Columbia Funds Series Trust II (Form: N-CSR, Received: 05/03/2019 12:03:32)

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.

Annual Report
February 28, 2019

Columbia Global Equity Value Fund

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 FDIC Insured • No bank guarantee • May lose value

President’s Message

Dear Shareholders,

Volatility exists in financial markets and this is not a comfortable fact of life. How investors deal with this reality, including how they react to short term spikes in volatility as well as to longer periods of increased or decreased volatility, may have a significant impact on their overall investing success.

Too often, investors change their investment strategy based on something that’s happening at a moment in time rather than thinking about how that change in strategy might affect their ability to achieve their longer term financial goals. Emotion replaces logic and reasoning. Investors may sell in reaction to a market drop (fear or panic), locking in low returns which means they won’t be invested when the market returns, or they invest more at a market peak (greed or conviction), essentially when it is expensive to do so. In both cases, selling and buying at the exact wrong time.

We believe the best outcomes come from a consistent approach to investing. Here are five areas where advisors can help us overcome the tendency to react emotionally as we struggle to make the right choices with our investments:

Long-term focus

The further away long-term goals, aspirations and objectives are, the easier it is to stray away from the goals and priorities that we set out. Advisors help us stay focused on what we want to accomplish.

Discipline through up-and-down markets

Advisors help set rules to prevent us from making rash decisions that we may regret later. Knowing ahead of time what you should do in case of certain situations will help you get through volatile markets and not make emotional decisions.

Tax-awareness

Taxes are one of the biggest drags on investment returns and are critical attributes of investing. Yet few of us take the necessary steps to ease the corrosive effect of taxes. Advisors have tools and knowledge that may help us to manage portfolios more tax-efficiently and keep more of what we earn.

Emotional objectivity

Our emotions are very hard to manage and making investment decisions in an emotional state can lead to exceedingly bad outcomes. An objective advisor can help prevent some of the reactionary mistakes emotions often lead us to.

Education and guidance

The role of the advisor is to teach and guide us toward achieving our financial goals. In terms of working through emotions, guidance is by far the most important component.

By understanding our own behaviors and biases, we can prepare for future challenges. Your success is our priority. Talk to your advisor about how working with Columbia Threadneedle Investments may help you stay the course and position your portfolio for consistent, sustainable outcomes, regardless of market conditions.

Sincerely,

Christopher O. Petersen

President, Columbia Funds

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Global Equity Value Fund | Annual Report 2019

Table of Contents

Fund at a Glance	2
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	13
Statement of Operations	15
Statement of Changes in Net Assets	16
Financial Highlights	20
Notes to Financial Statements	24
Report of Independent Registered Public Accounting Firm	37
Federal Income Tax Information	38
Trustees and Officers	39
Additional Information	45

Columbia Global Equity Value Fund | Annual Report 2019

Table of Contents

Fund at a Glance

Investment objective

Columbia Global Equity Value Fund (the Fund) seeks to provide shareholders with growth of capital and income.

Portfolio management

Fred Copper, CFA

Co-Portfolio Manager

Managed Fund since 2016

Melda Mergen, CFA, CAIA

Co-Portfolio Manager

Managed Fund since 2016

Peter Schroeder, CFA

Co-Portfolio Manager

Managed Fund since 2016

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.

© 2019 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 February 28, 2019)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	03/20/95	0.40	5.41	12.80
	Including sales charges		-5.40	4.17	12.14
Advisor Class		12/11/06	0.66	5.69	12.99
Class C	Excluding sales charges	06/26/00	-0.39	4.63	11.95
	Including sales charges		-1.30	4.63	11.95
Institutional Class*		09/27/10	0.66	5.69	13.05
Institutional 2 Class		12/11/06	0.72	5.78	13.22
Institutional 3 Class*		02/28/13	0.78	5.85	13.08
Class R		12/11/06	0.14	5.14	12.51
MSCI World Value Index (Net)			-0.89	4.79	12.05
MSCI World Index (Net)			0.43	6.53	13.05

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. Since the oldest share class of the Fund, Class B, are no longer available, Class A shares of the Fund were used. 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 Fund’s performance prior to September 2014 reflects returns achieved pursuant to different principal investment strategies. If the Fund’s current strategies had been in place for the prior periods, results shown may have been different.

The MSCI World Value Index (Net) captures large and mid-cap securities exhibiting overall value style characteristics across 23 Developed Markets countries. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield. With 819 constituents, the index targets 50% coverage of the free float-adjusted market capitalization of the MSCI World Index.

The MSCI World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI World Value Index (Net) and the MSCI World Index (Net), which reflect reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

2	Columbia Global Equity Value Fund \| Annual Report 2019

Table of Contents

Fund at a Glance (continued)

Performance of a hypothetical $10,000 investment (February 28, 2009 — February 28, 2019)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Global Equity Value Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

Top 10 holdings (%) (at February 28, 2019)
JPMorgan Chase & Co. (United States)	3.7
Johnson & Johnson (United States)	3.2
Pfizer, Inc. (United States)	2.7
Cisco Systems, Inc. (United States)	2.7
Bank of America Corp. (United States)	2.3
American Electric Power Co., Inc. (United States)	2.3
Berkshire Hathaway, Inc., Class B (United States)	2.1
PepsiCo, Inc. (United States)	2.1
ACS Actividades de Construccion y Servicios SA (Spain)	2.0
Philip Morris International, Inc. (United States)	2.0

Percentages indicated are based upon total investments excluding Money Market Funds and investments in derivatives, if any.

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Equity sector breakdown (%) (at February 28, 2019)
Communication Services	7.7
Consumer Discretionary	7.4
Consumer Staples	6.6
Energy	10.5
Financials	19.9
Health Care	13.0
Industrials	9.1
Information Technology	9.2
Materials	5.1
Real Estate	5.0
Utilities	6.5
Total	100.0

Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.

Columbia Global Equity Value Fund | Annual Report 2019

Table of Contents

Fund at a Glance (continued)

Country breakdown (%) (at February 28, 2019)
Brazil	1.0
Canada	2.4
China	0.6
Finland	1.1
France	3.4
Israel	0.4
Japan	9.4
Netherlands	2.9
Norway	0.7
Russian Federation	0.6
South Korea	2.0
Spain	4.2
Sweden	0.6
United Kingdom	8.3
United States ^(a)	62.4
Total	100.0

(a)	Includes investments in Money Market Funds.

Country breakdown is based primarily on issuer’s place of organization/incorporation. Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.

The Fund may use place of organization/incorporation or other factors in determining whether an issuer is domestic (U.S.) or foreign for purposes of its investment policies. At February 28, 2019, the Fund invested at least 40% of its net assets in foreign companies in accordance with its principal investment strategy.

4	Columbia Global Equity Value Fund \| Annual Report 2019

Table of Contents

Manager Discussion of Fund Performance

For the 12-month period that ended February 28, 2019, the Fund’s Class A shares returned 0.40% excluding sales charges. During the same time period, the Fund outperformed its benchmark, the MSCI World Value Index (Net), which returned -0.89%, and underperformed the MSCI World Index (Net), which returned 0.43%. Stock selection overall was the primary contributor to the Fund’s relative results.

Global value equities lost modest ground amid late 2018 pressures

In U.S. dollar terms, global equities overall posted positive but rather flat returns for the annual period ended February 28, 2019, substantially underperforming the U.S. equity market alone but significantly outperforming emerging equity markets. Using the MSCI World Index (Net) as a proxy, global equities returned 0.43%, as compared to 5.05% for the Russell 3000 Index and -9.89% for the MSCI Emerging Markets Index (Net). Developed ex-U.S. markets, as measured by the MSCI EAFE Index (Net), returned -6.04% for the annual period.

The first half of the 12-month period was characterized by muted volatility and generally sidewise performance for the global equity markets overall. The fourth quarter of 2018 marked the point where global equity markets finally buckled under the weight of the myriad issues that had been accumulating during the course of the calendar year. These included the ongoing U.S. trade wars with various countries, most notably China, and the continued deceleration of economic growth outside the U.S., which was then joined in the fourth quarter of 2018 by a clear slowing in the U.S. economy. Other factors pressuring the global equity markets during these months included monetary tightening by many of the major central banks around the world; the ongoing Brexit (the U.K.’s exit from the European Union) saga; budget battles between the European Union and the new coalition government in Italy; violent protests in France over the high cost of living; and the breakdown in the growth-oriented segment of stocks that had been the market leaders earlier in 2018, just to name a few. In the first two months of 2019, volatility subsided a bit, and global equity markets recovered sharply amid easing trade relation tensions and ongoing debate about the future path of global economic conditions.

Stock selection boosted Fund results most

Compared to the MSCI World Value Index (Net), the Fund’s benchmark, the Fund’s results outperformed, boosted primarily by stock selection. Sector and country allocation as a whole detracted, albeit modestly.

From a broad perspective, we tended to favor stocks with less cyclical sensitivity outside the U.S., as we believed economic growth would slow during the period, which it did. Within the U.S., the influence of fiscal stimulus in the form of tax reform buoyed economic growth. This was a major driver of the significant outperformance of the U.S. equity market relative to the rest of the developed and emerging world. More specifically, effective stock selection in the health care, information technology and industrials sectors contributed most positively to the Fund’s results. Having an overweighted allocation to information technology, which was among the best performing sectors in the MSCI World Value Index (Net) during the period, also helped. Such positive contributors to the Fund’s relative results were partially offset by stock selection in the energy, materials and communication services sectors, which detracted.

Among the Fund’s top contributors were ACS Actividades de Construccion y Servicios (ACS), Norfolk Southern and Quotient. ACS is a Spain-based engineering and contracting company that develops civil and industrial infrastructures. During the period, the company posted strong earnings growth that beat consensus expectations. Further, it closed a deal for the acquisition of Abertis Infraestructuras, a toll road operator, through ACS’ subsidiary Hochtief. In our view, the acquisition should provide a more stable and visible earnings stream and potentially improve what we consider an already attractive dividend yield. U.S.-based rail transportation services provider Norfolk Southern saw strength during the period in both intermodal and merchandise freight traffic, where volume and pricing trends were better than the market expected. U.K.-based Quotient develops and manufactures transfusion diagnostic products. During the period, its shares gained as the company executed well on the commercial and regulatory timelines for its disruptive MosaiQ system of blood transfusion diagnostics. Also of note, U.S.-based global biotechnology group Shire was among the Fund’s strongest contributors, as its undervaluation in the market that we had identified was recognized and realized when the company was taken over by Japanese pharmaceutical company Takeda Pharmaceuticals during the period at a 33% premium to its pre-announcement price.

Columbia Global Equity Value Fund | Annual Report 2019

Table of Contents

Manager Discussion of Fund Performance (continued)

Among the biggest individual stock detractors from the Fund’s relative performance during the period were Bezeq Israeli Telecommunication, BNP Paribas and BlackRock. Bezeq Israeli Telecommunication underperformed the MSCI World Value Index (Net) on concerns that allegations of political interference in the company would weigh on its operations as well as delay its hoped-for elimination of the structural separation requirement that prevents the company from bundling its voice, internet and video offerings. BNP Paribas, the France-based bank, underperformed both the MSCI World Value Index (Net) and the European banking sector, which was itself weak relative to the broader market, on disappointing earnings. U.S.-based investment management services provider BlackRock performed weakly after competitor Fidelity announced it would roll out no-fee products, thereby pressuring industry margins. We sold the Fund’s position in BlackRock by the end of the period.

Bottom-up stock selection drove modest shifts in portfolio positioning

There were no significant changes to the Fund’s sector allocation during the period. However, based on bottom-up stock selection, the Fund’s exposure to health care and utilities increased modestly and its allocations to industrials, financials and materials decreased modestly relative to the MSCI World Value Index (Net).

With these active management decisions and stock appreciation and depreciation, the Fund was overweight information technology, consumer discretionary and communication services; underweight consumer staples and financials; and rather neutrally weighted to health care, industrials, real estate, utilities, materials and energy relative to the MSCI World Value Index (Net) at the end of the period.

Derivatives used in the Fund

The Fund used currency forwards to help neutralize the currency effect of investing in foreign countries and to more efficiently and effectively shift the Fund’s currency exposure to align with that of the MSCI World Value Index (Net). The use of the currency forwards was not designed to add value. On a stand-alone basis, however, the use of these derivatives had a negative impact on Fund performance.

Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth. 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. Investing in derivatives is a specialized activity that involves special risks, which may result in significant losses. 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. See the Fund’s prospectus for more information on these and other risks.

The views expressed in this report reflect the current views of the respective parties. 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.

6	Columbia Global Equity Value Fund \| Annual Report 2019

Table of Contents

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.

September 1, 2018 — February 28, 2019
	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	984.60	1,019.09	5.66	5.76	1.15
Advisor Class	1,000.00	1,000.00	986.00	1,020.33	4.43	4.51	0.90
Class C	1,000.00	1,000.00	981.10	1,015.37	9.33	9.49	1.90
Institutional Class	1,000.00	1,000.00	986.00	1,020.33	4.43	4.51	0.90
Institutional 2 Class	1,000.00	1,000.00	986.10	1,020.63	4.14	4.21	0.84
Institutional 3 Class	1,000.00	1,000.00	986.60	1,020.93	3.84	3.91	0.78
Class R	1,000.00	1,000.00	983.20	1,017.85	6.88	7.00	1.40

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 365.

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.

