UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 

FORM N-CSR 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES 

Investment Company Act file number811-21852 

Columbia Funds Series Trust II 

(Exact name of registrant as specified in charter) 

225 Franklin Street 

Boston, Massachusetts 02110

(Address of principal executive offices) (Zip code) 

  

Christopher O. Petersen, Esq. 

c/o Columbia Management Investment Advisers, LLC 

225 Franklin Street 

Boston, Massachusetts 02110 

  

Ryan C. Larrenaga, Esq. 

c/o Columbia Management Investment Advisers, LLC 

225 Franklin Street 

Boston, MA 02110
  
(Name and address of agent for service) 

  

Registrant's telephone number, including area code:   (800) 345-6611 

Date of fiscal year end:  October 31 

Date of reporting period:  October 31, 2019 

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
October 31, 2019
Columbia Select Global Equity 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
Table of Contents
Columbia Select Global Equity Fund (the Fund) mails one shareholder report to each shareholder address, unless such shareholder elected to receive shareholder reports from the Fund electronically. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT, and for reporting periods ended prior to March 31, 2019, on Form N-Q. The Fund’s Form N-Q and Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q or Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
225 Franklin Street
Boston, MA 02110
Fund distributor
Columbia Management Investment Distributors, Inc.
225 Franklin Street
Boston, MA 02110
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Select Global Equity Fund  |  Annual Report 2019
Table of Contents
Fund at a Glance
Investment objective
The Fund seeks to provide shareholders with long-term capital growth.
Portfolio management
Threadneedle International Limited
David Dudding, CFA
Portfolio Manager
Managed Fund since 2015
Alex Lee, CFA
Portfolio Manager
Managed Fund since December 2019
Effective December 2019, Pauline Grange no longer serves as a Portfolio Manager of the Fund.
Morningstar style boxTM
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 October 31, 2019)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 05/29/90 22.30 10.38 10.39
  Including sales charges   15.23 9.08 9.75
Advisor Class* 03/01/18 22.52 10.47 10.44
Class C Excluding sales charges 06/26/00 21.27 9.55 9.55
  Including sales charges   20.27 9.55 9.55
Institutional Class* 09/27/10 22.50 10.66 10.64
Institutional 2 Class 12/11/06 22.57 10.77 10.83
Institutional 3 Class* 03/01/17 22.68 10.61 10.51
Class R 12/11/06 21.95 10.09 10.18
MSCI ACWI (Net)   12.59 7.08 8.81
Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The MSCI ACWI (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The index consists of 45 country indices comprising 24 developed and 21 emerging market country indices.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI ACWI (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.
Columbia Select Global Equity Fund  | Annual Report 2019
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Table of Contents
Fund at a Glance   (continued)
Performance of a hypothetical $10,000 investment (October 31, 2009 — October 31, 2019)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Select Global Equity 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 October 31, 2019)
Microsoft Corp. (United States) 7.1
MasterCard, Inc., Class A (United States) 5.6
Adobe, Inc. (United States) 5.1
Alphabet, Inc., Class A (United States) 5.0
RELX PLC (United Kingdom) 4.2
Thermo Fisher Scientific, Inc. (United States) 3.4
S&P Global, Inc. (United States) 3.3
Boston Scientific Corp. (United States) 3.3
HDFC Bank Ltd. (India) 2.9
Pernod Ricard SA (France) 2.8
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 October 31, 2019)
Communication Services 8.1
Consumer Discretionary 7.3
Consumer Staples 6.6
Financials 14.8
Health Care 20.2
Industrials 9.6
Information Technology 32.6
Materials 0.8
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
 
4 Columbia Select Global Equity Fund  | Annual Report 2019
Table of Contents
Fund at a Glance   (continued)
Country breakdown (%) (at October 31, 2019)
Australia 1.0
France 5.0
Germany 1.5
Hong Kong 1.8
India 5.6
Indonesia 0.8
Ireland 3.9
Japan 3.5
Netherlands 1.2
South Korea 1.0
Sweden 0.9
Country breakdown (%) (at October 31, 2019)
Taiwan 1.4
United Kingdom 7.4
United States(a) 65.0
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 October 31, 2019, the Fund invested at least 40% of its net assets in foreign companies in accordance with its principal investment strategy.
 
