Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Multi-Manager Value Strategies Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Multi-Manager Value Strategies Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of May 31, 2020, the related statement of operations for the year ended May 31, 2020, the statement of changes in net assets for each of the two years in the period ended May 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2020, 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, 2020 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2020 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, 2020

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

Multi-Manager Value Strategies Fund  | Annual Report 2020

37

38	Multi-Manager Value Strategies Fund  | Annual Report 2020

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex overseen	Other directorships held by Trustee during the past five years
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1954	Trustee since 7/07 for RiverSource Funds and since 6/11 for Nations Funds	President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991	111	Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of Human Resources Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) since 2019
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1950	Trustee since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002	111	Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative since 2010; Board of Directors, The MA Business Roundtable 2003-2019
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1954	Trustee since 12/17	Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016	111	Trustee, Catholic Schools Foundation since 2004
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1952	Chair of the Board since 1/20; Trustee since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Managing Director, Morgan Stanley, 1982-1989; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc.	111	Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee)
Anthony M. Santomero c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1946	Trustee since 6/11 for RiverSource Funds and since 1/08 for Nations Funds	Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000- 2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002	111	Trustee, Penn Mutual Life Insurance Company since March 2008; Director, Renaissance Reinsurance Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011

Multi-Manager Value Strategies Fund  | Annual Report 2020

39

Interested trustee affiliated with Investment Manager*

*	Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

Nations Funds refer to the Funds within the Columbia Funds Complex that historically bore the Nations brand and includes series of Columbia Funds Series Trust. RiverSource Funds refer to the Funds within the Columbia Funds Complex that historically bore the RiverSource brand and includes series of Columbia Funds Series Trust II.

40	Multi-Manager Value Strategies Fund  | Annual Report 2020

TRUSTEES AND OFFICERS  (continued)
 
The Statement of Additional Information has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Truscott, who is Senior Vice President, the Fund’s other officers are:

Multi-Manager Value Strategies Fund  | Annual Report 2020

41

 Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a liquidity risk management program (Program). The Program’s principal objectives include assessing, managing and periodically reviewing the Fund’s liquidity risk. Liquidity risk is defined as the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.

The Board has appointed the Investment Manager as the program administrator for the Fund’s Program. The Investment Manager has delegated oversight of the Program to its Liquidity Risk Management Committee (the Committee). At a board meeting during the fiscal period, the Committee provided the Board with a report addressing the operations of the program and assessing its adequacy and effectiveness of implementation for the period December 1, 2018, through December 31, 2019, including:

•	the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders;

•	there were no material changes to the Program during the period;

•	the implementation of the Program was effective to manage the Fund’s liquidity risk; and

•	the Program operated adequately during the period.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

42	Multi-Manager Value Strategies Fund  | Annual Report 2020

[THIS PAGE INTENTIONALLY LEFT BLANK]

Multi-Manager Value Strategies Fund

P.O. Box 219104

Kansas City, MO 64121-9104

  

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

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.

© 2020 Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

ANN116_05_K01_(07/20)

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (columbiathreadneedleus.com/investor/), and each time a report is posted you will be notified by mail and provided with a website address to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, for Fund shares held directly with the Fund, by calling 800.345.6611 or by enrolling in “eDelivery” by logging into your account at columbiathreadneedleus.com/investor/.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800.345.6611 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive paper reports will apply to all Columbia Funds held in your account if you invest through a financial intermediary or all Columbia Funds held with the fund complex if you invest directly with the Fund.

Not Federally Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents

Columbia Large Cap Value Fund (the Fund) mails one shareholder report to each shareholder address, unless such shareholder elected to receive shareholder reports from the Fund electronically. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT, and for reporting periods ended prior to March 31, 2019, on Form N-Q. The Fund’s Form N-Q and Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q or Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

225 Franklin Street

Boston, MA 02110

Fund distributor

Columbia Management Investment Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Large Cap Value Fund  |  Annual Report 2020

Fund at a Glance

Investment objective

The Fund seeks to provide shareholders with a high level of current income and, as a secondary objective, steady growth of capital.