Columbia Global Equity Value Fund | Annual Report 2019

Table of Contents

Portfolio of Investments
February 28, 2019

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 98.8%
Issuer	Shares	Value ($)
Brazil 1.0%
Pagseguro Digital Ltd., Class A ^(a)	267,888	7,535,689
Canada 2.4%
Suncor Energy, Inc.	366,077	12,615,014
Yamana Gold, Inc.	2,222,888	5,735,051
Total		18,350,065
China 0.6%
Tencent Holdings Ltd.	100,800	4,316,584
Finland 1.1%
UPM-Kymmene OYJ	269,902	8,141,636
France 3.3%
Aperam SA	103,816	3,391,414
AXA SA	519,056	13,162,966
BNP Paribas SA	169,999	8,712,072
Total		25,266,452
Israel 0.5%
Bezeq The Israeli Telecommunication Corp., Ltd.	3,883,188	3,404,914
Japan 9.4%
Hoya Corp.	125,900	7,697,204
ITOCHU Corp.	675,600	12,135,773
Nippon Telegraph & Telephone Corp.	271,400	11,730,631
ORIX Corp.	614,201	8,892,757
Starts Corp., Inc.	180,300	3,933,968
Subaru Corp.	235,700	6,005,453
Sumitomo Mitsui Financial Group, Inc.	232,900	8,275,707
Takeda Pharmaceutical Co., Ltd.	311,728	12,544,861
Total		71,216,354
Netherlands 2.9%
ING Groep NV	559,279	7,399,715
Koninklijke Ahold Delhaize NV	296,265	7,641,168
Signify NV	256,842	6,821,580
Total		21,862,463
Norway 0.7%
BW LPG Ltd. ^(a)	1,558,361	5,092,153

Common Stocks (continued)
Issuer	Shares	Value ($)
Russian Federation 0.6%
Sberbank of Russia PJSC, ADR	354,174	4,519,260
South Korea 2.0%
Hyundai Home Shopping Network Corp.	67,447	6,530,985
Youngone Corp.	286,615	8,936,760
Total		15,467,745
Spain 4.2%
ACS Actividades de Construccion y Servicios SA	337,322	14,956,108
Endesa SA	440,255	11,092,006
Tecnicas Reunidas SA	206,533	5,525,338
Total		31,573,452
Sweden 0.6%
Hemfosa Fastigheter AB	531,200	4,537,861
United Kingdom 8.2%
BP PLC, ADR	310,341	13,236,044
BT Group PLC	2,933,758	8,354,382
Inchcape PLC	766,365	5,743,044
John Wood Group PLC	1,060,553	7,320,280
Legal & General Group PLC	3,155,557	11,744,154
Nightstar Therapeutics PLC, ADR ^(a)	90,995	1,348,546
Royal Dutch Shell PLC, Class A	465,746	14,513,849
Total		62,260,299
United States 61.3%
Agilent Technologies, Inc.	117,353	9,322,522
Alexion Pharmaceuticals, Inc. ^(a)	13,090	1,771,470
Allstate Corp. (The)	125,510	11,845,634
Alphabet, Inc., Class C ^(a)	6,774	7,586,338
Ameren Corp.	152,014	10,829,477
American Electric Power Co., Inc.	213,582	17,332,179
American Tower Corp.	61,743	10,876,029
Bank of America Corp.	599,343	17,428,894
Baxter International, Inc.	109,387	8,174,491
Berkshire Hathaway, Inc., Class B ^(a)	78,148	15,731,192
Biogen, Inc. ^(a)	6,490	2,128,785
BioMarin Pharmaceutical, Inc. ^(a)	23,570	2,198,138
Broadcom, Inc.	42,836	11,795,321

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

8	Columbia Global Equity Value Fund \| Annual Report 2019

Table of Contents

Portfolio of Investments (continued)
February 28, 2019

Common Stocks (continued)
Issuer	Shares	Value ($)
Capri Holdings Ltd. ^(a)	77,484	3,533,270
Cimarex Energy Co.	58,546	4,210,043
Cisco Systems, Inc.	393,848	20,389,511
Delta Air Lines, Inc.	157,861	7,826,748
Discovery, Inc., Class A ^(a)	258,815	7,479,754
DISH Network Corp., Class A ^(a)	145,688	4,736,317
DowDuPont, Inc.	220,579	11,741,420
Eastman Chemical Co.	105,358	8,712,053
EOG Resources, Inc.	102,447	9,630,018
Equity LifeStyle Properties, Inc.	115,490	12,546,834
General Motors Co.	278,890	11,010,577
Helmerich & Payne, Inc.	116,674	6,323,731
Home Depot, Inc. (The)	51,516	9,537,672
Host Hotels & Resorts, Inc.	461,037	9,040,936
International Business Machines Corp.	59,646	8,238,902
Johnson & Johnson	173,295	23,679,029
JPMorgan Chase & Co.	263,656	27,515,140
L3 Technologies, Inc.	53,510	11,330,743
MasterCard, Inc., Class A	38,962	8,757,489
Microsoft Corp.	106,015	11,876,861
Mondelez International, Inc., Class A	238,234	11,235,115

Common Stocks (continued)
Issuer	Shares	Value ($)
Norfolk Southern Corp.	82,537	14,798,884
PepsiCo, Inc.	135,824	15,706,687
Pfizer, Inc.	472,566	20,485,736
Philip Morris International, Inc.	171,931	14,947,681
Prudential Financial, Inc.	135,424	12,980,390
Quotient Ltd. ^(a)	516,177	5,455,991
T-Mobile U.S.A., Inc. ^(a)	136,398	9,849,300
Vertex Pharmaceuticals, Inc. ^(a)	13,462	2,540,953
Xcel Energy, Inc.	175,679	9,637,750
Total		462,776,005
Total Common Stocks (Cost $641,791,537)		746,320,932

Money Market Funds 1.0%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.523% ^(b),(c)	7,405,911	7,405,170
Total Money Market Funds (Cost $7,405,170)		7,405,170
Total Investments in Securities (Cost $649,196,707)		753,726,102
Other Assets & Liabilities, Net		1,429,511
Net Assets		$755,155,613

Investments in derivatives

Forward foreign currency exchange contracts
Currency to be sold	Currency to be purchased	Counterparty	Settlement date	Unrealized appreciation ($)	Unrealized depreciation ($)
6,341,000 EUR	7,250,800 USD	JPMorgan	03/20/2019	28,153	—
1,718,000 GBP	2,226,191 USD	JPMorgan	03/20/2019	—	(54,429)
406,958,000 JPY	3,712,081 USD	JPMorgan	03/20/2019	56,248	—
13,849,150,000 KRW	12,309,261 USD	JPMorgan	03/20/2019	—	(4,960)
16,719,228 USD	23,409,000 AUD	JPMorgan	03/20/2019	—	(109,312)
1,109,937 USD	1,470,000 CAD	JPMorgan	03/20/2019	7,585	—
4,346,327 USD	5,899,000 SGD	JPMorgan	03/20/2019	18,010	—
Total				109,996	(168,701)

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

Columbia Global Equity Value Fund | Annual Report 2019

Table of Contents

Portfolio of Investments (continued)
February 28, 2019

Notes to Portfolio of Investments

(a)	Non-income producing investment.
(b)	The rate shown is the seven-day current annualized yield at February 28, 2019.
(c)	As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended February 28, 2019 are as follows:

Issuer	Beginning shares	Shares purchased	Shares sold	Ending shares	Realized gain (loss) — affiliated issuers ($)	Net change in unrealized appreciation (depreciation) — affiliated issuers ($)	Dividends — affiliated issuers ($)	Value — affiliated issuers at end of period ($)
Columbia Short-Term Cash Fund, 2.523%
	3,067,919	97,954,548	(93,616,556)	7,405,911	(307)	—	152,503	7,405,170

Abbreviation Legend

ADR	American Depositary Receipt

Currency Legend

AUD	Australian Dollar
CAD	Canada Dollar
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
KRW	South Korean Won
SGD	Singapore Dollar
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.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.

Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Columbia Short-Term Cash Fund seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal. Columbia Short-Term Cash Fund prices its shares with a floating NAV and no longer seeks to maintain a stable NAV.

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

10	Columbia Global Equity Value Fund \| Annual Report 2019

Table of Contents

Portfolio of Investments (continued)
February 28, 2019

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

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.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The following table is a summary of the inputs used to value the Fund’s investments at February 28, 2019:

	Level 1 quoted prices in active markets for identical assets ($)	Level 2 other significant observable inputs ($)	Level 3 significant unobservable inputs ($)	Investments measured at net asset value ($)	Total ($)
Investments in Securities
Common Stocks
Brazil	7,535,689	—	—	—	7,535,689
Canada	18,350,065	—	—	—	18,350,065
China	—	4,316,584	—	—	4,316,584
Finland	—	8,141,636	—	—	8,141,636
France	—	25,266,452	—	—	25,266,452
Israel	—	3,404,914	—	—	3,404,914
Japan	—	71,216,354	—	—	71,216,354
Netherlands	—	21,862,463	—	—	21,862,463
Norway	—	5,092,153	—	—	5,092,153
Russian Federation	—	4,519,260	—	—	4,519,260
South Korea	—	15,467,745	—	—	15,467,745
Spain	—	31,573,452	—	—	31,573,452
Sweden	—	4,537,861	—	—	4,537,861
United Kingdom	14,584,590	47,675,709	—	—	62,260,299
United States	462,776,005	—	—	—	462,776,005
Total Common Stocks	503,246,349	243,074,583	—	—	746,320,932
Money Market Funds	—	—	—	7,405,170	7,405,170
Total Investments in Securities	503,246,349	243,074,583	—	7,405,170	753,726,102
Investments in Derivatives
Asset
Forward Foreign Currency Exchange Contracts	—	109,996	—	—	109,996
Liability
Forward Foreign Currency Exchange Contracts	—	(168,701)	—	—	(168,701)
Total	503,246,349	243,015,878	—	7,405,170	753,667,397

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

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

Columbia Global Equity Value Fund | Annual Report 2019

Table of Contents

Portfolio of Investments (continued)
February 28, 2019

Fair value measurements (continued)
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. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.

Derivative instruments are valued at unrealized appreciation (depreciation).

There were no transfers of financial assets between levels during the period.

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

12	Columbia Global Equity Value Fund \| Annual Report 2019

Table of Contents

Statement of Assets and Liabilities
February 28, 2019

Assets
Investments in securities, at value
Unaffiliated issuers (cost $641,791,537)	$746,320,932
Affiliated issuers (cost $7,405,170)	7,405,170
Unrealized appreciation on forward foreign currency exchange contracts	109,996
Receivable for:
Capital shares sold	39,140
Dividends	1,934,289
Foreign tax reclaims	445,422
Prepaid expenses	2,064
Total assets	756,257,013
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts	168,701
Payable for:
Capital shares purchased	554,840
Management services fees	14,582
Distribution and/or service fees	4,601
Transfer agent fees	62,830
Compensation of board members	189,893
Compensation of chief compliance officer	6
Other expenses	105,947
Total liabilities	1,101,400
Net assets applicable to outstanding capital stock	$755,155,613
Represented by
Paid in capital	624,921,064
Total distributable earnings (loss) (Note 2)	130,234,549
Total - representing net assets applicable to outstanding capital stock	$755,155,613

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

Columbia Global Equity Value Fund | Annual Report 2019

Table of Contents

Statement of Assets and Liabilities (continued)
February 28, 2019

Class A
Net assets	$645,363,310
Shares outstanding	49,636,286
Net asset value per share	$13.00
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)	$13.79
Advisor Class
Net assets	$1,855,539
Shares outstanding	141,977
Net asset value per share	$13.07
Class C
Net assets	$5,573,352
Shares outstanding	434,981
Net asset value per share	$12.81
Institutional Class
Net assets	$99,972,087
Shares outstanding	7,672,703
Net asset value per share	$13.03
Institutional 2 Class
Net assets	$626,164
Shares outstanding	48,163
Net asset value per share	$13.00
Institutional 3 Class
Net assets	$578,051
Shares outstanding	45,654
Net asset value per share	$12.66
Class R
Net assets	$1,187,110
Shares outstanding	91,576
Net asset value per share	$12.96

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

14	Columbia Global Equity Value Fund \| Annual Report 2019

Table of Contents

Statement of Operations
Year Ended February 28, 2019

Net investment income
Income:
Dividends — unaffiliated issuers	$22,925,421
Dividends — affiliated issuers	152,503
Foreign taxes withheld	(1,244,320)
Total income	21,833,604
Expenses:
Management services fees	5,522,716
Distribution and/or service fees
Class A	1,672,283
Class C	107,075
Class R	5,524
Class T	15
Transfer agent fees
Class A	958,333
Advisor Class	2,316
Class C	15,268
Institutional Class	148,519
Institutional 2 Class	350
Institutional 3 Class	91
Class K	5
Class R	1,584
Class T	9
Plan administration fees
Class K	24
Compensation of board members	14,734
Custodian fees	90,701
Printing and postage fees	101,989
Registration fees	125,354
Audit fees	54,888
Legal fees	13,690
Interest on collateral	1,099
Compensation of chief compliance officer	166
Other	36,867
Total expenses	8,873,600
Expense reduction	(8,429)
Total net expenses	8,865,171
Net investment income	12,968,433
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	63,512,063
Investments — affiliated issuers	(307)
Foreign currency translations	(47,149)
Forward foreign currency exchange contracts	(222,060)
Options purchased	(625,810)
Net realized gain	62,616,737
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(73,477,019)
Foreign currency translations	(48,393)
Forward foreign currency exchange contracts	(119,623)
Net change in unrealized appreciation (depreciation)	(73,645,035)
Net realized and unrealized loss	(11,028,298)
Net increase in net assets resulting from operations	$1,940,135

