ThZeal - The Zeal

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-21852

Columbia Funds Series Trust II

(Exact name of registrant as specified in charter)

290 Congress Street

Boston, MA 02210

(Address of principal executive offices) (Zip code)

Daniel J. Beckman

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

Ryan C. Larrenaga, Esq.

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

(Name and address of agent for service)

Registrant's telephone number, including area code:

(800) 345-6611

Date of fiscal year end:

Last Day of

July

Date of reporting period:

January 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 Limited Duration Credit Fund

Class A / ALDAX

Semi-Annual Shareholder Report | January 31, 2025

This semi-annual shareholder report contains important information about Columbia Limited Duration Credit Fund (the Fund) for the period of August 1, 2024 to January 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	$ 36	0.70 % (a)

(a)	Annualized.

Key Fund Statistics

Fund net assets	$ 530,858,359
Total number of portfolio holdings	92
Portfolio turnover for the reporting period	45%

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

Peachtree Corners Funding Trust 02/15/2025 3.976%	4.8 %
Bank of America Corp. 12/20/2028 3.419%	4.6 %
Bacardi Ltd. 05/15/2028 4.700%	3.8 %
U.S. Treasury 06/15/2025 2.875%	3.1 %
JPMorgan Chase & Co. 10/15/2030 2.739%	3.0 %
Principal Life Global Funding II 11/27/2029 4.950%	2.8 %
Goldman Sachs Group, Inc. (The) 01/28/2031 5.207%	2.5 %
CenterPoint Energy, Inc. 08/10/2026 5.250%	2.2 %
Occidental Petroleum Corp. 08/01/2029 5.200%	2.2 %
HSBC Holdings PLC 11/19/2030 5.286%	2.1 %

Asset Categories

Graphical Representation - Allocation 1 Chart

Credit Quality

Graphical Representation - Allocation 2 Chart

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.

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

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

Columbia Limited Duration Credit Fund

Class C / RDCLX

Semi-Annual Shareholder Report | January 31, 2025

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	$ 74	1.45 % (a)

(a)	Annualized.

Key Fund Statistics

Fund net assets	$ 530,858,359
Total number of portfolio holdings	92
Portfolio turnover for the reporting period	45%

Graphical Representation of Fund

Holdings

Top Holdings

Peachtree Corners Funding Trust 02/15/2025 3.976%	4.8 %
Bank of America Corp. 12/20/2028 3.419%	4.6 %
Bacardi Ltd. 05/15/2028 4.700%	3.8 %
U.S. Treasury 06/15/2025 2.875%	3.1 %
JPMorgan Chase & Co. 10/15/2030 2.739%	3.0 %
Principal Life Global Funding II 11/27/2029 4.950%	2.8 %
Goldman Sachs Group, Inc. (The) 01/28/2031 5.207%	2.5 %
CenterPoint Energy, Inc. 08/10/2026 5.250%	2.2 %
Occidental Petroleum Corp. 08/01/2029 5.200%	2.2 %
HSBC Holdings PLC 11/19/2030 5.286%	2.1 %

Asset Categories

Credit Quality

Availability of Additional Information

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

Columbia Limited Duration Credit Fund

Institutional Class / CLDZX

Semi-Annual Shareholder Report | January 31, 2025

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	$ 23	0.45 % (a)

(a)	Annualized.

Key Fund

Statistics

Fund net assets	$ 530,858,359
Total number of portfolio holdings	92
Portfolio turnover for the reporting period	45%

Graphical Representation of Fund

Holdings

Top Holdings

Peachtree Corners Funding Trust 02/15/2025 3.976%	4.8 %
Bank of America Corp. 12/20/2028 3.419%	4.6 %
Bacardi Ltd. 05/15/2028 4.700%	3.8 %
U.S. Treasury 06/15/2025 2.875%	3.1 %
JPMorgan Chase & Co. 10/15/2030 2.739%	3.0 %
Principal Life Global Funding II 11/27/2029 4.950%	2.8 %
Goldman Sachs Group, Inc. (The) 01/28/2031 5.207%	2.5 %
CenterPoint Energy, Inc. 08/10/2026 5.250%	2.2 %
Occidental Petroleum Corp. 08/01/2029 5.200%	2.2 %
HSBC Holdings PLC 11/19/2030 5.286%	2.1 %

Asset Categories

Credit Quality

Availability of Additional

Information

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

Columbia Limited Duration Credit Fund

Institutional 2 Class / CTLRX

Semi-Annual Shareholder Report | January 31, 2025

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	$ 20	0.40 % (a)

(a)	Annualized.