Portfolio management

Hugh Mullin, CFA

Portfolio Manager

Managed Fund since 2013

Morningstar style box^TM

The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.

© 2020 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Average annual total returns (%) (for the period ended May 31, 2020)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	10/15/90	0.73	4.61	9.28
	Including sales charges		-5.05	3.38	8.63
Advisor Class		12/11/06	1.01	4.88	9.46
Class C	Excluding sales charges	06/26/00	-0.03	3.84	8.46
	Including sales charges		-0.98	3.84	8.46
Institutional Class*		09/27/10	0.93	4.87	9.55
Institutional 2 Class		12/11/06	1.08	4.95	9.67
Institutional 3 Class*		11/08/12	1.01	4.98	9.60
Class R		12/11/06	0.45	4.35	9.01
Russell 1000 Value Index			-1.64	4.36	9.85

Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.

*

The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.

The Russell 1000 Value Index, an unmanaged index, measures the performance of those stocks in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Fund performance may be significantly negatively impacted by the economic impact of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that will likely continue and may change in unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political, social and economic risks in certain countries and globally.

Manager Discussion of Fund Performance

For the 12-month period that ended May 31, 2020, the Fund’s Class A shares returned 0.73% excluding sales charges, outperforming the -1.64% return of the Russell 1000 Value Index. Stock selection overall contributed positively to the Fund’s results. Sector allocation decisions as a whole modestly detracted.

U.S. equity markets rode a roller coaster amid evolving pandemic

U.S. equity markets posted positive absolute returns and demonstrated relative calm during the first eight months of the 12-month period ended May 31, 2020, as waning recession fears, forecasts for improving global economic growth, a “Phase One” trade deal with China, and an accommodative U.S. Federal Reserve (Fed) helped bolster investor sentiment. U.S. equities achieved record highs in February 2020. Then, fears of the rippling effects of the global COVID-19 pandemic on the economy, on corporate earnings and more began to roil the markets in late February 2020. The sell-off within the U.S. equity markets was swift, with the S&P 500 Index recording its fastest decline into a bear market in history. Similarly, the Russell 1000 Index fell 34.25% from its high on February 19 through its low on March 23. Exacerbating matters was the plunging of the price of oil to its lowest level since 2002, as the world’s largest oil producers failed to agree on whether to reduce supply as demand collapsed. In response, most central banks and governments took extraordinary measures in an effort to limit financial market stress, mitigate the economic fallout and cushion household and business income. The U.S. Fed cut interest rates to near zero, committed to buy an unlimited amount of U.S. Treasury and agency mortgage-backed securities and increased the scope of its asset purchase program. On the fiscal front, the U.S. government enacted a more than $2 trillion relief bill, unleashing a massive stimulus plan to stem economic damage.

Following the steep drop, U.S. equities surged to their best weekly gain in 11 years at the end of March 2020 on the unprecedented fiscal and monetary emergency stimulus. In April 2020, U.S. equities then enjoyed their largest monthly gain since January 1987 amid the policy momentum, improved credit market functioning, signs U.S. COVID-19 infections had plateaued and indications some states would soon begin to ease lockdown measures. The U.S. equity market rebound continued in May 2020 on the grand re-opening of the U.S. to a new normal, even as macroeconomic data indicated measures to stem the spread of COVID-19, including quarantined consumers and business closures, took a severe toll on the U.S. economy. The S&P 500 Index was up 32.59% from March 23 through the end of May 2020, and the Russell 1000 Index was up 33.98% during the same time period.

Against this backdrop, there was wide dispersion among sector returns within the benchmark. The best-performing sectors within the benchmark during the annual period were information technology, health care and consumer staples. Conversely, energy, real estate and financials were the weakest performing sectors. There was also a meaningful difference in performance between value and growth equities across the capitalization spectrum within the U.S. equity market. For example, among large-cap stocks, the Russell 1000 Growth Index posted a return of 26.25% as compared to the -1.64% return of the Russell 1000 Value Index for the annual period. At the end of the annual period, uncertainty as to what the coming months would bring remained high on multiple levels.