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

Columbia Global Equity Value Fund | Annual Report 2019

Table of Contents

Statement of Changes in Net Assets

	Year Ended February 28, 2019	Year Ended February 28, 2018
Operations
Net investment income	$12,968,433	$11,758,331
Net realized gain	62,616,737	66,294,868
Net change in unrealized appreciation (depreciation)	(73,645,035)	56,110,209
Net increase in net assets resulting from operations	1,940,135	134,163,408
Distributions to shareholders
Net investment income and net realized gains
Class A	(58,255,661)
Advisor Class	(156,783)
Class C	(909,353)
Institutional Class	(9,267,870)
Institutional 2 Class	(45,375)
Institutional 3 Class	(42,830)
Class R	(92,508)
Class T	(336)
Net investment income
Class A		(12,363,063)
Advisor Class		(8,504)
Class B		(3,573)
Class C		(205,437)
Class I		(13)
Institutional Class		(2,102,510)
Institutional 2 Class		(7,506)
Institutional 3 Class		(4,994)
Class K		(6,751)
Class R		(13,958)
Class T		(140)
Total distributions to shareholders (Note 2)	(68,770,716)	(14,716,449)
Decrease in net assets from capital stock activity	(19,482,771)	(81,439,576)
Total increase (decrease) in net assets	(86,313,352)	38,007,383
Net assets at beginning of year	841,468,965	803,461,582
Net assets at end of year	$755,155,613	$841,468,965
Undistributed (excess of distributions over) net investment income	$820,938	$(2,166,838)

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

16	Columbia Global Equity Value Fund \| Annual Report 2019

Table of Contents

Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	February 28, 2019		February 28, 2018
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	1,647,563	22,041,722	832,226	10,999,203
Distributions reinvested	4,248,936	54,112,297	854,531	11,437,806
Redemptions	(6,283,604)	(84,416,393)	(7,670,211)	(101,887,176)
Net decrease	(387,105)	(8,262,374)	(5,983,454)	(79,450,167)
Advisor Class
Subscriptions	127,307	1,757,054	41,335	563,670
Distributions reinvested	12,361	156,547	619	8,452
Redemptions	(45,951)	(600,345)	(9,188)	(129,355)
Net increase	93,717	1,313,256	32,766	442,767
Class B
Subscriptions	—	—	104	1,309
Distributions reinvested	—	—	280	3,519
Redemptions	—	—	(167,770)	(2,179,305)
Net decrease	—	—	(167,386)	(2,174,477)
Class C
Subscriptions	49,680	638,903	100,746	1,331,489
Distributions reinvested	66,310	860,509	14,372	192,089
Redemptions	(1,085,650)	(14,558,434)	(439,318)	(5,699,415)
Net decrease	(969,660)	(13,059,022)	(324,200)	(4,175,837)
Class I
Redemptions	—	—	(213)	(2,535)
Net decrease	—	—	(213)	(2,535)
Institutional Class
Subscriptions	662,617	8,895,250	1,596,406	20,428,379
Distributions reinvested	597,780	7,635,660	126,673	1,694,852
Redemptions	(1,214,691)	(16,211,132)	(1,416,692)	(18,797,777)
Net increase	45,706	319,778	306,387	3,325,454
Institutional 2 Class
Subscriptions	21,759	292,634	17,549	232,208
Distributions reinvested	3,581	45,131	557	7,451
Redemptions	(6,178)	(81,705)	(13,573)	(179,298)
Net increase	19,162	256,060	4,533	60,361
Institutional 3 Class
Subscriptions	35,303	458,172	43,784	591,625
Distributions reinvested	3,452	42,564	369	4,939
Redemptions	(19,192)	(255,685)	(19,084)	(263,917)
Net increase	19,563	245,051	25,069	332,647
Class K
Subscriptions	—	—	3,545	47,273
Distributions reinvested	—	—	499	6,703
Redemptions	(27,969)	(404,295)	(2,617)	(34,778)
Net increase (decrease)	(27,969)	(404,295)	1,427	19,198
Class R
Subscriptions	16,457	206,119	15,537	226,120
Distributions reinvested	6,613	83,903	937	12,550
Redemptions	(12,634)	(173,691)	(4,203)	(55,437)
Net increase	10,436	116,331	12,271	183,233

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

Columbia Global Equity Value Fund | Annual Report 2019

Table of Contents

Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	February 28, 2019		February 28, 2018
	Shares	Dollars ($)	Shares	Dollars ($)
Class T
Distributions reinvested	16	227	7	95
Redemptions	(602)	(7,783)	(23)	(315)
Net decrease	(586)	(7,556)	(16)	(220)
Total net decrease	(1,196,736)	(19,482,771)	(6,092,816)	(81,439,576)

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

18	Columbia Global Equity Value Fund \| Annual Report 2019

Table of Contents

[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Global Equity Value Fund | Annual Report 2019

Table of Contents

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.

	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
Year Ended 2/28/2019	$14.20	0.22	(0.22)	0.00 ^(c)	(0.17)	(1.03)	(1.20)
Year Ended 2/28/2018	$12.29	0.19	1.96	2.15	(0.24)	—	(0.24)
Year Ended 2/28/2017	$10.48	0.24	1.84	2.08	(0.27)	—	(0.27)
Year Ended 2/29/2016	$13.00	0.18	(2.17)	(1.99)	(0.26)	(0.27)	(0.53)
Year Ended 2/28/2015	$13.78	0.22	0.97	1.19	(0.16)	(1.81)	(1.97)
Advisor Class
Year Ended 2/28/2019	$14.26	0.24	(0.20)	0.04	(0.20)	(1.03)	(1.23)
Year Ended 2/28/2018	$12.35	0.19	1.99	2.18	(0.27)	—	(0.27)
Year Ended 2/28/2017	$10.52	0.26	1.87	2.13	(0.30)	—	(0.30)
Year Ended 2/29/2016	$13.05	0.19	(2.15)	(1.96)	(0.30)	(0.27)	(0.57)
Year Ended 2/28/2015	$13.82	0.26	0.97	1.23	(0.19)	(1.81)	(2.00)
Class C
Year Ended 2/28/2019	$14.04	0.16	(0.27)	(0.11)	(0.09)	(1.03)	(1.12)
Year Ended 2/28/2018	$12.16	0.09	1.93	2.02	(0.14)	—	(0.14)
Year Ended 2/28/2017	$10.36	0.15	1.84	1.99	(0.19)	—	(0.19)
Year Ended 2/29/2016	$12.86	0.09	(2.15)	(2.06)	(0.17)	(0.27)	(0.44)
Year Ended 2/28/2015	$13.65	0.12	0.96	1.08	(0.06)	(1.81)	(1.87)
Institutional Class
Year Ended 2/28/2019	$14.22	0.25	(0.21)	0.04	(0.20)	(1.03)	(1.23)
Year Ended 2/28/2018	$12.31	0.22	1.96	2.18	(0.27)	—	(0.27)
Year Ended 2/28/2017	$10.49	0.27	1.85	2.12	(0.30)	—	(0.30)
Year Ended 2/29/2016	$13.02	0.21	(2.17)	(1.96)	(0.30)	(0.27)	(0.57)
Year Ended 2/28/2015	$13.79	0.26	0.97	1.23	(0.19)	(1.81)	(2.00)
Institutional 2 Class
Year Ended 2/28/2019	$14.19	0.25	(0.21)	0.04	(0.20)	(1.03)	(1.23)
Year Ended 2/28/2018	$12.29	0.22	1.96	2.18	(0.28)	—	(0.28)
Year Ended 2/28/2017	$10.47	0.27	1.86	2.13	(0.31)	—	(0.31)
Year Ended 2/29/2016	$13.00	0.20	(2.15)	(1.95)	(0.31)	(0.27)	(0.58)
Year Ended 2/28/2015	$13.78	0.30	0.94	1.24	(0.21)	(1.81)	(2.02)

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

20	Columbia Global Equity Value Fund \| Annual Report 2019

Table of Contents

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
Year Ended 2/28/2019	$13.00	0.40%	1.15% ^(d)	1.15% ^(d),(e)	1.62%	33%	$645,363
Year Ended 2/28/2018	$14.20	17.59%	1.15%	1.15% ^(e)	1.40%	32%	$710,292
Year Ended 2/28/2017	$12.29	20.08%	1.19%	1.19% ^(e)	2.07%	36%	$688,572
Year Ended 2/29/2016	$10.48	(15.81%) ^(f)	1.18%	1.18% ^(e)	1.48%	143%	$672,100
Year Ended 2/28/2015	$13.00	9.06%	1.17%	1.17% ^(e)	1.66%	61%	$894,934
Advisor Class
Year Ended 2/28/2019	$13.07	0.66%	0.90% ^(d)	0.90% ^(d),(e)	1.77%	33%	$1,856
Year Ended 2/28/2018	$14.26	17.79%	0.90%	0.90% ^(e)	1.36%	32%	$688
Year Ended 2/28/2017	$12.35	20.49%	0.94%	0.94% ^(e)	2.21%	36%	$191
Year Ended 2/29/2016	$10.52	(15.61%) ^(f)	0.93%	0.93% ^(e)	1.56%	143%	$105
Year Ended 2/28/2015	$13.05	9.38%	0.92%	0.92% ^(e)	1.93%	61%	$203
Class C
Year Ended 2/28/2019	$12.81	(0.39%)	1.89% ^(d)	1.89% ^(d),(e)	1.17%	33%	$5,573
Year Ended 2/28/2018	$14.04	16.67%	1.90%	1.90% ^(e)	0.68%	32%	$19,715
Year Ended 2/28/2017	$12.16	19.32%	1.94%	1.94% ^(e)	1.33%	36%	$21,017
Year Ended 2/29/2016	$10.36	(16.47%) ^(f)	1.93%	1.93% ^(e)	0.71%	143%	$21,304
Year Ended 2/28/2015	$12.86	8.25%	1.92%	1.92% ^(e)	0.90%	61%	$29,304
Institutional Class
Year Ended 2/28/2019	$13.03	0.66%	0.90% ^(d)	0.90% ^(d),(e)	1.87%	33%	$99,972
Year Ended 2/28/2018	$14.22	17.84%	0.90%	0.90% ^(e)	1.64%	32%	$108,444
Year Ended 2/28/2017	$12.31	20.45%	0.94%	0.94% ^(e)	2.31%	36%	$90,114
Year Ended 2/29/2016	$10.49	(15.65%) ^(f)	0.93%	0.93% ^(e)	1.72%	143%	$84,630
Year Ended 2/28/2015	$13.02	9.41%	0.92%	0.92% ^(e)	1.91%	61%	$111,869
Institutional 2 Class
Year Ended 2/28/2019	$13.00	0.72%	0.83% ^(d)	0.83% ^(d)	1.86%	33%	$626
Year Ended 2/28/2018	$14.19	17.90%	0.83%	0.83%	1.65%	32%	$411
Year Ended 2/28/2017	$12.29	20.64%	0.82%	0.82%	2.37%	36%	$301
Year Ended 2/29/2016	$10.47	(15.55%) ^(f)	0.79%	0.79%	1.75%	143%	$190
Year Ended 2/28/2015	$13.00	9.48%	0.79%	0.79%	2.23%	61%	$25

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

Columbia Global Equity Value Fund | Annual Report 2019

Table of Contents

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
Year Ended 2/28/2019	$13.85	0.25	(0.20)	0.05	(0.21)	(1.03)	(1.24)
Year Ended 2/28/2018	$12.00	0.17	1.97	2.14	(0.29)	—	(0.29)
Year Ended 2/28/2017	$10.24	0.26	1.82	2.08	(0.32)	—	(0.32)
Year Ended 2/29/2016	$12.71	0.23	(2.11)	(1.88)	(0.32)	(0.27)	(0.59)
Year Ended 2/28/2015	$13.52	0.27	0.95	1.22	(0.22)	(1.81)	(2.03)
Class R
Year Ended 2/28/2019	$14.17	0.18	(0.22)	(0.04)	(0.14)	(1.03)	(1.17)
Year Ended 2/28/2018	$12.27	0.15	1.95	2.10	(0.20)	—	(0.20)
Year Ended 2/28/2017	$10.46	0.21	1.84	2.05	(0.24)	—	(0.24)
Year Ended 2/29/2016	$12.98	0.15	(2.17)	(2.02)	(0.23)	(0.27)	(0.50)
Year Ended 2/28/2015	$13.76	0.19	0.97	1.16	(0.13)	(1.81)	(1.94)

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	Rounds to zero.
(d)	Ratios include interest on collateral expense which is less than 0.01%.
(e)	The benefits derived from expense reductions had an impact of less than 0.01%.
(f)	The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.05%.

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

22	Columbia Global Equity Value Fund \| Annual Report 2019

Table of Contents

Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets ^(a)	Total net expense ratio to average net assets ^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Institutional 3 Class
Year Ended 2/28/2019	$12.66	0.78%	0.78% ^(d)	0.78% ^(d)	1.96%	33%	$578
Year Ended 2/28/2018	$13.85	17.96%	0.78%	0.78%	1.26%	32%	$361
Year Ended 2/28/2017	$12.00	20.61%	0.77%	0.77%	2.29%	36%	$12
Year Ended 2/29/2016	$10.24	(15.38%) ^(f)	0.71%	0.71%	1.95%	143%	$2
Year Ended 2/28/2015	$12.71	9.50%	0.72%	0.72%	2.01%	61%	$2
Class R
Year Ended 2/28/2019	$12.96	0.14%	1.40% ^(d)	1.40% ^(d),(e)	1.37%	33%	$1,187
Year Ended 2/28/2018	$14.17	17.25%	1.40%	1.40% ^(e)	1.13%	32%	$1,150
Year Ended 2/28/2017	$12.27	19.82%	1.44%	1.44% ^(e)	1.82%	36%	$845
Year Ended 2/29/2016	$10.46	(16.04%) ^(f)	1.43%	1.43% ^(e)	1.25%	143%	$830
Year Ended 2/28/2015	$12.98	8.80%	1.42%	1.42% ^(e)	1.46%	61%	$1,115

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

Columbia Global Equity Value Fund | Annual Report 2019

Table of Contents

Notes to Financial Statements
February 28, 2019

Note 1. Organization

Columbia Global Equity Value 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). 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. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense and sales charge structure. The Fund offers each of the share classes identified below.