Columbia Select Global Equity Fund  | Annual Report 2019
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Table of Contents
Manager Discussion of Fund Performance
For the 12-month period that ended October 31, 2019, the Fund’s Class A shares returned 22.30% excluding sales charges. The Fund outperformed its benchmark, the MSCI ACWI (Net), which returned 12.59% over the same period. The Fund benefited from security selection at the regional and sector levels, with the strongest contributions coming from the financial, technology and energy sectors.
Global markets overcame periods of volatility
Global markets rose over the period despite significant volatility in the closing months of 2018. This volatility was driven by the U.S.-China trade war, uncertainty around Brexit (the U.K.’s exit from the European Union), growing signs of weakness in the global economy and tightening by the U.S. Federal Reserve (Fed). Having signaled a continued gradual rise in interest rates in 2018, the Fed shifted to a more patient stance in 2019. The Fed delivered its first interest-rate cut (of three) in July 2019. Against soft economic data, the European Central Bank followed suit in September, cutting the deposit rate to a record low, while also restarting its bond-buying program. The export-heavy German economy continued to stutter, with heightened fears of a recession following a negative second-quarter GDP report.
Tensions between the U.S. and China waxed and waned over the period, with talks proving inconclusive. Optimism following the G-20 meeting in June 2019 was abruptly snuffed out in August, when the White House announced further tariff hikes on Chinese goods, causing a stock-market sell-off. Hopes were subsequently rekindled as the two sides showed some compromise and agreed to resume talks in October. Still, the damage inflicted on the already slowing Chinese economy was evident, with the manufacturing sector reeling, and fixed-asset investment slowing sharply.
In the U.K., there were many twists and turns in the Brexit saga, with the economy showing increasing strain and the pound remaining under pressure. In July, Boris Johnson’s appointment as prime minister lifted fears of a no-deal Brexit. A last-minute deal with the European Union kindled some hopes of a resolution, but Parliamentary opposition to his timetable forced the prime minister to seek a further extension. He subsequently called for a general election to take place in December 2019. Despite these and other sources of uncertainty, risk appetite was generally strong over the reporting period and this translated into gains for most markets and sectors. All regions finished the period higher in U.S. dollar terms with the Far East ex-Japan leading the way. In terms of sectors, real estate and utilities led the way against a backdrop of declining bond yields, while technology outpaced the broader index as strong corporate earnings generally persisted.
Contributors and detractors
The Fund’s top three contributing sectors on a relative basis were financials, technology and energy. Financials contributed strongly to performance due to security selection as holdings such as AIA Group Ltd. and Kotak Mahindra Bank Ltd. were notable contributors. Security selection also played a role in technology, as MasterCard, Inc. and Microsoft Corp. led the relative gains. The allocation effect to technology was also positive, due to the Fund’s overweight, relative to the benchmark, to the sector, which outperformed on strong corporate earnings. Our zero weight to energy was also beneficial as the sector was out of favor over the period, in no small measure due pressures on oil prices and worries about global demand.
Among individual holdings, global payment-business MasterCard was the largest contributor to Fund performance, rising on continued solid revenue and earnings growth amid resilient consumer spending. Alongside Visa, MasterCard dominates the digital payments space and stands to benefit from entrenched structural trends such as the shift from cash to card, and e-commerce growth. Technology giant Microsoft delivered a series of consensus-beating results, with continued strong growth for its cloud business. News at the end of the reporting period that it had secured a Pentagon contract for cloud-computing services further improved sentiment. Indian bank Kotak Mahindra performed well, notably after India’s government cut the corporate tax rate. This could see the nation’s lenders raise provisions, strengthen buffers or offer borrowers lower interest rates. We believe Kotak Mahindra is well-placed to capitalize on the formalization of savings in the region, favorable demographics, and the shift to digital.
The real estate, utility and communication services sectors were the only sectors to detract from relative returns over the period and did so marginally. The Fund’s underweight to real estate detracted, as the sector posted strong gains on the back of accommodative policy measures by central banks. Stock selection was mildly negative. The Fund’s zero weight in utilities was also negative, as lower interest rates and continued worries about global growth boosted the appeal of so-called “bond proxies.” Security selection in communication services marginally underperformed. Gains from Cellnex Telecom were offset by detraction from Activision Blizzard and Nintendo.