Key Fund Statistics

Fund net assets	$ 530,858,359
Total number of portfolio holdings	92
Portfolio turnover for the reporting period	45%

Graphical Representation of Fund

Holdings

Top Holdings

Peachtree Corners Funding Trust 02/15/2025 3.976%	4.8 %
Bank of America Corp. 12/20/2028 3.419%	4.6 %
Bacardi Ltd. 05/15/2028 4.700%	3.8 %
U.S. Treasury 06/15/2025 2.875%	3.1 %
JPMorgan Chase & Co. 10/15/2030 2.739%	3.0 %
Principal Life Global Funding II 11/27/2029 4.950%	2.8 %
Goldman Sachs Group, Inc. (The) 01/28/2031 5.207%	2.5 %
CenterPoint Energy, Inc. 08/10/2026 5.250%	2.2 %
Occidental Petroleum Corp. 08/01/2029 5.200%	2.2 %
HSBC Holdings PLC 11/19/2030 5.286%	2.1 %

Asset Categories

Credit Quality

Availability of Additional Information

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

Columbia Limited Duration Credit Fund

Institutional 3 Class / CLDYX

Semi-Annual Shareholder Report | January 31, 2025

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	$ 18	0.35 % (a)

(a)	Annualized.

Key Fund

Statistics

Fund net assets	$ 530,858,359
Total number of portfolio holdings	92
Portfolio turnover for the reporting period	45%

Graphical Representation of Fund

Holdings

Top Holdings

Peachtree Corners Funding Trust 02/15/2025 3.976%	4.8 %
Bank of America Corp. 12/20/2028 3.419%	4.6 %
Bacardi Ltd. 05/15/2028 4.700%	3.8 %
U.S. Treasury 06/15/2025 2.875%	3.1 %
JPMorgan Chase & Co. 10/15/2030 2.739%	3.0 %
Principal Life Global Funding II 11/27/2029 4.950%	2.8 %
Goldman Sachs Group, Inc. (The) 01/28/2031 5.207%	2.5 %
CenterPoint Energy, Inc. 08/10/2026 5.250%	2.2 %
Occidental Petroleum Corp. 08/01/2029 5.200%	2.2 %
HSBC Holdings PLC 11/19/2030 5.286%	2.1 %

Asset Categories

Credit Quality

Availability of Additional

Information

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

Portfolio of Investments

January 31, 2025 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Corporate Bonds & Notes 88.9%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Aerospace & Defense 6.8%
BAE Systems Holdings, Inc.(a)
12/15/2025	3.850%	3,236,000	3,213,163
BAE Systems PLC(a)
03/26/2029	5.125%	5,667,000	5,693,262
Boeing Co. (The)
03/01/2029	3.200%	1,610,000	1,491,042
05/01/2029	6.298%	3,060,000	3,181,288
L3Harris Technologies, Inc.
01/15/2027	5.400%	6,360,000	6,447,049
06/01/2029	5.050%	5,456,000	5,477,278
Northrop Grumman Corp.
02/01/2027	3.200%	8,594,000	8,366,628
Raytheon Technologies Corp.
03/15/2027	3.500%	2,005,000	1,958,177
Total			35,827,887
Banking 20.8%
Bank of America Corp.(b)
12/20/2028	3.419%	25,561,000	24,534,642
Citigroup, Inc.(b)
06/03/2031	2.572%	2,700,000	2,368,267
Goldman Sachs Group, Inc. (The)(b)
01/28/2031	5.207%	13,201,000	13,232,081
HSBC Holdings PLC(b)
11/19/2030	5.286%	11,010,000	10,998,553
JPMorgan Chase & Co.(b)
10/15/2030	2.739%	17,433,000	15,781,716
01/24/2031	5.140%	2,973,000	2,986,136
Morgan Stanley(b)
04/18/2030	5.656%	4,185,000	4,268,357
10/18/2030	4.654%	7,259,000	7,116,304
01/15/2031	5.230%	5,336,000	5,361,330
Royal Bank of Canada(b)
10/18/2030	4.650%	6,221,000	6,115,380
02/04/2031	5.153%	2,665,000	2,677,294
Wells Fargo & Co.(b)
10/23/2029	6.303%	9,184,000	9,580,090
10/30/2030	2.879%	840,000	762,410
01/24/2031	5.244%	4,449,000	4,472,447
Total			110,255,007
Cable and Satellite 1.2%
Charter Communications Operating LLC/Capital
01/15/2029	2.250%	7,460,000	6,617,520