Class A shares are subject to a maximum front-end sales charge of 5.75% based on the initial investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months after purchase, charged as follows: 1.00% CDSC if redeemed within 12 months after purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase.

Advisor Class shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain investors as described in the Fund’s prospectus.

Class C shares are subject to a 1.00% CDSC on shares redeemed within 12 months after purchase. Effective July 1, 2018, Class C shares automatically convert to Class A shares of the same Fund in the month of or the month following the 10-year anniversary of the Class C shares purchase date.

Institutional Class shares are not subject to sales charges and are generally available only to eligible investors, which are subject to different investment minimums as described in the Fund’s prospectus.

Institutional 2 Class shares are not subject to sales charges and are generally available only to investors purchasing through authorized investment professionals and omnibus retirement plans as described in the Fund’s prospectus.

Institutional 3 Class shares are not subject to sales charges and are available to institutional and certain other investors as described in the Fund’s prospectus.

The Fund no longer accepts investments by existing investors in Class K shares. When available, Class K shares were not subject to sales charges and were made available only to existing investors in Class K shares. On March 9, 2018, Class K shares were redeemed or exchanged for Advisor Class shares of the Fund in a tax free transaction that had no impact on fees and expenses paid by the shareholders.

Class R shares are not subject to sales charges and are generally available only to certain retirement plans and other investors as described in the Fund’s prospectus.

Class T shares were subject to a maximum front-end sales charge of 2.50% per transaction and were required to be purchased through financial intermediaries that, by written agreement with Columbia Management Investment Distributors, Inc., were specifically authorized to sell Class T shares. Effective at the close of business on December 14, 2018, Class T shares merged, in a tax-free transaction, into Class A shares of the Fund and are no longer offered for sale.

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

24	Columbia Global Equity Value Fund \| Annual Report 2019

Table of Contents

Notes to Financial Statements (continued)
February 28, 2019

requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Security valuation

All equity securities are valued at the close of business of the New York Stock Exchange. Equity securities are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.

Foreign equity securities are valued based on the closing price on the foreign exchange in which such securities are primarily traded. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees, including, if available, utilizing a third party pricing service to determine these fair values. The third party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies, including money market funds, are valued at their latest net asset value.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

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 and under the general supervision of 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.

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

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

Foreign currency transactions and translations

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

Columbia Global Equity Value Fund | Annual Report 2019

Table of Contents

Notes to Financial Statements (continued)
February 28, 2019

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

Derivative instruments

The Fund invests in certain derivative instruments, as detailed below, 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 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 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 (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, additional counterparty credit risk is failure of the clearinghouse or CCP. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the 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, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives contract counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and typically 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 instrument’s 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 CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract specific for over-the-counter derivatives. 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. Any interest expense

26	Columbia Global Equity Value Fund \| Annual Report 2019

Table of Contents

Notes to Financial Statements (continued)
February 28, 2019

paid by the Fund is shown on the Statement of Operations. 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.

Forward foreign currency exchange contracts

Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund’s securities, to shift investment exposure from one currency to another, to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark and to recover an underweight country exposure in its portfolio. These instruments may be used for other purposes in future periods.

The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund’s portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

Options contracts

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

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

Columbia Global Equity Value Fund | Annual Report 2019

Table of Contents

Notes to Financial Statements (continued)
February 28, 2019

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

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 February 28, 2019:

	Asset derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts	109,996

	Liability derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts	168,701

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended February 28, 2019:

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)	Options contracts purchased ($)	Total ($)
Equity risk	—	(625,810)	(625,810)
Foreign exchange risk	(222,060)	—	(222,060)
Total	(222,060)	(625,810)	(847,870)

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)
Foreign exchange risk	(119,623)

28	Columbia Global Equity Value Fund \| Annual Report 2019

Table of Contents

Notes to Financial Statements (continued)
February 28, 2019

The following table is a summary of the average outstanding volume by derivative instrument for the year ended February 28, 2019:

Derivative instrument	Average value ($)**
Options contracts — purchased	73,930

Derivative instrument	Average unrealized appreciation ($)*	Average unrealized depreciation ($)*
Forward foreign currency exchange contracts	392,299	(328,582)

**	Based on the ending daily outstanding amounts for the year ended February 28, 2019.
*	Based on the ending quarterly outstanding amounts for the year ended February 28, 2019.

Offsetting of assets and liabilities

The following table presents the Fund’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of February 28, 2019:

	JPMorgan ($)
Assets
Forward foreign currency exchange contracts	109,996
Liabilities
Forward foreign currency exchange contracts	168,701
Total financial and derivative net assets	(58,705)
Total collateral received (pledged) ^(a)	-
Net amount ^(b)	(58,705)

(a)	In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(b)	Represents the net amount due from/(to) counterparties in the event of default.

Security transactions

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

Income recognition

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

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

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

Expenses

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

Columbia Global Equity Value Fund | Annual Report 2019

Table of Contents

Notes to Financial Statements (continued)
February 28, 2019

Determination of class net asset value

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

Federal income tax status

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

Foreign taxes

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to shareholders

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

Guarantees and indemnifications

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

Recent accounting pronouncements

Accounting Standards Update 2017-08 Premium Amortization on Purchased Callable Debt Securities

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2017-08 Premium Amortization on Purchased Callable Debt Securities. ASU No. 2017-08 updates the accounting standards to shorten the amortization period for certain purchased callable debt securities, held at a premium, to be amortized to the earliest call date. The update applies to securities with explicit, noncontingent call features that are callable at fixed prices and on preset dates. The standard is effective for annual periods beginning after December 15, 2018 and interim periods within those fiscal years. Management does not expect the implementation of this guidance to have a material impact on the financial statement amounts and footnote disclosures.

Accounting Standards Update 2018-13 Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement

30	Columbia Global Equity Value Fund \| Annual Report 2019

Table of Contents

Notes to Financial Statements (continued)
February 28, 2019

Level 1 and Level 2 of the fair value hierarchy and the policy for the timing of transfers between levels. The standard is effective for annual periods beginning after December 15, 2019 and interim periods within those fiscal years. At this time, management is evaluating the implication of this guidance and the impact it will have on the financial statement disclosures, if any.

Disclosure Update and Simplification

In September 2018, the Securities and Exchange Commission (SEC) released Final Rule 33-10532, Disclosure Update and Simplification, which amends certain financial statement disclosure requirements that the SEC determined to be redundant, outdated, or superseded in light of other SEC disclosure requirements, GAAP, or changes in the information environment. As a result of the amendments, management implemented disclosure changes which included removing the components of distributable earnings presented on the Statement of Assets and Liabilities and combining income and gain distributions paid to shareholders as presented on the Statement of Changes in Net Assets. Any values presented to meet prior year requirements were left unchanged. The amendments had no effect on the Fund’s net assets or results of operation.

Note 3. Fees and other transactions with affiliates

Management services fees

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.72% to 0.52% as the Fund’s net assets increase. The effective management services fee rate for the year ended February 28, 2019 was 0.70% 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.

Compensation of Chief Compliance Officer

The Board of Trustees has appointed a Chief Compliance Officer to 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 DST Asset Manager Solutions, Inc. (DST) to serve as sub-transfer agent. The Transfer Agent pays the fees of DST for services as sub-transfer agent and DST 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.

Columbia Global Equity Value Fund | Annual Report 2019

Table of Contents

Notes to Financial Statements (continued)
February 28, 2019

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 Class K, Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07%, 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class.

For the year ended February 28, 2019, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Class A	0.14
Advisor Class	0.14
Class C	0.14
Institutional Class	0.14
Institutional 2 Class	0.07
Institutional 3 Class	0.02
Class K	0.00 ^(a)
Class R	0.14
Class T	0.11 ^(a)

(a)	Unannualized.

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended February 28, 2019, these minimum account balance fees reduced total expenses of the Fund by $8,429.

Plan administration fees

Under a Plan Administration Services Agreement with the Transfer Agent, the Fund paid an annual fee at a rate of 0.25% of the Fund’s average daily net assets attributable to Class K shares for the provision of various administrative, recordkeeping, communication and educational services. As a result of all Class K shares of the Fund being redeemed or exchanged for Advisor Class shares, March 9, 2018 was the last day the Fund paid a plan administration fee for Class K shares.

Distribution and service fees

The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution, the Fund pays a fee at the maximum annual rates of up to 0.25%, 1.00%, 0.50% and 0.25% of the Fund’s average daily net assets attributable to Class A, Class C, Class R and Class T shares, respectively. For Class C shares, of the 1.00% fee, up to 0.75% can be reimbursed for distribution expenses and up to an additional 0.25% can be reimbursed for shareholder servicing expenses. For Class R shares, of the 0.50% fee, up to 0.25% can be reimbursed for shareholder servicing expenses. For Class T shares, of the 0.25% fee, up to 0.25% can be reimbursed for distribution and/or shareholder servicing expenses. As a result of all Class T shares of the Fund being redeemed or converted to Class A shares, December 14, 2018 was the last day the Fund paid a distribution and shareholder services fee for Class T shares.

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $54,000 for Class C shares. This amount is based on the most recent information available as of December 31, 2018, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.

32	Columbia Global Equity Value Fund \| Annual Report 2019

Table of Contents

Notes to Financial Statements (continued)
February 28, 2019

Sales charges (unaudited)

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the year ended February 28, 2019, if any, are listed below:

	Amount ($)
Class A	103,553
Class C	135

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 class’ average daily net assets:

	July 1, 2018 through June 30, 2019	Prior to July 1, 2018
Class A	1.20%	1.20%
Advisor Class	0.95	0.95
Class C	1.95	1.95
Institutional Class	0.95	0.95
Institutional 2 Class	0.88	0.905
Institutional 3 Class	0.83	0.855
Class R	1.45	1.45

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, 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 February 28, 2019, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, passive foreign investment company (PFIC) holdings, derivative investments, trustees’ deferred compensation and foreign currency transactions. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

Undistributed net investment income ($)	Accumulated net realized gain ($)	Paid in capital ($)
42,289	(42,289)	—

Columbia Global Equity Value Fund | Annual Report 2019

Table of Contents

Notes to Financial Statements (continued)
February 28, 2019

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

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

Year Ended February 28, 2019			Year Ended February 28, 2018
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
10,022,946	58,747,770	68,770,716	14,716,449	—	14,716,449

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

At February 28, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized appreciation ($)
1,715,667	27,100,270	—	101,594,822

At February 28, 2019, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized appreciation ($)
652,072,575	135,755,073	(34,160,251)	101,594,822

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

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

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $258,976,134 and $337,111,378, respectively, for the year ended February 28, 2019. 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. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

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.

34	Columbia Global Equity Value Fund \| Annual Report 2019

Table of Contents

Notes to Financial Statements (continued)
February 28, 2019

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

The Fund did not borrow or lend money under the Interfund Program during the year ended February 28, 2019.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by Citibank, N.A., HSBC Bank USA, N.A. and JPMorgan Chase Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits collective borrowings up to $1 billion. Interest is 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 one-month LIBOR rate and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in December unless extended or renewed.

The Fund had no borrowings during the year ended February 28, 2019.

Note 9. Significant risks

Financial sector risk

The Fund may be more susceptible to the particular risks that may affect companies in the financial services sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the financial services sector are subject to certain risks, including the risk of regulatory change, decreased liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as a high level of loans to real estate developers, which makes them vulnerable to economic conditions that affect that industry. Performance of such companies may be affected by competitive pressures and exposure to investments or agreements that, under certain circumstances, may lead to losses (e.g., subprime loans). Companies in the financial services sector are subject to extensive governmental regulation that may limit the amount and types of loans and other financial commitments they can make, and interest rates and fees that they may charge. In addition, profitability of such companies is largely dependent upon the availability and the cost of capital.

Foreign securities and emerging market countries risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may accentuate these risks. These countries are also more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the various conditions, events or other factors impacting those countries and may, therefore, have a greater risk than that of a fund which is more geographically diversified.

Shareholder concentration risk

At February 28, 2019, affiliated shareholders of record owned 42.3% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Columbia Global Equity Value Fund | Annual Report 2019

Table of Contents

Notes to Financial Statements (continued)
February 28, 2019

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 have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. 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.

36	Columbia Global Equity Value Fund \| Annual Report 2019

Table of Contents

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Global Equity Value Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Global Equity Value Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of February 28, 2019, the related statement of operations for the year ended February 28, 2019, the statement of changes in net assets for each of the two years in the period ended February 28, 2019, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2019 (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 February 28, 2019, 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 February 28, 2019 and the financial highlights for each of the five years in the period ended February 28, 2019 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 February 28, 2019 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

April 22, 2019

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

Columbia Global Equity Value Fund | Annual Report 2019

Table of Contents

Federal Income Tax Information
(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended February 28, 2019. Shareholders will be notified in early 2020 of the amounts for use in preparing 2019 income tax returns.

Qualified dividend income	Dividends received deduction	Capital gain dividend
100.00%	91.83%	$65,670,607

Qualified dividend income. For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents qualified dividend income subject to reduced tax rates.

Dividends received deduction. The percentage of ordinary income distributed during the fiscal year that qualifies for the corporate dividends received deduction.

Capital gain dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.