Stock selection in real estate helped Fund results most

Individual stock selection proved effective in seven of the 11 sectors of the benchmark during the annual period. Stock selection in the real estate, financials, information technology and energy sectors contributed most positively to the Fund’s relative results. Having an overweighted allocation to information technology, the best performing sector in the benchmark during the annual period, added value as well. Having a position, albeit modest, in cash during an annual period when the benchmark declined, also buoyed relative results.

Among individual holdings, the Fund’s positions in semiconductor processing equipment manufacturer Lam Research Corp., managed health care company Humana, Inc. and information technology giants Apple, Inc. and Microsoft Corp. contributed most positively to relative performance. Shares of Lam Research rose, as the semiconductor industry as a whole initially showed signs of recovery after a weak prior annual period given anticipated economic growth and easing trade tensions. The industry subsequently held up well amid higher technology demand as COVID-19 drove a dramatic change in where and how we work and learn. Humana reported strong fundamentals, buoyed by its significant exposure to increasingly popular Medicare Advantage plans, which offer additional benefits not covered by original Medicare plans, such as vision, hearing and dental. Its shares also held up well during the COVID-19 crisis, as fewer doctor visits by Americans even as premiums continued to be paid meant lower costs for Humana. Among the leaders of the strongly performing information technology sector broadly were Apple, which is not a component of the benchmark, and Microsoft, which each enjoyed robust

Columbia Large Cap Value Fund  | Annual Report 2020

5

Manager Discussion of Fund Performance  (continued)

double-digit percentage share price gains during the annual period. Apple’s sales suffered as its stores closed but saw good growth in its services business, and Microsoft’s cloud business sustained strong performance. Equally important, not having a position in integrated energy company Exxon Mobil Corporation, which experienced a double-digit percentage share price decline during the annual period, contributed significantly to the Fund’s relative results during the annual period.

Consumer discretionary stock selection hampered Fund results most

The sectors that detracted most from the Fund’s relative results during the annual period were consumer discretionary and communication services, where unfavorable stock selection drove most of the underperformance. Both stock selection and having an underweight to materials, which outpaced the benchmark during the annual period, also hampered Fund results. Stock selection in the industrials sector hurt as well.

Among the individual stocks that detracted most from relative results were global cruise vacation company Royal Caribbean Cruises Ltd., airline Alaska Air Group, Inc. and oil and gas exploration and production company Cimarex Energy Co. Shares of Royal Caribbean Cruises were weighed on as the COVID-19 pandemic led to an unprecedented shutdown of the cruise vacation industry. Royal Caribbean Cruises docked its ships in mid-March 2020 and, at the end of the annual period, was not set to resume sailing before early August. Alaska Air Group similarly saw its business crushed, parking more than 160 of its aircraft and cutting its schedule, trying to adjust to demand that was, at its worst, down 90% year over year during the first quarter of 2020. Importantly, at the end of the annual period, we believed both Royal Caribbean Cruises and Alaska Air Group had strong enough balance sheets to weather the COVID-19 storm, improving liquidity, reducing costs and preserving assets in a way to effectively resume operations when conditions enable them to do so. Cimarex Energy saw its share price decline along with the weak energy sector broadly during the annual period. Cimarex Energy’s shares fell sharply, impacted by a more than 30% decline in West Texas Intermediate (WTI) oil prices during the annual period overall. On April 20, 2020, crude oil suffered a historic price collapse that sent May WTI (West Texas Intermediate) futures contracts into negative territory for the first time ever. This, along with ongoing concerns about both global demand and oversupply, led us to sell the Fund’s position in Cimarex Energy by the end of the annual period and invest the proceeds into what we considered to be more strongly positioned energy companies, such as EOG Resources, Inc. and Valero Energy Corp. Not holding a position in semiconductor bellwether Intel Corporation, which experienced a robust double-digit percentage share increase during the annual period, detracted from the Fund’s relative performance as well. However, the Fund was invested in several other semiconductor stocks during the annual period, including Lam Research, mentioned earlier, that benefited from improvement in personal computer and data center market demand as much of the U.S. workforce shifted to home-based offices.