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Construction Machinery 0.6%
Caterpillar Financial Services Corp.
10/16/2026	4.450%	3,137,000	3,138,839
Electric 13.7%
AEP Texas, Inc.
07/01/2030	2.100%	6,085,000	5,223,294
AES Corp. (The)
01/15/2026	1.375%	4,800,000	4,644,545
CenterPoint Energy, Inc.
08/10/2026	5.250%	11,495,000	11,582,160
CMS Energy Corp.
11/15/2025	3.600%	7,100,000	7,034,756
Commonwealth Edison Co.
03/01/2030	2.200%	2,485,000	2,185,689
Emera US Finance LP
06/15/2026	3.550%	8,192,000	8,041,678
Eversource Energy
08/15/2030	1.650%	2,522,000	2,104,658
FirstEnergy Transmission LLC
01/15/2030	4.550%	5,605,000	5,480,992
NRG Energy, Inc.(a)
12/02/2027	2.450%	4,717,000	4,389,637
Oncor Electric Delivery Co. LLC
11/01/2029	4.650%	7,876,000	7,811,905
Pacific Gas and Electric Co.
06/15/2028	3.000%	6,837,000	6,320,618
Pennsylvania Electric Co.(a)
03/30/2026	5.150%	862,000	864,691
WEC Energy Group, Inc.
06/15/2025	3.550%	783,000	778,680
09/12/2026	5.600%	1,058,000	1,071,550
Xcel Energy, Inc.
12/01/2029	2.600%	6,016,000	5,371,433
Total			72,906,286
Environmental 0.6%
GFL Environmental, Inc.(a)
08/01/2025	3.750%	3,380,000	3,359,902
Food and Beverage 6.8%
Bacardi Ltd.(a)
05/15/2028	4.700%	20,415,000	20,160,202
Constellation Brands, Inc.
08/01/2029	3.150%	4,860,000	4,488,306

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

Columbia Limited Duration Credit Fund | 2025

Portfolio of Investments (continued)

January 31, 2025 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Diageo Capital PLC
10/05/2026	5.375%	3,778,000	3,829,113
General Mills, Inc.
01/30/2027	4.700%	2,119,000	2,122,351
Keurig Dr Pepper, Inc.
03/15/2027	5.100%	5,658,000	5,704,090
Total			36,304,062
Health Care 1.7%
CVS Health Corp.
04/01/2030	3.750%	4,180,000	3,877,521
HCA, Inc.
09/01/2030	3.500%	5,890,000	5,383,271
Total			9,260,792
Healthcare Insurance 2.3%
Centene Corp.
02/15/2030	3.375%	5,707,000	5,114,105
UnitedHealth Group, Inc.
01/15/2030	4.800%	4,152,000	4,145,697
05/15/2030	2.000%	3,343,000	2,891,624
Total			12,151,426
Independent Energy 2.9%
APA Corp.(a)
01/15/2030	4.250%	2,776,000	2,608,437
Canadian Natural Resources Ltd.
07/15/2025	2.050%	1,311,000	1,294,773
Occidental Petroleum Corp.
08/01/2029	5.200%	11,527,000	11,471,255
Total			15,374,465
Integrated Energy 1.0%
BP Capital Markets America, Inc.
11/17/2027	5.017%	5,300,000	5,359,555
Life Insurance 14.5%
Corebridge Global Funding(a)
01/07/2028	4.900%	1,415,000	1,417,952
Lincoln Financial Global Funding(a)
01/13/2030	5.300%	2,699,000	2,725,337
Met Tower Global Funding(a)
10/01/2027	4.000%	1,020,000	1,002,307
04/12/2029	5.250%	4,336,000	4,397,063
Metropolitan Life Global Funding I(a)
01/08/2029	4.850%	3,618,000	3,617,820
06/17/2029	3.050%	4,167,000	3,866,028
New York Life Global Funding(a)
12/05/2029	4.600%	3,993,000	3,956,929