38	Columbia Global Equity Value Fund \| Annual Report 2019

Table of Contents

TRUSTEES AND OFFICERS

Shareholders elect the Board that oversees the Fund’s operations. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund’s Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. Under current Board policy, Trustees not affiliated with the Investment Manager generally may serve through the end of the calendar year in which they reach the mandatory retirement age established by the Board.

Independent trustees

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
George S. Batejan c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1953	Trustee since 1/17	Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016	123	Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1954	Trustee since 1/06 for RiverSource Funds and since 6/11 for Nations Funds	Attorney; specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018	123	Trustee, BlueCross BlueShield of Minnesota since 2009 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee since 2017); Chair of the Robina Foundation since August 2013; former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017
Edward J. Boudreau, Jr. c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1944	Chair of the Board since 1/18; Trustee since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Managing Director, E.J. Boudreau & Associates (consulting) since 2000; FINRA Industry Arbitrator, 2002-present; Chairman and Chief Executive Officer, John Hancock Investments (asset management), Chairman and Interested Trustee for open-end and closed-end funds offered by John Hancock, 1989-2000; John Hancock Mutual Life Insurance Company, including Senior Vice President and Treasurer and Senior Vice President Information Technology, 1968-1988	123	Former Trustee, Boston Museum of Science (Chair of Finance Committee) 1985-2013; former Trustee, BofA Funds Series Trust (11 funds), 2005-2011

Columbia Global Equity Value Fund | Annual Report 2019

Table of Contents

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	123	Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of Human Resources Committee) since 1996; Director, Laurel Road Bank (Audit Committee) since 2017
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	123	Trustee, MA Taxpayers Foundation since 1997; Board of Directors, The MA Business Roundtable since 2003; Board of Governors, Innovation Institute, MA Technology Collaborative since 2010
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	121	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	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.	123	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	123	Trustee, Penn Mutual Life Insurance Company since March 2008; Director, Renaissance Reinsurance Ltd. since May 2008; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019

40	Columbia Global Equity Value Fund \| Annual Report 2019

Table of Contents

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
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1947	Trustee since 6/11 for RiverSource Funds and since 2003 for Nations Funds	President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011	123	Director, BlueCross BlueShield of South Carolina since April 2008; Board Chair, Hollingsworth Funds since 2016; Advisory Board member, Duke Energy Corp. since October 2016; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1964	Trustee since 12/17	Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004	121	Director, NAPE Education Foundation since October 2016

Interested trustee affiliated with Investment Manager*

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the 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
William F. Truscott c/o Columbia Management Investment Advisers, LLC 225 Franklin St. Boston, MA 02110 1960	Trustee since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002 for RiverSource Funds and since 5/10 for Nations Funds	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010 - September 2012); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006; Director, Threadneedle Asset Management Holdings, SARL since 2014; President and Chief Executive Officer, Ameriprise Certificate Company, 2006 - August 2012.	192	Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; former Director, Ameriprise Certificate Company, 2006-January 2013

*	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.

Columbia Global Equity Value Fund | Annual Report 2019

Table of Contents

TRUSTEES AND OFFICERS (continued)

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.

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.

42	Columbia Global Equity Value Fund \| Annual Report 2019

Table of Contents

TRUSTEES AND OFFICERS (continued)

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:

Fund officers

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds complex or a predecessor thereof	Principal occupation(s) during past five years
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1970	President and Principal Executive Officer (2015)	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously, Vice President and Chief Counsel, January 2010 - December 2014; officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Chief Financial Officer (Principal Financial Officer) (2009) and Senior Vice President (2019)	Vice President — Accounting and Tax, Columbia Management Investment Advisers, LLC, since May 2010; senior officer of Columbia Funds and affiliated funds since 2002 (previously, Treasurer and Chief Accounting Officer, January 2009-January 2019 and December 2015-January 2019, respectively).
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019)	Vice President — Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously, Vice President — Pricing and Corporate Actions, May 2010-March 2017).
Paul B. Goucher 485 Lexington Avenue New York, NY 10017 Born 1968	Senior Vice President (2011) and Assistant Secretary (2008)	Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously, Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015).
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Senior Vice President and Chief Compliance Officer (2012)	Vice President — Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010.
Colin Moore 225 Franklin Street Boston, MA 02110 Born 1958	Senior Vice President (2010)	Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013.
Ryan C. Larrenaga 225 Franklin Street Boston, MA 02110 Born 1970	Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously, Vice President and Group Counsel, August 2011 - August 2018); officer of Columbia Funds and affiliated funds since 2005.
Michael E. DeFao 225 Franklin Street Boston, MA 02110 Born 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010.
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director and Global Head of Operations, Columbia Management Investment Advisers, LLC since April 2016 (previously Managing Director and Chief Operating Officer, 2010 - 2016).

Columbia Global Equity Value Fund | Annual Report 2019

Table of Contents

TRUSTEES AND OFFICERS (continued)

Fund officers (continued)

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds complex or a predecessor thereof	Principal occupation(s) during past five years
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1960	Vice President (2015)	President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.

44	Columbia Global Equity Value Fund \| Annual Report 2019

Table of Contents

Additional information

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-Q or Form N-PORT (available for filings after March 31, 2019). The Fund’s Form N-Q or Form N-PORT is 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

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 Global Equity Value Fund | Annual Report 2019

Table of Contents

Columbia Global Equity Value Fund

P.O. Box 219104

Kansas City, MO 64121-9104

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

columbiathreadneedleus.com/investor/

ANN145_02_J01_(04/19)

Annual Report
February 28, 2019

Columbia Overseas Core Fund

Not FDIC Insured • No bank guarantee • May lose value

President’s Message

Dear Shareholders,

Long-term focus

Discipline through up-and-down markets

Tax-awareness

Emotional objectivity

Education and guidance

The role of the advisor is to teach and guide us toward achieving our financial goals. In terms of working through emotions, guidance is by far the most important component.

Sincerely,

Christopher O. Petersen

President, Columbia Funds

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Overseas Core Fund | Annual Report 2019

Table of Contents

Fund at a Glance	2
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	14
Statement of Operations	16
Statement of Changes in Net Assets	17
Financial Highlights	20
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	36
Federal Income Tax Information	37
Trustees and Officers	38
Additional Information	44

Columbia Overseas Core Fund | Annual Report 2019

Table of Contents

Fund at a Glance

Investment objective

Columbia Overseas Core Fund (the Fund) seeks to provide shareholders with long-term capital appreciation.

Portfolio management

Fred Copper, CFA

Co-Portfolio Manager

Managed Fund since 2018

Daisuke Nomoto, CMA (SAAJ)

Co-Portfolio Manager

Managed Fund since 2018

Morningstar style box ^TM

Average annual total returns (%) (for the period ended February 28, 2019)
		Inception	Life
Class A	Excluding sales charges	03/05/18	-5.55
	Including sales charges		-10.98
Advisor Class		03/05/18	-5.22
Class C	Excluding sales charges	03/05/18	-6.22
	Including sales charges		-7.15
Institutional Class		03/05/18	-5.22
Institutional 2 Class		03/05/18	-5.17
Institutional 3 Class		03/05/18	-5.11
Class R		03/05/18	-5.77
MSCI EAFE Index (Net)			-4.20

The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The index is compiled from a composite of securities markets of Europe, Australasia and the Far East and is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American securities.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

2	Columbia Overseas Core Fund \| Annual Report 2019

Table of Contents

Fund at a Glance (continued)

Performance of a hypothetical $10,000 investment (March 5, 2018 — February 28, 2019)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Overseas Core Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

Top 10 holdings (%) (at February 28, 2019)
Royal Dutch Shell PLC, Class B (United Kingdom)	3.9
Roche Holding AG, Genusschein Shares (Switzerland)	2.6
Takeda Pharmaceutical Co., Ltd. (Japan)	2.4
Sanofi (France)	2.3
Cott Corp. (Canada)	2.0
DCC PLC (United Kingdom)	2.0
WH Group Ltd. (Hong Kong)	1.9
Nihon M&A Center, Inc. (Japan)	1.9
Koninklijke Ahold Delhaize NV (Netherlands)	1.9
Sony Corp. (Japan)	1.8

Percentages indicated are based upon total investments including options purchased and excluding Money Market Funds and all other investments in derivatives, if any.

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Equity sector breakdown (%) (at February 28, 2019)
Communication Services	7.3
Consumer Discretionary	9.6
Consumer Staples	10.7
Energy	8.6
Financials	15.9
Health Care	16.9
Industrials	14.1
Information Technology	8.4
Materials	3.9
Real Estate	3.0
Utilities	1.6
Total	100.0

Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.

Columbia Overseas Core Fund | Annual Report 2019

Table of Contents

Fund at a Glance (continued)

Country breakdown (%) (at February 28, 2019)
Argentina	0.5
Australia	1.6
Brazil	1.4
Canada	4.0
China	1.4
Finland	1.6
France	7.6
Germany	1.8
Hong Kong	2.7
Israel	2.3
Italy	1.6
Japan	24.3
Netherlands	8.0
Norway	0.6
Pakistan	0.6
Russian Federation	0.7
South Korea	2.9
Spain	4.2
Sweden	1.5
Switzerland	4.1
United Kingdom	18.2
United States ^(a)	8.4
Total	100.0

(a)	Includes investments in Money Market Funds.

Country breakdown is based primarily on issuer’s place of organization/incorporation. Percentages indicated are based upon total investments including options purchased and excluding all other investments in derivatives, if any. The Fund’s portfolio composition is subject to change.

4	Columbia Overseas Core Fund \| Annual Report 2019

Table of Contents

Manager Discussion of Fund Performance

At February 28, 2019, approximately 100% of the Fund’s shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.

From the Fund’s inception on March 5, 2018 through February 28, 2019, the Fund’s Class A shares returned -5.55% excluding sales charges. The Fund’s benchmark, the MSCI EAFE Index (Net), returned -4.20% for the same time period. The Fund’s security selection was strongest within the health care and information technology sectors, while selection within communication services, energy and consumer staples detracted. In terms of sector allocation, an overweight to health care was additive, while an underweight to utilities detracted.

Trade tensions and decelerating global growth sparked volatility

During the reporting period, international stocks generally posted declines. During the fourth quarter of 2018, global stock markets buckled under the weight of the myriad issues that had been accumulating over the course of the year. These included the ongoing U.S. trade wars with various countries, most notably China; the continued deceleration of economic growth outside the United States, which was joined in the fourth quarter by the evident slowing of the U.S. economy; monetary tightening by several global central banks; the ongoing Brexit saga (the U.K.’s exit from the European Union (EU)); budget battles between the EU and the new coalition government in Italy; violent protests in France over the high cost of living; and lastly, the breakdown in the cohort of growth stocks that had been market leaders.

Bolstered by the stimulative benefits of tax reform, the U.S. economy did not experience the slowdown that affected other international markets. This, and the resulting strong U.S. dollar, dampened the relative returns of international stocks, particularly within the emerging markets. During the fourth quarter especially, the continued political turbulence, stock market volatility and threats of trade wars resulted in “risk-off” investor sentiment that sent global stocks down sharply. However, over the first two months of 2019 international markets regained some of the lost ground as investors seemed to shrug off previous worries over the global economic slowdown and various trade conflicts.

Industry allocation and security selection

During the period from March 5, 2018 through February 28, 2019, the Fund’s security selection was strongest within the health care and information technology sectors. Selection within communication services, energy and consumer staples detracted from relative return. In terms of sector allocation, an overweight to health care was additive, while an underweight to utilities detracted. On a country basis, security selection was strongest within Japan, Spain, Sweden and Switzerland. An out-of-benchmark allocation to U.S. stocks and an underweight to Germany also contributed to returns. Security selection within the U.K., Hong Kong and the Netherlands detracted from relative return, as did an overweight to Canada.

The largest individual contributor to performance came from the Fund’s position in the Irish biopharmaceutical company Shire Plc. Shares of Shire rose at the start of the period on news of a potential acquisition by a Japanese pharmaceutical company, Takeda Pharmaceutical Co. Ltd., that culminated in a $62 billion transaction in December 2018. The Japanese internet security provider Digital Arts, Inc. was another top contributor to Fund performance. Digital Arts’ shares rose throughout the period as the company reported impressive sales growth that offset expenses related to company expansion. The Spanish utility company Endesa, S.A. was another notable contributor. Endesa’s shares rallied significantly during the market sell-off in the fourth quarter as investors sought defensive stocks with more predictable cash flows. Conversely, the Canadian gaming and online gambling company Stars Group Inc. represented the largest detractor from relative return. Shares of Stars Group fell after the company reported a decline in gross margins amid weakened sentiment regarding the online gaming sector against a backdrop of rising regulatory costs. Lastly, the British investment broker TP ICAP plc stumbled based on company officials’ profit warnings and the replacement of the company’s CEO.

During the period, the Fund used forward foreign currency contracts to hedge currency exposure associated with Fund securities, to shift investment exposure from one currency to another, to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in the benchmark, and/or to adjust an underweight country exposure in the portfolio. The Fund used equity index futures to manage exposure to the securities market and to maintain equity market exposure

Columbia Overseas Core Fund | Annual Report 2019

Table of Contents

Manager Discussion of Fund Performance (continued)

while managing cash flows. The Fund used options contracts to help efficiently exit from particular positions, or to help implement a particular tactical view on the overall market without having to trade in the Fund’s underlying securities. On a stand-alone basis, the use of these derivatives had a negative impact on Fund performance.

At period’s end

At the close of the reporting period, the Fund was defensively positioned, with overweights in health care and some of the more longer term growth technology names. In addition, we continued to underweight some of the more cyclical areas of the market, in particular materials and financials, based on our expectations for a continued slowing of global growth. On a country basis, the Fund was underweight in Switzerland, Australia and Germany, and overweight in the United States (not in the benchmark), the Netherlands and South Korea. With respect to Japan, while our economic outlook was favorable overall, we were concerned that the yen, generally viewed as a safe haven asset, may strengthen and hurt Japanese exporters.

Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. International investing involves certain risks and volatility due to potential political, economic or currency instabilities and different financial and accounting standards. Risks are enhanced for emerging market issuers. Growth securities, at times, may not perform as well as value securities or the stock market in general and may be out of favor with investors. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth. Investing in derivatives is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in Fund value. The value of the Fund’s portfolio may be more volatile than a more geographically diversified fund. See the Fund’s prospectus for more information on these and other risks.

6	Columbia Overseas Core Fund \| Annual Report 2019

Table of Contents

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

September 1, 2018 — February 28, 2019
	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	982.80	1,018.45	6.29	6.41	1.28
Advisor Class	1,000.00	1,000.00	985.20	1,019.69	5.07	5.16	1.03
Class C	1,000.00	1,000.00	978.90	1,014.73	9.96	10.14	2.03
Institutional Class	1,000.00	1,000.00	985.20	1,019.69	5.07	5.16	1.03
Institutional 2 Class	1,000.00	1,000.00	984.80	1,020.18	4.58	4.66	0.93
Institutional 3 Class	1,000.00	1,000.00	985.30	1,020.48	4.28	4.36	0.87
Class R	1,000.00	1,000.00	981.50	1,017.21	7.52	7.65	1.53

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Columbia Overseas Core Fund | Annual Report 2019

Table of Contents

Portfolio of Investments
February 28, 2019

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 97.9%
Issuer	Shares	Value ($)
Argentina 0.5%
Banco Macro SA, ADR	23,033	1,163,166
Australia 1.6%
Ansell Ltd.	183,472	3,207,673
Fortescue Metals Group Ltd.	172,012	735,594
Total		3,943,267
Brazil 1.4%
Pagseguro Digital Ltd., Class A ^(a)	122,841	3,455,517
Stone Co., Ltd., Class A ^(a),(b)	4,887	148,614
Total		3,604,131
Canada 4.0%
Cott Corp.	340,054	5,104,211
Stars Group, Inc. (The) ^(a)	151,687	2,528,981
Yamana Gold, Inc.	965,276	2,490,412
Total		10,123,604
China 1.4%
BeiGene Ltd., ADR ^(a)	3,028	414,988
Tencent Holdings Ltd.	74,200	3,177,485
Total		3,592,473
Finland 1.6%
UPM-Kymmene OYJ	132,219	3,988,407
France 7.6%
AtoS	14,299	1,373,040
AXA SA	123,127	3,122,431
Capgemini SE	38,095	4,558,435
DBV Technologies SA, ADR ^(a)	33,102	269,450
Eiffage SA	28,874	2,817,248
Sanofi	69,825	5,837,547
Total SA	22,251	1,265,216
Total		19,243,367
Germany 1.8%
Bayer AG, Registered Shares	35,935	2,872,642
Duerr AG	41,883	1,712,174
Total		4,584,816

Common Stocks (continued)
Issuer	Shares	Value ($)
Hong Kong 2.7%
Link REIT (The)	194,500	2,200,024
WH Group Ltd.	5,318,000	4,715,765
Total		6,915,789
Israel 2.3%
Bank Hapoalim BM	641,128	4,413,460
Bezeq The Israeli Telecommunication Corp., Ltd.	1,756,417	1,540,087
Total		5,953,547
Italy 1.6%
Recordati SpA	105,665	3,974,637
Japan 24.4%
Amano Corp.	146,400	3,110,810
BayCurrent Consulting, Inc.	90,300	2,712,137
CYBERDYNE, Inc. ^(a)	55,000	324,943
Hoya Corp.	46,400	2,836,777
Invincible Investment Corp.	6,615	3,009,164
ITOCHU Corp.	236,100	4,241,054
Kinden Corp.	91,600	1,486,901
Koito Manufacturing Co., Ltd.	53,400	3,089,903
Matsumotokiyoshi Holdings Co., Ltd.	112,900	3,865,977
Nihon M&A Center, Inc.	186,200	4,712,246
Nippon Telegraph & Telephone Corp.	87,400	3,777,661
ORIX Corp.	261,200	3,781,805
Round One Corp.	131,900	1,717,716
Shionogi & Co., Ltd.	26,600	1,702,119
Ship Healthcare Holdings, Inc.	26,200	992,997
Sony Corp.	96,800	4,647,902
Subaru Corp.	114,800	2,925,015
Sumitomo Mitsui Financial Group, Inc.	91,300	3,244,191
Takeda Pharmaceutical Co., Ltd.	151,277	6,087,836
Takuma Co., Ltd.	243,600	3,229,965
Total		61,497,119

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

8	Columbia Overseas Core Fund \| Annual Report 2019

Table of Contents

Portfolio of Investments (continued)
February 28, 2019

Common Stocks (continued)
Issuer	Shares	Value ($)
Netherlands 8.1%
ABN AMRO Group NV	146,256	3,546,769
ASR Nederland NV	92,219	4,063,611
ING Groep NV	265,152	3,508,176
Koninklijke Ahold Delhaize NV	182,135	4,697,565
Signify NV	171,451	4,553,643
Total		20,369,764
Norway 0.6%
BW LPG Ltd. ^(a)	491,865	1,607,235
Pakistan 0.6%
Lucky Cement Ltd.	218,400	736,000
Oil & Gas Development Co., Ltd.	689,300	741,444
Total		1,477,444
Russian Federation 0.7%
Sberbank of Russia PJSC, ADR	130,958	1,671,024
South Korea 2.9%
Hyundai Home Shopping Network Corp.	22,832	2,210,854
Samsung Electronics Co., Ltd.	79,045	3,163,525
Youngone Corp.	64,851	2,022,078
Total		7,396,457
Spain 4.2%
ACS Actividades de Construccion y Servicios SA	99,194	4,398,041
Endesa SA	155,467	3,916,914
Tecnicas Reunidas SA	85,033	2,274,872
Total		10,589,827
Sweden 1.5%
Granges AB	154,457	1,617,150
Hemfosa Fastigheter AB	259,248	2,214,667
Total		3,831,817
Switzerland 4.2%
Nestlé SA, Registered Shares	44,557	4,034,037
Roche Holding AG, Genusschein Shares	23,300	6,473,714
Total		10,507,751

Common Stocks (continued)
Issuer	Shares	Value ($)
United Kingdom 18.3%
BP PLC	517,051	3,664,864
British American Tobacco PLC	110,236	4,033,244
BT Group PLC	1,036,889	2,952,721
Crest Nicholson Holdings PLC	320,470	1,661,116
DCC PLC	57,558	4,981,318
Greene King PLC	326,290	2,856,313
GW Pharmaceuticals PLC, ADR ^(a)	3,472	597,219
John Wood Group PLC	296,182	2,044,344
Just Group PLC	1,950,028	2,666,598
Legal & General Group PLC	1,094,399	4,073,065
Royal Dutch Shell PLC, Class B	310,312	9,731,861
TP ICAP PLC	950,432	3,999,900
WPP PLC	259,244	2,839,498
Total		46,102,061
United States 5.9%
ACADIA Pharmaceuticals, Inc. ^(a)	28,753	761,954
Aerie Pharmaceuticals, Inc. ^(a)	9,213	429,971
Alexion Pharmaceuticals, Inc. ^(a)	9,447	1,278,462
Broadcom, Inc.	13,770	3,791,707
Insmed, Inc. ^(a)	30,063	891,368
Liberty Global PLC, Class C ^(a)	151,351	3,842,802
NVIDIA Corp.	7,824	1,206,930
Puma Biotechnology, Inc. ^(a)	13,480	374,879
Quotient Ltd. ^(a)	98,698	1,043,238
Sage Therapeutics, Inc. ^(a)	2,591	412,617
Spark Therapeutics, Inc. ^(a)	8,824	999,759
Total		15,033,687
Total Common Stocks (Cost $251,522,816)		247,171,390

Exchange-Traded Funds 1.4%
	Shares	Value ($)
United States 1.4%
iShares MSCI EAFE ETF	56,054	3,602,591
Total Exchange-Traded Funds (Cost $3,519,854)		3,602,591

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

Columbia Overseas Core Fund | Annual Report 2019

Table of Contents

Portfolio of Investments (continued)
February 28, 2019

Options Purchased Calls 0.1%
					Value ($)
(Cost $175,197)					100,575

Money Market Funds 1.0%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.523% ^(c),(d)	2,544,191	2,543,936
Total Money Market Funds (Cost $2,543,936)		2,543,936
Total Investments in Securities (Cost $257,761,803)		253,418,492
Other Assets & Liabilities, Net		(948,611)
Net Assets		$252,469,881

At February 28, 2019, securities and/or cash totaling $145,968 were pledged as collateral.

Investments in derivatives

Forward foreign currency exchange contracts
Currency to be sold	Currency to be purchased	Counterparty	Settlement date	Unrealized appreciation ($)	Unrealized depreciation ($)
6,461,000 CAD	4,847,013 USD	Morgan Stanley	03/20/2019	—	(64,759)
3,145,000 GBP	4,119,813 USD	Morgan Stanley	03/20/2019	—	(55,130)
15,091,000 ILS	4,119,858 USD	Morgan Stanley	03/20/2019	—	(48,162)
510,135,000 JPY	4,656,841 USD	Morgan Stanley	03/20/2019	74,137	—
6,811,412,000 KRW	6,050,711 USD	Morgan Stanley	03/20/2019	—	(5,779)
11,179,967 USD	15,645,000 AUD	Morgan Stanley	03/20/2019	—	(79,017)
2,426,978 USD	2,402,000 CHF	Morgan Stanley	03/20/2019	—	(16,506)
1,697,972 USD	11,081,000 DKK	Morgan Stanley	03/20/2019	—	(6,108)
371,677 USD	329,000 EUR	Morgan Stanley	03/20/2019	3,067	—
1,698,387 USD	1,485,000 EUR	Morgan Stanley	03/20/2019	—	(6,914)
1,939,876 USD	17,410,000 SEK	Morgan Stanley	03/20/2019	—	(52,374)
3,149,784 USD	4,275,000 SGD	Morgan Stanley	03/20/2019	13,047	—
Total				90,251	(334,749)

Call option contracts purchased
Description	Counterparty	Trading currency	Notional amount	Number of contracts	Exercise price/Rate	Expiration date	Cost ($)	Value ($)
CBOE Volatility Index	JPMorgan	USD	4,001,544	2,682	20.00	03/19/2019	175,197	100,575

Call option contracts written
Description	Counterparty	Trading currency	Notional amount	Number of contracts	Exercise price/Rate	Expiration date	Premium received ($)	Value ($)
ACADIA Pharmaceuticals, Inc.	JPMorgan	USD	(760,550)	(287)	28.00	3/15/2019	(14,052)	(14,350)
GW Pharmaceuticals PLC	JPMorgan	USD	(584,834)	(34)	185.00	3/15/2019	(5,522)	(5,355)
StoneCo Ltd.	JPMorgan	USD	(145,968)	(48)	30.00	3/15/2019	(2,350)	(7,680)
Total							(21,924)	(27,385)

Notes to Portfolio of Investments

(a)	Non-income producing investment.
(b)	This security or a portion of this security has been pledged as collateral in connection with derivative contracts.
(c)	The rate shown is the seven-day current annualized yield at February 28, 2019.

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

10	Columbia Overseas Core Fund \| Annual Report 2019

Table of Contents

Portfolio of Investments (continued)
February 28, 2019

Notes to Portfolio of Investments (continued)

(d)

As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended February 28, 2019 are as follows:

Issuer	Beginning shares	Shares purchased	Shares sold	Ending shares	Realized gain (loss) — affiliated issuers ($)	Net change in unrealized appreciation (depreciation) — affiliated issuers ($)	Dividends — affiliated issuers ($)	Value — affiliated issuers at end of period ($)
Columbia Short-Term Cash Fund, 2.523%
	—	147,903,464	(145,359,273)	2,544,191	211	—	43,968	2,543,936

Abbreviation Legend

ADR	American Depositary Receipt

Currency Legend

AUD	Australian Dollar
CAD	Canada Dollar
CHF	Swiss Franc
DKK	Danish Krone
EUR	Euro
GBP	British Pound
ILS	New Israeli Sheqel
JPY	Japanese Yen
KRW	South Korean Won
SEK	Swedish Krona
SGD	Singapore Dollar
USD	US Dollar

Fair value measurements

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).