Bottom-up stock selection drove sector weighting changes

During the annual period, modest changes were made to the Fund’s sector weightings, based primarily on bottom-up stock selection decisions and, to a lesser extent, on the annual rebalancing of the benchmark in June 2019. Given the unprecedented volatility of the annual period, changes in sector weightings were additionally the result of individual stock appreciation and depreciation. Relative to the benchmark, the Fund’s allocations relative to the benchmark in information technology and real estate increased during the annual period. The Fund’s relative allocations to consumer discretionary and communication services decreased.

At the end of May 2020, relative to the benchmark, the Fund was overweight in information technology, underweight in communication services, and rather neutrally weighted in the remaining sectors of the benchmark. The Fund maintained its focus on seeking companies that we believed to be both undervalued and well positioned to grow earnings, cash flow and dividends directed to the long-term benefit of their shareholders during the next several years.

Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. Dividend payments are not guaranteed and the amount, if any, can vary over time. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth. See the Fund’s prospectus for more information on these and other risks.

6	Columbia Large Cap Value Fund  | Annual Report 2020

Manager Discussion of Fund Performance  (continued)

The views expressed in this report reflect the current views of the respective parties who have contributed to the report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.

Columbia Large Cap Value Fund  | Annual Report 2020

7

Understanding Your Fund’s Expenses
(Unaudited)

As an investor, you incur two types of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your Fund’s expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

December 1, 2019 — May 31, 2020
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Class A	1,000.00	1,000.00	884.80	1,019.79	4.78	5.12	1.02
Advisor Class	1,000.00	1,000.00	886.20	1,021.03	3.61	3.87	0.77
Class C	1,000.00	1,000.00	881.70	1,016.06	8.28	8.87	1.77
Institutional Class	1,000.00	1,000.00	886.00	1,021.03	3.61	3.87	0.77
Institutional 2 Class	1,000.00	1,000.00	886.60	1,021.28	3.38	3.62	0.72
Institutional 3 Class	1,000.00	1,000.00	885.90	1,021.43	3.24	3.47	0.69
Class R	1,000.00	1,000.00	883.30	1,018.60	5.90	6.32	1.26

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

8	Columbia Large Cap Value Fund  | Annual Report 2020

Columbia Large Cap Value Fund  | Annual Report 2020

9

10	Columbia Large Cap Value Fund  | Annual Report 2020

Portfolio of Investments  (continued)
May 31, 2020

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

Columbia Large Cap Value Fund  | Annual Report 2020

11

Portfolio of Investments  (continued)
May 31, 2020

Fair value measurements  (continued)
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the 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 control 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. The Committee reports to the Board, with members of the Committee meeting with 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, 2020:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Common Stocks
Communication Services	105,681,418	—	—	105,681,418
Consumer Discretionary	84,260,510	—	—	84,260,510
Consumer Staples	162,717,050	—	—	162,717,050
Energy	102,686,822	—	—	102,686,822
Financials	350,628,715	—	—	350,628,715
Health Care	248,091,298	—	—	248,091,298
Industrials	141,956,650	—	—	141,956,650
Information Technology	143,407,628	—	—	143,407,628
Materials	60,788,012	—	—	60,788,012
Real Estate	82,283,074	—	—	82,283,074
Utilities	107,819,727	—	—	107,819,727
Total Common Stocks	1,590,320,904	—	—	1,590,320,904
Convertible Bonds	—	26,676,604	—	26,676,604
Money Market Funds	18,672,136	—	—	18,672,136
Total Investments in Securities	1,608,993,040	26,676,604	—	1,635,669,644