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Northwestern Mutual Global Funding(a)
06/01/2028	1.700%	1,485,000	1,349,728
01/13/2030	4.960%	5,275,000	5,298,218
05/28/2031	5.160%	860,000	864,969
Peachtree Corners Funding Trust(a)
02/15/2025	3.976%	25,334,000	25,317,145
Principal Life Global Funding II(a)
08/16/2026	1.250%	8,852,000	8,412,672
11/27/2029	4.950%	14,765,000	14,774,987
Total			77,001,155
Media and Entertainment 1.4%
Warnermedia Holdings, Inc.
03/15/2027	3.755%	962,000	931,442
03/15/2029	4.054%	6,935,000	6,510,474
Total			7,441,916
Midstream 3.2%
Colorado Interstate Gas Co. LLC/Issuing Corp.(a)
08/15/2026	4.150%	6,112,000	6,040,684
Plains All American Pipeline LP/Finance Corp.
12/15/2026	4.500%	6,835,000	6,799,953
Western Midstream Operating LP
01/15/2029	6.350%	3,751,000	3,883,877
Total			16,724,514
Natural Gas 1.0%
NiSource, Inc.
07/01/2029	5.200%	5,157,000	5,201,454
Pharmaceuticals 3.5%
AbbVie, Inc.
11/21/2029	3.200%	5,290,000	4,931,460
Gilead Sciences, Inc.
03/01/2026	3.650%	10,736,000	10,642,636
Roche Holdings, Inc.(a)
11/13/2030	5.489%	3,044,000	3,140,014
Total			18,714,110
Technology 2.5%
Broadcom, Inc.
04/15/2028	4.800%	1,950,000	1,952,844
02/15/2030	4.350%	1,847,000	1,794,700
Foundry JV Holdco LLC(a)
01/25/2030	5.900%	2,526,000	2,582,682
Intel Corp.
11/15/2029	2.450%	4,480,000	3,963,127

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

Columbia Limited Duration Credit Fund | 2025

Portfolio of Investments (continued)

January 31, 2025 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Microchip Technology, Inc.
02/15/2030	5.050%	2,878,000	2,857,835
Total			13,151,188
Transportation Services 0.5%
ERAC USA Finance LLC(a)
02/15/2029	5.000%	2,374,000	2,382,633
Wireless 3.9%
Sprint Spectrum Co. I/II/III LLC(a)
03/20/2028	5.152%	8,652,150	8,681,251
T-Mobile US, Inc.
02/15/2026	2.250%	8,850,000	8,627,241
04/15/2027	3.750%	3,468,000	3,397,529
Total			20,706,021
Total Corporate Bonds & Notes (Cost $473,609,484)			471,878,732

U.S. Treasury Obligations 3.3%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
U.S. Treasury
06/15/2025	2.875%	16,526,700	16,438,256
12/31/2031	4.375%	883,000	886,035
Total U.S. Treasury Obligations (Cost $17,345,946)			17,324,291

Money Market Funds 6.7%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 4.511%(c),(d)	35,661,151	35,657,585
Total Money Market Funds (Cost $35,655,352)		35,657,585
Total Investments in Securities (Cost: $526,610,782)		524,860,608
Other Assets & Liabilities, Net		5,997,751
Net Assets		530,858,359

At January 31, 2025, securities and/or cash totaling $1,673,144 were pledged as collateral.

Investments in derivatives

Long futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
U.S. Treasury 2-Year Note	843	03/2025	USD	173,341,875	123,616	—
U.S. Treasury 2-Year Note	132	03/2025	USD	27,142,500	—	(556 )
Total					123,616	(556 )

Short futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
U.S. Treasury 10-Year Note	(62)	03/2025	USD	(6,748,313 )	115,605	—
U.S. Treasury 5-Year Note	(942)	03/2025	USD	(100,219,969 )	265,350	—
Total					380,955	—

Notes to Portfolio of Investments

(a)	Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At January 31, 2025, the total value of these securities amounted to $140,117,713, which represents 26.39% of total net assets.
(b)	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 January 31, 2025.
(c)	The rate shown is the seven-day current annualized yield at January 31, 2025.

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

Columbia Limited Duration Credit Fund | 2025

Portfolio of Investments (continued)

January 31, 2025 (Unaudited)

Notes to Portfolio of Investments (continued)

(d)

As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended January 31, 2025 are as follows:

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Realized gain (loss)($)	Dividends($)	End of period shares
Columbia Short-Term Cash Fund, 4.511%
	39,478,759	173,135,064	(176,955,329 )	(909 )	35,657,585	3,350	614,438	35,661,151

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 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 January 31, 2025:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Corporate Bonds & Notes	—	471,878,732	—	471,878,732
U.S. Treasury Obligations	—	17,324,291	—	17,324,291
Money Market Funds	35,657,585	—	—	35,657,585
Total Investments in Securities	35,657,585	489,203,023	—	524,860,608
Investments in Derivatives