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

Columbia Overseas Core Fund | Annual Report 2019

Table of Contents

Portfolio of Investments (continued)
February 28, 2019

The following table is a summary of the inputs used to value the Fund’s investments at February 28, 2019:

	Level 1 quoted prices in active markets for identical assets ($)	Level 2 other significant observable inputs ($)	Level 3 significant unobservable inputs ($)	Investments measured at net asset value ($)	Total ($)
Investments in Securities
Common Stocks
Argentina	1,163,166	—	—	—	1,163,166
Australia	—	3,943,267	—	—	3,943,267
Brazil	3,604,131	—	—	—	3,604,131
Canada	10,123,604	—	—	—	10,123,604
China	414,988	3,177,485	—	—	3,592,473
Finland	—	3,988,407	—	—	3,988,407
France	269,450	18,973,917	—	—	19,243,367
Germany	—	4,584,816	—	—	4,584,816
Hong Kong	—	6,915,789	—	—	6,915,789
Israel	—	5,953,547	—	—	5,953,547
Italy	—	3,974,637	—	—	3,974,637
Japan	—	61,497,119	—	—	61,497,119
Netherlands	—	20,369,764	—	—	20,369,764
Norway	—	1,607,235	—	—	1,607,235
Pakistan	—	1,477,444	—	—	1,477,444
Russian Federation	—	1,671,024	—	—	1,671,024
South Korea	—	7,396,457	—	—	7,396,457
Spain	—	10,589,827	—	—	10,589,827
Sweden	—	3,831,817	—	—	3,831,817
Switzerland	—	10,507,751	—	—	10,507,751
United Kingdom	597,219	45,504,842	—	—	46,102,061
United States	15,033,687	—	—	—	15,033,687
Total Common Stocks	31,206,245	215,965,145	—	—	247,171,390
Exchange-Traded Funds	3,602,591	—	—	—	3,602,591
Options Purchased Calls	100,575	—	—	—	100,575
Money Market Funds	—	—	—	2,543,936	2,543,936
Total Investments in Securities	34,909,411	215,965,145	—	2,543,936	253,418,492

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

12	Columbia Overseas Core Fund \| Annual Report 2019

Table of Contents

Portfolio of Investments (continued)
February 28, 2019

Fair value measurements (continued)

	Level 1 quoted prices in active markets for identical assets ($)	Level 2 other significant observable inputs ($)	Level 3 significant unobservable inputs ($)	Investments measured at net asset value ($)	Total ($)
Investments in Derivatives
Asset
Forward Foreign Currency Exchange Contracts	—	90,251	—	—	90,251
Liability
Forward Foreign Currency Exchange Contracts	—	(334,749)	—	—	(334,749)
Options Contracts Written	(27,385)	—	—	—	(27,385)
Total	34,882,026	215,720,647	—	2,543,936	253,146,609

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. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.

Forward foreign currency exchange contracts are valued at unrealized appreciation (depreciation).

There were no transfers of financial assets between levels during the period.

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

Columbia Overseas Core Fund | Annual Report 2019

Table of Contents

Statement of Assets and Liabilities
February 28, 2019

Assets
Investments in securities, at value
Unaffiliated issuers (cost $255,042,670)	$250,773,981
Affiliated issuers (cost $2,543,936)	2,543,936
Options purchased (cost $175,197)	100,575
Foreign currency (cost $2,284)	2,284
Unrealized appreciation on forward foreign currency exchange contracts	90,251
Receivable for:
Investments sold	770,575
Capital shares sold	2,298
Dividends	430,159
Foreign tax reclaims	143,102
Expense reimbursement due from Investment Manager	3,788
Prepaid expenses	1,214
Total assets	254,862,163
Liabilities
Option contracts written, at value (premiums received $21,924)	27,385
Due to custodian	9,164
Unrealized depreciation on forward foreign currency exchange contracts	334,749
Payable for:
Investments purchased	1,834,663
Capital shares purchased	87,547
Management services fees	6,040
Distribution and/or service fees	2
Transfer agent fees	19,760
Compensation of board members	6,633
Other expenses	66,339
Total liabilities	2,392,282
Net assets applicable to outstanding capital stock	$252,469,881
Represented by
Paid in capital	257,390,743
Total distributable earnings (loss) (Note 2)	(4,920,862)
Total - representing net assets applicable to outstanding capital stock	$252,469,881

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

14	Columbia Overseas Core Fund \| Annual Report 2019

Table of Contents

Statement of Assets and Liabilities (continued)
February 28, 2019

Class A
Net assets	$29,636
Shares outstanding	3,165
Net asset value per share	$9.36
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)	$9.93
Advisor Class
Net assets	$19,669
Shares outstanding	2,100
Net asset value per share	$9.37
Class C
Net assets	$25,296
Shares outstanding	2,702
Net asset value per share	$9.36
Institutional Class
Net assets	$120,114,329
Shares outstanding	12,818,742
Net asset value per share	$9.37
Institutional 2 Class
Net assets	$29,396
Shares outstanding	3,134
Net asset value per share	$9.38
Institutional 3 Class
Net assets	$132,187,335
Shares outstanding	14,090,591
Net asset value per share	$9.38
Class R
Net assets	$64,220
Shares outstanding	6,858
Net asset value per share	$9.36

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

Columbia Overseas Core Fund | Annual Report 2019

Table of Contents

Statement of Operations
For the period from March 5, 2018 (commencement of operations) through February 28, 2019

Net investment income
Income:
Dividends — unaffiliated issuers	$4,666,583
Dividends — affiliated issuers	43,968
Foreign taxes withheld	(405,874)
Total income	4,304,677
Expenses:
Management services fees	1,419,596
Distribution and/or service fees
Class A	51
Class C	231
Class R	160
Transfer agent fees
Class A	63
Advisor Class	62
Class C	71
Institutional Class	67,990
Institutional 2 Class	17
Institutional 3 Class	10,494
Class R	87
Compensation of board members	14,294
Custodian fees	60,639
Printing and postage fees	3,107
Registration fees	77,184
Audit fees	46,639
Legal fees	7,898
Interest on interfund lending	587
Offering costs	276,456
Compensation of chief compliance officer	25
Other	17,488
Total expenses	2,003,139
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(535,410)
Total net expenses	1,467,729
Net investment income	2,836,948
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(668,161)
Investments — affiliated issuers	211
Foreign currency translations	(60,885)
Forward foreign currency exchange contracts	(656,493)
Futures contracts	252,499
Options purchased	(91,304)
Options contracts written	78,981
Net realized loss	(1,145,152)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(4,268,689)
Foreign currency translations	1,962
Forward foreign currency exchange contracts	(244,498)
Options purchased	(74,622)
Options contracts written	(5,461)
Net change in unrealized appreciation (depreciation)	(4,591,308)
Net realized and unrealized loss	(5,736,460)
Net decrease in net assets resulting from operations	$(2,899,512)

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

16	Columbia Overseas Core Fund \| Annual Report 2019

Table of Contents

Statement of Changes in Net Assets

	Year Ended February 28, 2019 ^(a)
Operations
Net investment income	$2,836,948
Net realized loss	(1,145,152)
Net change in unrealized appreciation (depreciation)	(4,591,308)
Net decrease in net assets resulting from operations	(2,899,512)
Distributions to shareholders
Net investment income and net realized gains
Class A	(161)
Advisor Class	(203)
Class C	(43)
Institutional Class	(1,228,560)
Institutional 2 Class	(284)
Institutional 3 Class	(1,410,229)
Class R	(374)
Total distributions to shareholders (Note 2)	(2,639,854)
Increase in net assets from capital stock activity	257,862,247
Total increase in net assets	252,322,881
Net assets at beginning of period	147,000
Net assets at end of period	$252,469,881
Undistributed net investment income	$111,534

(a)	Based on operations from March 5, 2018 (fund commencement of operations) through the stated period end.

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

Columbia Overseas Core Fund | Annual Report 2019

Table of Contents

Statement of Changes in Net Assets (continued)

	Year Ended
	February 28, 2019 ^(a)
	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	1,065	9,837
Net increase	1,065	9,837
Class C
Subscriptions	601	5,940
Distributions reinvested	1	9
Net increase	602	5,949
Institutional Class
Subscriptions	14,881,359	133,239,018
Distributions reinvested	146,059	1,228,358
Redemptions	(2,210,776)	(19,781,959)
Net increase	12,816,642	114,685,417
Institutional 2 Class
Subscriptions	1,023	10,043
Distributions reinvested	11	90
Net increase	1,034	10,133
Institutional 3 Class
Subscriptions	14,863,470	150,381,887
Distributions reinvested	167,462	1,410,024
Redemptions	(942,441)	(8,684,930)
Net increase	14,088,491	143,106,981
Class R
Subscriptions	5,231	48,267
Distributions reinvested	30	255
Redemptions	(503)	(4,592)
Net increase	4,758	43,930
Total net increase	26,912,592	257,862,247

(a)	Based on operations from March 5, 2018 (fund commencement of operations) through the stated period end.

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

18	Columbia Overseas Core Fund \| Annual Report 2019

Table of Contents

[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Overseas Core Fund | Annual Report 2019

Table of Contents

Financial Highlights

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Total distributions to shareholders
Class A
Year Ended 2/28/2019 ^(c)	$10.00	0.15	(0.71)	(0.56)	(0.08)	(0.08)
Advisor Class
Year Ended 2/28/2019 ^(c)	$10.00	0.18	(0.71)	(0.53)	(0.10)	(0.10)
Class C
Year Ended 2/28/2019 ^(c)	$10.00	0.07	(0.69)	(0.62)	(0.02)	(0.02)
Institutional Class
Year Ended 2/28/2019 ^(c)	$10.00	0.03	(0.56)	(0.53)	(0.10)	(0.10)
Institutional 2 Class
Year Ended 2/28/2019 ^(c)	$10.00	0.17	(0.70)	(0.53)	(0.09)	(0.09)
Institutional 3 Class
Year Ended 2/28/2019 ^(c)	$10.00	0.19	(0.71)	(0.52)	(0.10)	(0.10)
Class R
Year Ended 2/28/2019 ^(c)	$10.00	0.08	(0.66)	(0.58)	(0.06)	(0.06)

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 Fund commenced operations on March 5, 2018. Per share data and total return reflect activity from that date.
(d)	Annualized.
(e)	Ratios include interfund lending expense which is less than 0.01%.

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

20	Columbia Overseas Core Fund \| Annual Report 2019

Table of Contents

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
Year Ended 2/28/2019 ^(c)	$9.36	(5.55%)	1.65% ^(d),(e)	1.28% ^(d),(e)	1.62% ^(d)	71%	$30
Advisor Class
Year Ended 2/28/2019 ^(c)	$9.37	(5.22%)	1.40% ^(d),(e)	1.03% ^(d),(e)	1.90% ^(d)	71%	$20
Class C
Year Ended 2/28/2019 ^(c)	$9.36	(6.22%)	2.40% ^(d),(e)	2.03% ^(d),(e)	0.76% ^(d)	71%	$25
Institutional Class
Year Ended 2/28/2019 ^(c)	$9.37	(5.22%)	1.37% ^(d),(e)	1.03% ^(d),(e)	0.38% ^(d)	71%	$120,114
Institutional 2 Class
Year Ended 2/28/2019 ^(c)	$9.38	(5.17%)	1.25% ^(d),(e)	0.93% ^(d),(e)	1.79% ^(d)	71%	$29
Institutional 3 Class
Year Ended 2/28/2019 ^(c)	$9.38	(5.11%)	1.19% ^(d),(e)	0.87% ^(d),(e)	2.06% ^(d)	71%	$132,187
Class R
Year Ended 2/28/2019 ^(c)	$9.36	(5.77%)	1.90% ^(d),(e)	1.53% ^(d),(e)	0.87% ^(d)	71%	$64

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

Columbia Overseas Core Fund | Annual Report 2019

Table of Contents

Notes to Financial Statements
February 28, 2019

Note 1. Organization

Columbia Overseas Core 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.

On March 2, 2018, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), invested $147,000 in the Fund (2,100 shares for Class A, 2,100 shares for Advisor Class, 2,100 shares for Class C, 2,100 shares for Institutional Class, 2,100 shares for Institutional 2 Class, 2,100 shares for Institutional 3 Class and 2,100 shares for Class R), which represented the initial capital for each class at $10 per share. Shares of the Fund were first offered to the public on March 5, 2018.

These financial statements cover the period from March 5, 2018 (commencement of operations) through February 28, 2019. All references to the year ended February 28, 2019 refer to the period from March 5, 2018 through February 28, 2019.

Fund shares

Advisor Class shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain investors as described in the Fund’s prospectus.

Institutional 3 Class shares are not subject to sales charges and are available to institutional and certain other investors as described in the Fund’s prospectus.

Class R shares are not subject to sales charges and are generally available only to certain retirement plans and other investors as described in the Fund’s prospectus.

Note 2. Summary of significant accounting policies

Basis of preparation

22	Columbia Overseas Core Fund \| Annual Report 2019

Table of Contents

Notes to Financial Statements (continued)
February 28, 2019

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

Security valuation

All equity securities and exchange-traded funds are valued at the close of business of the New York Stock Exchange. Equity securities and exchange-traded funds are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.

Investments in open-end investment companies, including money market funds, are valued at their latest net asset value.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using quotes obtained from independent brokers as of the close of the New York Stock Exchange.

Foreign currency transactions and translations

Columbia Overseas Core Fund | Annual Report 2019

Table of Contents

Notes to Financial Statements (continued)
February 28, 2019

rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

Derivative instruments

24	Columbia Overseas Core Fund \| Annual Report 2019

Table of Contents

Notes to Financial Statements (continued)
February 28, 2019

nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown on the Statement of Operations. 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.

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.

Forward foreign currency exchange contracts

Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund’s securities, to shift investment exposure from one currency to another and to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark, and/or to recover an underweight country exposure in its portfolio. These instruments may be used for other purposes in future periods.

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 maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund 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.

Columbia Overseas Core Fund | Annual Report 2019

Table of Contents

Notes to Financial Statements (continued)
February 28, 2019

Options contracts

Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased and wrote option contracts to decrease the Fund’s exposure to equity market risk and to increase return on investments and to facilitate buying and selling of securities for investments. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Cash collateral may be collected or posted by the Fund to secure certain over-the-counter option contract trades. Cash collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.