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

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

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

12	Columbia Large Cap Value Fund  | Annual Report 2020

Statement of Assets and Liabilities
May 31, 2020

Assets
Investments in securities, at value
Unaffiliated issuers (cost $1,248,793,642)	$1,616,997,508
Affiliated issuers (cost $18,666,054)	18,672,136
Receivable for:
Capital shares sold	212,721
Dividends	3,495,785
Interest	106,424
Prepaid expenses	979
Total assets	1,639,485,553
Liabilities
Payable for:
Capital shares purchased	936,756
Management services fees	853,396
Distribution and/or service fees	294,800
Transfer agent fees	153,270
Compensation of board members	225,464
Other expenses	65,451
Total liabilities	2,529,137
Net assets applicable to outstanding capital stock	$1,636,956,416
Represented by
Paid in capital	1,298,652,541
Total distributable earnings (loss)	338,303,875
Total - representing net assets applicable to outstanding capital stock	$1,636,956,416
Class A
Net assets	$1,429,985,643
Shares outstanding	118,918,518
Net asset value per share	$12.02
Maximum sales charge	5.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$12.75
Advisor Class
Net assets	$30,445,778
Shares outstanding	2,533,571
Net asset value per share	$12.02
Class C
Net assets	$18,031,187
Shares outstanding	1,503,907
Net asset value per share	$11.99
Institutional Class
Net assets	$134,233,131
Shares outstanding	11,182,387
Net asset value per share	$12.00
Institutional 2 Class
Net assets	$18,545,883
Shares outstanding	1,542,245
Net asset value per share	$12.03
Institutional 3 Class
Net assets	$3,343,516
Shares outstanding	274,662
Net asset value per share	$12.17
Class R
Net assets	$2,371,278
Shares outstanding	198,686
Net asset value per share	$11.93

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

Columbia Large Cap Value Fund  | Annual Report 2020

13

Statement of Operations
Year Ended May 31, 2020

Net investment income
Income:
Dividends — unaffiliated issuers	$48,651,672
Dividends — affiliated issuers	498,676
Interest	338,166
Total income	49,488,514
Expenses:
Management services fees	12,117,312
Distribution and/or service fees
Class A	4,062,423
Class C	218,533
Class R	15,798
Transfer agent fees
Class A	1,563,021
Advisor Class	32,253
Class C	21,000
Institutional Class	152,348
Institutional 2 Class	8,064
Institutional 3 Class	689
Class R	3,029
Compensation of board members	27,330
Custodian fees	13,892
Printing and postage fees	114,019
Registration fees	102,599
Audit fees	25,038
Legal fees	26,787
Compensation of chief compliance officer	422
Other	46,273
Total expenses	18,550,830
Expense reduction	(100)
Total net expenses	18,550,730
Net investment income	30,937,784
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	13,499,939
Investments — affiliated issuers	7,586
Net realized gain	13,507,525
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(20,979,428)
Investments — affiliated issuers	6,082
Net change in unrealized appreciation (depreciation)	(20,973,346)
Net realized and unrealized loss	(7,465,821)
Net increase in net assets resulting from operations	$23,471,963

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

14	Columbia Large Cap Value Fund  | Annual Report 2020

Statement of Changes in Net Assets

	Year Ended May 31, 2020	Year Ended May 31, 2019
Operations
Net investment income	$30,937,784	$30,728,282
Net realized gain	13,507,525	94,235,230
Net change in unrealized appreciation (depreciation)	(20,973,346)	(107,727,908)
Net increase in net assets resulting from operations	23,471,963	17,235,604
Distributions to shareholders
Net investment income and net realized gains
Class A	(98,233,617)	(177,014,873)
Advisor Class	(2,123,384)	(3,988,155)
Class C	(1,148,874)	(2,618,821)
Institutional Class	(10,012,314)	(18,120,879)
Institutional 2 Class	(1,216,640)	(1,848,583)
Institutional 3 Class	(236,417)	(317,596)
Class R	(184,679)	(392,719)
Class T	—	(262)
Total distributions to shareholders	(113,155,925)	(204,301,888)
Decrease in net assets from capital stock activity	(135,116,293)	(127,369,635)
Total decrease in net assets	(224,800,255)	(314,435,919)
Net assets at beginning of year	1,861,756,671	2,176,192,590
Net assets at end of year	$1,636,956,416	$1,861,756,671

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

Columbia Large Cap Value Fund  | Annual Report 2020

15

Statement of Changes in Net Assets   (continued)

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Columbia Large Cap Value Fund  | Annual Report 2020

17

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 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.

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

18	Columbia Large Cap Value Fund  | Annual Report 2020