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

Columbia Limited Duration Credit Fund | 2025

Statement of Assets and Liabilities

January 31, 2025 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $490,955,430)	$489,203,023
Affiliated issuers (cost $35,655,352)	35,657,585
Margin deposits on:
Futures contracts	1,673,144
Receivable for:
Capital shares sold	2,079,820
Dividends	138,855
Interest	4,843,650
Variation margin for futures contracts	275,251
Expense reimbursement due from Investment Manager	2,096
Prepaid expenses	5,874
Other assets	6,695
Total assets	533,885,993
Liabilities
Payable for:
Capital shares redeemed	890,525
Distributions to shareholders	1,732,228
Variation margin for futures contracts	174,483
Management services fees	6,238
Distribution and/or service fees	1,178
Transfer agent fees	51,413
Compensation of chief compliance officer	48
Compensation of board members	466
Other expenses	36,798
Deferred compensation of board members	134,257
Total liabilities	3,027,634
Net assets applicable to outstanding capital stock	$530,858,359
Represented by
Paid in capital	584,968,178
Total distributable earnings (loss)	(54,109,819 )
Total - representing net assets applicable to outstanding capital stock	$530,858,359
Class A
Net assets	$137,813,590
Shares outstanding	14,017,406
Net asset value per share	$9.83
Maximum sales charge	1.00%
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)	$9.93
Class C
Net assets	$8,568,225
Shares outstanding	871,548
Net asset value per share	$9.83
Institutional Class
Net assets	$308,637,574
Shares outstanding	31,367,447
Net asset value per share	$9.84
Institutional 2 Class
Net assets	$12,501,012
Shares outstanding	1,270,367
Net asset value per share	$9.84
Institutional 3 Class
Net assets	$63,337,958
Shares outstanding	6,437,409
Net asset value per share	$9.84

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

Columbia Limited Duration Credit Fund | 2025

Statement of Operations

Six Months Ended January 31, 2025 (Unaudited)

Net investment income
Income:
Dividends — affiliated issuers	$614,438
Interest	11,086,720
Interfund lending	658
Total income	11,701,816
Expenses:
Management services fees	1,161,270
Distribution and/or service fees
Class A	179,827
Class C	44,780
Transfer agent fees
Class A	82,780
Advisor Class	23,230
Class C	5,157
Institutional Class	157,819
Institutional 2 Class	3,922
Institutional 3 Class	1,981
Custodian fees	3,133
Printing and postage fees	18,731
Registration fees	51,860
Accounting services fees	16,116
Legal fees	9,561
Compensation of chief compliance officer	47
Compensation of board members	8,463
Deferred compensation of board members	10,185
Other	9,441
Total expenses	1,788,303
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(378,557 )
Expense reduction	(20 )
Total net expenses	1,409,726
Net investment income	10,292,090
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(527,954 )
Investments — affiliated issuers	3,350
Futures contracts	1,261,729
Net realized gain	737,125
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	702,116
Investments — affiliated issuers	(909 )
Futures contracts	253,540
Net change in unrealized appreciation (depreciation)	954,747
Net realized and unrealized gain	1,691,872
Net increase in net assets resulting from operations	$11,983,962

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

Columbia Limited Duration Credit Fund | 2025

Statement of Changes in Net Assets (continued)

	Six Months Ended		Year Ended
	January 31, 2025 (Unaudited)		July 31, 2024
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Shares sold	719,600	7,092,898	2,039,973	19,650,883
Distributions reinvested	244,720	2,412,473	502,435	4,832,196
Shares redeemed	(1,822,041 )	(17,962,219 )	(4,971,579 )	(47,797,515 )
Net decrease	(857,721 )	(8,456,848 )	(2,429,171 )	(23,314,436 )
Advisor Class
Shares sold	438,413	4,328,558	2,434,057	23,445,323
Distributions reinvested	67,231	664,648	238,387	2,295,321
Shares redeemed	(7,465,884 )	(73,290,194 )	(2,111,531 )	(20,343,451 )
Net increase (decrease)	(6,960,240 )	(68,296,988 )	560,913	5,397,193
Class C
Shares sold	116,952	1,157,463	484,517	4,658,602
Distributions reinvested	10,784	106,309	17,840	171,736
Shares redeemed	(174,861 )	(1,724,029 )	(372,521 )	(3,567,419 )
Net increase (decrease)	(47,125 )	(460,257 )	129,836	1,262,919
Institutional Class
Shares sold	10,268,628	100,974,398	7,771,931	74,679,673
Distributions reinvested	463,645	4,572,216	850,842	8,190,652
Shares redeemed	(4,717,777 )	(46,610,554 )	(11,677,609 )	(112,134,618 )
Net increase (decrease)	6,014,496	58,936,060	(3,054,836 )	(29,264,293 )
Institutional 2 Class
Shares sold	169,334	1,670,298	327,242	3,135,174
Distributions reinvested	26,505	261,583	57,681	555,357
Shares redeemed	(333,424 )	(3,288,415 )	(608,679 )	(5,852,078 )
Net decrease	(137,585 )	(1,356,534 )	(223,756 )	(2,161,547 )
Institutional 3 Class
Shares sold	1,326,202	13,024,337	2,769,611	26,787,264
Distributions reinvested	116,589	1,150,439	200,414	1,929,627
Shares redeemed	(1,456,896 )	(14,353,203 )	(2,485,389 )	(23,871,432 )
Net increase (decrease)	(14,105 )	(178,427 )	484,636	4,845,459
Total net decrease	(2,002,280 )	(19,812,994 )	(4,532,378 )	(43,234,705 )

