvxmx7zco97h.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](gas58kiowwv3rwprwq20y.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](gttumvniicai7opqrm19i.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](gm4zlr6q8g2lm89ngyidx.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](gz6kldw26y0aptibpt9vp.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.

------

## 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.

------