Effects of derivative transactions in the financial statements

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at February 28, 2019:

	Asset derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Equity risk	Investments, at value — Options Purchased	100,575
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts	90,251
Total		190,826

26	Columbia Overseas Core Fund \| Annual Report 2019

Table of Contents

Notes to Financial Statements (continued)
February 28, 2019

	Liability derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Equity risk	Options contracts written, at value	27,385
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts	334,749
Total		362,134

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)	Futures contracts ($)	Options contracts written ($)	Options contracts purchased ($)	Total ($)
Equity risk	—	252,499	78,981	(91,304)	240,176
Foreign exchange risk	(656,493)	—	—	—	(656,493)
Total	(656,493)	252,499	78,981	(91,304)	(416,317)

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)	Options contracts written ($)	Options contracts purchased ($)	Total ($)
Equity risk	—	(5,461)	(74,622)	(80,083)
Foreign exchange risk	(244,498)	—	—	(244,498)
Total	(244,498)	(5,461)	(74,622)	(324,581)

The following table is a summary of the average outstanding volume by derivative instrument for the year ended February 28, 2019:

Derivative instrument	Average notional amounts ($)**
Futures contracts — long	78,097

Derivative instrument	Average value ($)*
Options contracts — purchased	31,744
Options contracts — written	(13,651)

Derivative instrument	Average unrealized appreciation ($)*	Average unrealized depreciation ($)*
Forward foreign currency exchange contracts	136,374	(204,389)

**	Based on the ending daily outstanding amounts for the year ended February 28, 2019.
*	Based on the ending quarterly outstanding amounts for the year ended February 28, 2019.

Columbia Overseas Core Fund | Annual Report 2019

Table of Contents

Notes to Financial Statements (continued)
February 28, 2019

Offsetting of assets and liabilities

	JPMorgan ($)	Morgan Stanley ($)	Total ($)
Assets
Forward foreign currency exchange contracts	-	90,251	90,251
Options purchased calls	100,575	-	100,575
Total assets	100,575	90,251	190,826
Liabilities
Forward foreign currency exchange contracts	-	334,749	334,749
Options contracts written	27,385	-	27,385
Total liabilities	27,385	334,749	362,134
Total financial and derivative net assets	73,190	(244,498)	(171,308)
Total collateral received (pledged) ^(a)	-	-	-
Net amount ^(b)	73,190	(244,498)	(171,308)

(a)	In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(b)	Represents the net amount due from/(to) counterparties in the event of default.

Security transactions

Income recognition

Expenses

Determination of class net asset value

28	Columbia Overseas Core Fund \| Annual Report 2019

Table of Contents

Notes to Financial Statements (continued)
February 28, 2019

Federal income tax status

Foreign taxes

Distributions to shareholders

Distributions from net investment income, if any, are declared and paid semi-annually. 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

Recent accounting pronouncements

Accounting Standards Update 2017-08 Premium Amortization on Purchased Callable Debt Securities

Accounting Standards Update 2018-13 Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement

In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2018-13 Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. ASU No. 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for the timing of transfers between levels. The standard is effective for annual periods beginning after December 15, 2019 and interim periods within those fiscal years. At this time, management is evaluating the implication of this guidance and the impact it will have on the financial statement disclosures, if any.

Disclosure Update and Simplification

Columbia Overseas Core Fund | Annual Report 2019

Table of Contents

Notes to Financial Statements (continued)
February 28, 2019

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 0.87% to 0.67% as the Fund’s net assets increase. The effective management services fee rate for the year ended February 28, 2019 was 0.87% of the Fund’s average daily net assets.

Offering costs

Offering costs were incurred prior to the shares of the Fund being offered. Offering costs include, among other things, state registration filing fees and printing costs. The Fund amortizes offering costs over a period of 12 months from the commencement of operations.

Compensation of board members

Compensation of Chief Compliance Officer

Transactions with affiliates

For the year ended February 28, 2019, the Fund engaged in purchase and/or sale transactions with affiliates and/or accounts that have a common investment manager (or affiliated investment managers), common directors/trustees, and/or common officers. Those purchase and sale transactions complied with provisions of Rule 17a-7 under the 1940 Act and were $0 and $14,086,096, respectively. The sale transactions resulted in a net realized loss of $86,421.

Transfer agency fees

30	Columbia Overseas Core Fund \| Annual Report 2019

Table of Contents

Notes to Financial Statements (continued)
February 28, 2019

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

For the year ended February 28, 2019, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Class A	0.22
Advisor Class	0.22
Class C	0.22
Institutional Class	0.22
Institutional 2 Class	0.07
Institutional 3 Class	0.01
Class R	0.22

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended February 28, 2019, no minimum account balance fees were charged by the Fund.

Distribution and service fees

Sales charges (unaudited)

For the year ended February 28, 2019, there were no sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares.

Columbia Overseas Core Fund | Annual Report 2019

Table of Contents

Notes to Financial Statements (continued)
February 28, 2019

Expenses waived/reimbursed by the Investment Manager and its affiliates

	Fee rate(s) contractual through June 30, 2019
Class A	1.28%
Advisor Class	1.03
Class C	2.03
Institutional Class	1.03
Institutional 2 Class	0.93
Institutional 3 Class	0.87
Class R	1.53

Note 4. Federal tax information

At February 28, 2019, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, passive foreign investment company (PFIC) holdings, derivative investments, capital loss carryforwards, trustees’ deferred compensation, foreign currency transactions, foreign capital gains tax, non-deductible expenses and disallowed foreign currency losses in excess of annual limitations. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

Undistributed net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
(85,560)	704,064	(618,504)

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the year ended February 28, 2019 was as follows:

Ordinary income ($)	Long-term capital gains ($)	Total ($)
2,639,854	—	2,639,854

32	Columbia Overseas Core Fund \| Annual Report 2019

Table of Contents

Notes to Financial Statements (continued)
February 28, 2019

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

At February 28, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized (depreciation) ($)
1,483,727	51,944	(1,394,692)	(4,981,022)

At February 28, 2019, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized (depreciation) ($)
258,127,631	10,648,393	(15,629,415)	(4,981,022)

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 February 28, 2019, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. Capital loss carryforwards with no expiration are required to be utilized prior to any capital losses which carry an expiration date. As a result of this ordering rule, capital loss carryforwards which carry an expiration date may be more likely to expire unused. In addition, for the year ended February 28, 2019, capital loss carryforwards utilized and expired unused, if any, were as follows:

No expiration short-term ($)	No expiration long-term ($)	Total ($)	Utilized ($)	Expired ($)
1,394,692	—	1,394,692	—	—

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $381,182,968 and $125,450,082, respectively, for the year ended February 28, 2019. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

Note 7. Interfund lending

Columbia Overseas Core Fund | Annual Report 2019

Table of Contents

Notes to Financial Statements (continued)
February 28, 2019

The Fund’s activity in the Interfund Program during the year ended February 28, 2019 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Days outstanding
Borrower	616,667	2.74	12

Interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at February 28, 2019.

Note 8. Line of credit

The Fund had no borrowings during the year ended February 28, 2019.

Note 9. Significant risks

Foreign securities and emerging market countries risk

Shareholder concentration risk

At February 28, 2019, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity 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

34	Columbia Overseas Core Fund \| Annual Report 2019

Table of Contents

Notes to Financial Statements (continued)
February 28, 2019

Note 11. Information regarding pending and settled legal proceedings

Columbia Overseas Core Fund | Annual Report 2019

Table of Contents

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Overseas Core Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Overseas Core Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of February 28, 2019, the related statement of operations and changes in net assets, including the related notes, and the financial highlights for the period March 5, 2018 (commencement of operations) through February 28, 2019 (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 February 28, 2019, the results of its operations, the changes in its net assets and the financial highlights for the period March 5, 2018 (commencement of operations) through February 28, 2019 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 audit. 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 audit 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 audit 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 audit 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 February 28, 2019 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 audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

April 22, 2019

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

36	Columbia Overseas Core Fund \| Annual Report 2019

Table of Contents

Federal Income Tax Information
(Unaudited)

Qualified dividend income	Dividends received deduction	Capital gain dividend	Foreign taxes paid to foreign countries	Foreign taxes paid per share to foreign countries	Foreign source income	Foreign source income per share
90.09%	1.92%	$54,541	$409,567	$0.02	$4,564,594	$0.17

Dividends received deduction. The percentage of ordinary income distributed during the fiscal year that qualifies for the corporate dividends received deduction.

Capital gain dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.

Foreign taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. Eligible shareholders may claim a foreign tax credit. These taxes, and the corresponding foreign source income, are provided.

Columbia Overseas Core Fund | Annual Report 2019

Table of Contents

TRUSTEES AND OFFICERS

Independent trustees

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
George S. Batejan c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1953	Trustee since 1/17	Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016	123	Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1954	Trustee since 1/06 for RiverSource Funds and since 6/11 for Nations Funds	Attorney; specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018	123	Trustee, BlueCross BlueShield of Minnesota since 2009 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee since 2017); Chair of the Robina Foundation since August 2013; former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017
Edward J. Boudreau, Jr. c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1944	Chair of the Board since 1/18; Trustee since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Managing Director, E.J. Boudreau & Associates (consulting) since 2000; FINRA Industry Arbitrator, 2002-present; Chairman and Chief Executive Officer, John Hancock Investments (asset management), Chairman and Interested Trustee for open-end and closed-end funds offered by John Hancock, 1989-2000; John Hancock Mutual Life Insurance Company, including Senior Vice President and Treasurer and Senior Vice President Information Technology, 1968-1988	123	Former Trustee, Boston Museum of Science (Chair of Finance Committee) 1985-2013; former Trustee, BofA Funds Series Trust (11 funds), 2005-2011

38	Columbia Overseas Core Fund \| Annual Report 2019

Table of Contents

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	123	Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of Human Resources Committee) since 1996; Director, Laurel Road Bank (Audit Committee) since 2017
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	123	Trustee, MA Taxpayers Foundation since 1997; Board of Directors, The MA Business Roundtable since 2003; Board of Governors, Innovation Institute, MA Technology Collaborative since 2010
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	121	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	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.	123	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	123	Trustee, Penn Mutual Life Insurance Company since March 2008; Director, Renaissance Reinsurance Ltd. since May 2008; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019

Columbia Overseas Core Fund | Annual Report 2019

Table of Contents

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
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1947	Trustee since 6/11 for RiverSource Funds and since 2003 for Nations Funds	President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011	123	Director, BlueCross BlueShield of South Carolina since April 2008; Board Chair, Hollingsworth Funds since 2016; Advisory Board member, Duke Energy Corp. since October 2016; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1964	Trustee since 12/17	Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004	121	Director, NAPE Education Foundation since October 2016

Interested trustee affiliated with Investment Manager*

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the 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
William F. Truscott c/o Columbia Management Investment Advisers, LLC 225 Franklin St. Boston, MA 02110 1960	Trustee since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002 for RiverSource Funds and since 5/10 for Nations Funds	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010 - September 2012); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006; Director, Threadneedle Asset Management Holdings, SARL since 2014; President and Chief Executive Officer, Ameriprise Certificate Company, 2006 - August 2012.	192	Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; former Director, Ameriprise Certificate Company, 2006-January 2013

*	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.

40	Columbia Overseas Core Fund \| Annual Report 2019

Table of Contents

TRUSTEES AND OFFICERS (continued)

Columbia Overseas Core Fund | Annual Report 2019

Table of Contents

TRUSTEES AND OFFICERS (continued)

Fund officers

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds complex or a predecessor thereof	Principal occupation(s) during past five years
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1970	President and Principal Executive Officer (2015)	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously, Vice President and Chief Counsel, January 2010 - December 2014; officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Chief Financial Officer (Principal Financial Officer) (2009) and Senior Vice President (2019)	Vice President — Accounting and Tax, Columbia Management Investment Advisers, LLC, since May 2010; senior officer of Columbia Funds and affiliated funds since 2002 (previously, Treasurer and Chief Accounting Officer, January 2009-January 2019 and December 2015-January 2019, respectively).
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019)	Vice President — Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously, Vice President — Pricing and Corporate Actions, May 2010-March 2017).
Paul B. Goucher 485 Lexington Avenue New York, NY 10017 Born 1968	Senior Vice President (2011) and Assistant Secretary (2008)	Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously, Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015).
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Senior Vice President and Chief Compliance Officer (2012)	Vice President — Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010.
Colin Moore 225 Franklin Street Boston, MA 02110 Born 1958	Senior Vice President (2010)	Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013.
Ryan C. Larrenaga 225 Franklin Street Boston, MA 02110 Born 1970	Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously, Vice President and Group Counsel, August 2011 - August 2018); officer of Columbia Funds and affiliated funds since 2005.
Michael E. DeFao 225 Franklin Street Boston, MA 02110 Born 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010.
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director and Global Head of Operations, Columbia Management Investment Advisers, LLC since April 2016 (previously Managing Director and Chief Operating Officer, 2010 - 2016).

42	Columbia Overseas Core Fund \| Annual Report 2019

Table of Contents

TRUSTEES AND OFFICERS (continued)

Fund officers (continued)

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds complex or a predecessor thereof	Principal occupation(s) during past five years
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1960	Vice President (2015)	President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.

Columbia Overseas Core Fund | Annual Report 2019

Table of Contents

Additional information

Proxy voting policies and procedures

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC

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

44	Columbia Overseas Core Fund \| Annual Report 2019

Table of Contents

[THIS PAGE INTENTIONALLY LEFT BLANK]

Table of Contents

Columbia Overseas Core Fund

P.O. Box 219104

Kansas City, MO 64121-9104

columbiathreadneedleus.com/investor/

ANN297_02_J01_(04/19)


By (Signature and Title)		/s/ Christopher O. Petersen
		Christopher O. Petersen, President and Principal Executive Officer


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


Applicable Regulatory Authority		Section 406 of the Sarbanes-Oxley Act of 2002; Item 2 of Form N-CSR

Related Policies		Overview and Implementation of Compliance Program Policy

Requires Annual Board Approval		No but Covered Officers Must provide annual certification

Last Reviewed by AMC		June 2018


Date: April 22, 2019		/s/ Christopher O. Petersen
		Christopher O. Petersen, President and Principal Executive Officer