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

Columbia Limited Duration Credit 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, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Six Months Ended 1/31/2025 (Unaudited)	$9.80	0.18	0.03	0.21	(0.18 )	—	(0.18 )
Year Ended 7/31/2024	$9.51	0.33	0.29	0.62	(0.33 )	—	(0.33 )
Year Ended 7/31/2023	$9.64	0.23	(0.11 )	0.12	(0.25 )	—	(0.25 )
Year Ended 7/31/2022	$10.43	0.10	(0.72 )	(0.62 )	(0.10 )	(0.07 )	(0.17 )
Year Ended 7/31/2021	$10.38	0.09	0.06	0.15	(0.10 )	—	(0.10 )
Year Ended 7/31/2020	$9.97	0.19	0.41	0.60	(0.19 )	—	(0.19 )
Class C
Six Months Ended 1/31/2025 (Unaudited)	$9.80	0.14	0.03	0.17	(0.14 )	—	(0.14 )
Year Ended 7/31/2024	$9.51	0.26	0.29	0.55	(0.26 )	—	(0.26 )
Year Ended 7/31/2023	$9.64	0.16	(0.11 )	0.05	(0.18 )	—	(0.18 )
Year Ended 7/31/2022	$10.43	0.02	(0.72 )	(0.70 )	(0.02 )	(0.07 )	(0.09 )
Year Ended 7/31/2021	$10.38	0.02	0.05	0.07	(0.02 )	—	(0.02 )
Year Ended 7/31/2020	$9.97	0.11	0.41	0.52	(0.11 )	—	(0.11 )
Institutional Class
Six Months Ended 1/31/2025 (Unaudited)	$9.81	0.19	0.03	0.22	(0.19 )	—	(0.19 )
Year Ended 7/31/2024	$9.52	0.35	0.30	0.65	(0.36 )	—	(0.36 )
Year Ended 7/31/2023	$9.65	0.26	(0.12 )	0.14	(0.27 )	—	(0.27 )
Year Ended 7/31/2022	$10.44	0.12	(0.72 )	(0.60 )	(0.12 )	(0.07 )	(0.19 )
Year Ended 7/31/2021	$10.39	0.12	0.05	0.17	(0.12 )	—	(0.12 )
Year Ended 7/31/2020	$9.98	0.21	0.42	0.63	(0.22 )	—	(0.22 )
Institutional 2 Class
Six Months Ended 1/31/2025 (Unaudited)	$9.81	0.20	0.02	0.22	(0.19 )	—	(0.19 )
Year Ended 7/31/2024	$9.52	0.36	0.29	0.65	(0.36 )	—	(0.36 )
Year Ended 7/31/2023	$9.65	0.26	(0.11 )	0.15	(0.28 )	—	(0.28 )
Year Ended 7/31/2022	$10.44	0.13	(0.72 )	(0.59 )	(0.13 )	(0.07 )	(0.20 )
Year Ended 7/31/2021	$10.39	0.12	0.06	0.18	(0.13 )	—	(0.13 )
Year Ended 7/31/2020	$9.98	0.22	0.41	0.63	(0.22 )	—	(0.22 )

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

Columbia Limited Duration Credit Fund | 2025

Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets(a)	Total net expense ratio to average net assets(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Six Months Ended 1/31/2025 (Unaudited)	$9.83	2.14%	0.84%	0.70% (c)	3.62%	45%	$137,814
Year Ended 7/31/2024	$9.80	6.68%	0.84%	0.71% (c)	3.42%	96%	$145,829
Year Ended 7/31/2023	$9.51	1.26%	0.83%	0.75% (c)	2.46%	61%	$164,626
Year Ended 7/31/2022	$9.64	(6.02% )	0.81%	0.76% (c)	1.02%	79%	$195,763
Year Ended 7/31/2021	$10.43	1.43%	0.82%	0.77% (c)	0.89%	98%	$233,349
Year Ended 7/31/2020	$10.38	6.09%	0.83%	0.79% (c)	1.88%	88%	$188,642
Class C
Six Months Ended 1/31/2025 (Unaudited)	$9.83	1.76%	1.59%	1.45% (c)	2.87%	45%	$8,568
Year Ended 7/31/2024	$9.80	5.88%	1.59%	1.46% (c)	2.69%	96%	$9,006
Year Ended 7/31/2023	$9.51	0.50%	1.58%	1.50% (c)	1.70%	61%	$7,504
Year Ended 7/31/2022	$9.64	(6.73% )	1.56%	1.51% (c)	0.20%	79%	$10,658
Year Ended 7/31/2021	$10.43	0.68%	1.57%	1.52% (c)	0.16%	98%	$23,715
Year Ended 7/31/2020	$10.38	5.30%	1.58%	1.54% (c)	1.13%	88%	$22,932
Institutional Class
Six Months Ended 1/31/2025 (Unaudited)	$9.84	2.27%	0.59%	0.45% (c)	3.89%	45%	$308,638
Year Ended 7/31/2024	$9.81	6.94%	0.59%	0.46% (c)	3.67%	96%	$248,715
Year Ended 7/31/2023	$9.52	1.51%	0.58%	0.50% (c)	2.71%	61%	$270,446
Year Ended 7/31/2022	$9.65	(5.78% )	0.56%	0.51% (c)	1.24%	79%	$307,759
Year Ended 7/31/2021	$10.44	1.68%	0.57%	0.52% (c)	1.13%	98%	$503,810
Year Ended 7/31/2020	$10.39	6.35%	0.58%	0.54% (c)	2.07%	88%	$326,594
Institutional 2 Class
Six Months Ended 1/31/2025 (Unaudited)	$9.84	2.30%	0.53%	0.40%	3.92%	45%	$12,501
Year Ended 7/31/2024	$9.81	6.99%	0.54%	0.41%	3.72%	96%	$13,816
Year Ended 7/31/2023	$9.52	1.56%	0.53%	0.45%	2.77%	61%	$15,538
Year Ended 7/31/2022	$9.65	(5.73% )	0.51%	0.46%	1.29%	79%	$17,257
Year Ended 7/31/2021	$10.44	1.73%	0.52%	0.48%	1.18%	98%	$92,315
Year Ended 7/31/2020	$10.39	6.41%	0.52%	0.48%	2.20%	88%	$61,362

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

Columbia Limited Duration Credit Fund | 2025

Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Institutional 3 Class
Six Months Ended 1/31/2025 (Unaudited)	$9.81	0.20	0.03	0.23	(0.20 )	—	(0.20 )
Year Ended 7/31/2024	$9.52	0.36	0.30	0.66	(0.37 )	—	(0.37 )
Year Ended 7/31/2023	$9.65	0.26	(0.11 )	0.15	(0.28 )	—	(0.28 )
Year Ended 7/31/2022	$10.44	0.14	(0.73 )	(0.59 )	(0.13 )	(0.07 )	(0.20 )
Year Ended 7/31/2021	$10.39	0.13	0.05	0.18	(0.13 )	—	(0.13 )
Year Ended 7/31/2020	$9.98	0.23	0.41	0.64	(0.23 )	—	(0.23 )

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	The benefits derived from expense reductions had an impact of less than 0.01%.

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

Columbia Limited Duration Credit Fund | 2025

Notes to Financial Statements

January 31, 2025 (Unaudited)

Note 1. Organization

Columbia Limited Duration Credit 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 Limited Duration Credit Fund | 2025

Notes to Financial Statements (continued)

January 31, 2025 (Unaudited)

Security valuation

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

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

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.

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.

Derivative instruments

The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional 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

Columbia Limited Duration Credit Fund | 2025

Notes to Financial Statements (continued)

January 31, 2025 (Unaudited)

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.

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. 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

Columbia Limited Duration Credit Fund | 2025

Notes to Financial Statements (continued)

January 31, 2025 (Unaudited)

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.

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 January 31, 2025:

	Asset derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Interest rate risk	Component of total distributable earnings (loss) — unrealized appreciation on futures contracts	504,571 *

	Liability derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Interest rate risk	Component of total distributable earnings (loss) — unrealized depreciation on futures contracts	556 *

*	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 six months ended January 31, 2025:

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Interest rate risk	1,261,729

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Interest rate risk	253,540

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

Derivative instrument	Average notional amounts ($)
Futures contracts — long	187,406,001
Futures contracts — short	113,196,296

Columbia Limited Duration Credit Fund | 2025

Notes to Financial Statements (continued)

January 31, 2025 (Unaudited)

Security transactions

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

Income recognition

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

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

Dividend income is recorded on the ex-dividend date.

Expenses

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

Determination of class net asset value

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

Federal income tax status

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

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)

Columbia Limited Duration Credit Fund | 2025

Notes to Financial Statements (continued)

January 31, 2025 (Unaudited)

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.

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 0.43% to 0.28% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended January 31, 2025 was 0.43% 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 Limited Duration Credit Fund | 2025

Notes to Financial Statements (continued)

January 31, 2025 (Unaudited)

For the six months ended January 31, 2025, the Fund’s annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Class A	0.11
Advisor Class	0.03 (a)
Class C	0.11
Institutional Class	0.12
Institutional 2 Class	0.06
Institutional 3 Class	0.01

(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 six months ended January 31, 2025, these minimum account balance fees reduced total expenses of the Fund by $20.

Distribution and service fees

The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. 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 $428,000 for Class C shares. This amount is based on the most recent information available as of December 31, 2024, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.

Sales charges

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

	Front End (%)	CDSC (%)	Amount ($)
Class A	1.00	0.50 - 1.00 (a)	9,227
Class C	—	1.00 (b)	186

(a)

For purchases made on or after August 1, 2024, this charge is imposed on certain investments of $500,000 or more redeemed within 12 months after purchase, with certain

limited exceptions. For purchases made prior to August 1, 2024, this charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months

after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain

limited exceptions.

(b)

This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.

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

Columbia Limited Duration Credit Fund | 2025

Notes to Financial Statements (continued)

January 31, 2025 (Unaudited)

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:

	Fee rate(s) contractual through November 30, 2025 (%)
Class A	0.70
Class C	1.45
Institutional Class	0.45
Institutional 2 Class	0.40
Institutional 3 Class	0.35

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

Note 4. Federal tax information

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

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

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized (depreciation) ($)
526,611,000	3,127,000	(4,373,000 )	(1,246,000 )

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

The following capital loss carryforwards, determined at July 31, 2024, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.

No expiration short-term ($)	No expiration long-term ($)	Total ($)
(12,890,064 )	(39,406,331 )	(52,296,395 )

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.

Columbia Limited Duration Credit Fund | 2025

Notes to Financial Statements (continued)

January 31, 2025 (Unaudited)

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $225,060,024 and $236,149,912, respectively, for the six months ended January 31, 2025, of which $886,449 and $2,456,563, 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.

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 six months ended January 31, 2025 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Lender	2,400,000	5.15	2

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

Columbia Limited Duration Credit Fund | 2025

Notes to Financial Statements (continued)

January 31, 2025 (Unaudited)

The Fund had no borrowings during the six months ended January 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 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.

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,

Columbia Limited Duration Credit Fund | 2025

Notes to Financial Statements (continued)

January 31, 2025 (Unaudited)

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 reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

Shareholder concentration risk

At January 31, 2025, affiliated shareholders of record owned 40.2% 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.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Limited Duration Credit Fund | 2025

	Six Months Ended January 31, 2025 (Unaudited)	Year Ended July 31, 2024
Operations
Net investment income	$10,292,090	$19,452,065
Net realized gain (loss)	737,125	(6,868,195 )
Net change in unrealized appreciation (depreciation)	954,747	23,438,743
Net increase in net assets resulting from operations	11,983,962	36,022,613
Distributions to shareholders
Net investment income and net realized gains
Class A	(2,594,520 )	(5,264,796 )
Advisor Class	(784,743 )	(2,295,823 )
Class C	(127,926 )	(211,360 )
Institutional Class	(5,284,720 )	(9,387,574 )
Institutional 2 Class	(261,657 )	(556,100 )
Institutional 3 Class	(1,185,392 )	(1,976,672 )
Total distributions to shareholders	(10,238,958 )	(19,692,325 )
Decrease in net assets from capital stock activity	(19,812,994 )	(43,234,705 )
Total decrease in net assets	(18,067,990 )	(26,904,417 )
Net assets at beginning of period	548,926,349	575,830,766
Net assets at end of period	$530,858,359	$548,926,349

(registrant)	Columbia Funds Series Trust II

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

Date	March 25, 2025

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

Date	March 25, 2025

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

Date	March 25, 2025

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

Date	March 25, 2025