6 Columbia Select Global Equity Fund  | Annual Report 2019
Table of Contents
Manager Discussion of Fund Performance  (continued)
Among holdings, multi-line managed-care enterprise Centene lagged its peers as continued talks of a government-funded health care system by Democratic presidential candidates weighed on the sector. We closed the Fund’s position midway through the period. British American Tobacco underperformed on fears of a menthol cigarette ban by the U.S. Food and Drug Administration. We also sold this stock, reallocating proceeds towards preferred opportunities. Health insurer UnitedHealth Group, Inc. was also pressured by growing fears of regulatory changes in the health care system, including the so-called “Medicare for all.” This overshadowed some robust results, which included a raise and beat in the most recent quarter. While we have reduced the Fund’s exposure to health care stocks, which are sensitive to political rhetoric, we retained conviction in UnitedHealth based on its scale and diversification.
Portfolio positioning
Country, sector, and stock allocation are a residual impact of our bottom-up portfolio construction process. Having said that, the Fund ended the period most overweight as compared to the benchmark to the U.S., India and France, while the largest underweights were to Japan, China and Canada. China and Canada were zero weights. Among holdings, key new positions over the period included Fidelity National Information Services, Inc. (FIS), Estée Lauder Companies, Inc. and LVMH Moet Hennessy Louis Vuitton SE (LVMH). Payment-services provider FIS’ recent acquisition of Worldpay reflected its strategy of adding fast-growing, international and merchant-acquiring businesses to the stable core processing division. We believed beauty product manufacturer Estée Lauder could sustain attractive growth, improve its capital returns and selectively utilize its pristine balance sheet for deal-making and capital expenditure expansion. E-commerce remained an added tailwind, as did favorable demographics, and the emerging middle class in China. Finally, diversified luxury goods group LVMH has a portfolio of strong brands and was focused on innovation. LVMH embarked on a controlled digital expansion to drive market-share gains and consumer loyalty across its divisions. With a history of acquisitions, we felt that LVMH was well-placed to make more deals to capitalize on strong areas of growth, such as e-commerce.
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. Investing in derivatives is a specialized activity that involves special risks, which may result in significant losses. 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.
Columbia Select Global Equity Fund  | Annual Report 2019
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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 $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
May 1, 2019 — October 31, 2019
  Account value at the
beginning of the
period ($) 		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 1,061.40 1,018.65 6.75 6.61 1.30
Advisor Class 1,000.00 1,000.00 1,062.70 1,019.91 5.46 5.35 1.05
Class C 1,000.00 1,000.00 1,057.20 1,014.87 10.63 10.41 2.05
Institutional Class 1,000.00 1,000.00 1,062.90 1,019.91 5.46 5.35 1.05
Institutional 2 Class 1,000.00 1,000.00 1,062.50 1,020.21 5.15 5.04 0.99
Institutional 3 Class 1,000.00 1,000.00 1,063.30 1,020.47 4.89 4.79 0.94
Class R 1,000.00 1,000.00 1,060.10 1,017.39 8.05 7.88 1.55
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.
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.
8 Columbia Select Global Equity Fund  | Annual Report 2019
Table of Contents
Portfolio of Investments
October 31, 2019
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 97.8%
Issuer Shares Value ($)
Australia 1.0%
CSL Ltd. 28,543 5,033,738
France 4.9%
LVMH Moet Hennessy Louis Vuitton SE 24,639 10,522,231
Pernod Ricard SA 71,194 13,151,899
Total 23,674,130
Germany 1.5%
Adidas AG 23,462 7,244,379
Hong Kong 1.8%
AIA Group Ltd. 846,000 8,424,658
India 5.5%
HDFC Bank Ltd. 785,774 13,614,550
Kotak Mahindra Bank Ltd. 582,556 12,920,913
Total 26,535,463
Indonesia 0.8%
PT Bank Central Asia Tbk 1,655,600 3,705,775
Ireland 3.9%
Ingersoll-Rand PLC 75,880 9,628,413
Medtronic PLC 81,430 8,867,727
Total 18,496,140
Japan 3.5%
Keyence Corp. 18,700 11,823,943
Nintendo Co., Ltd. 13,200 4,841,595
Total 16,665,538
Netherlands 1.2%
Unilever NV(a) 98,050 5,795,413
South Korea 1.0%
Samsung Electronics Co., Ltd. 109,782 4,744,762
Sweden 0.9%
Atlas Copco AB, Class B 146,814 4,555,391
Taiwan 1.3%
Taiwan Semiconductor Manufacturing Co., Ltd. 661,000 6,477,670
United Kingdom 7.4%
Aon PLC 37,028 7,152,329
InterContinental Hotels Group PLC 73,126 4,425,202
Common Stocks (continued)
Issuer Shares Value ($)
Linde PLC 19,644 3,877,641
RELX PLC 821,124 19,758,682
Total 35,213,854
United States 63.1%
Abbott Laboratories 119,820 10,018,150
Activision Blizzard, Inc. 90,252 5,056,820
Adobe, Inc.(a) 85,293 23,705,484
Alphabet, Inc., Class A(a) 18,448 23,222,342
Amazon.com, Inc.(a) 6,772 12,031,542
ANSYS, Inc.(a) 20,555 4,525,183
Automatic Data Processing, Inc. 57,454 9,320,762
Baxter International, Inc. 135,542 10,396,071
Becton Dickinson and Co. 45,471 11,640,576
Boston Scientific Corp.(a) 367,998 15,345,517
CME Group, Inc. 37,849 7,787,432
Electronic Arts, Inc.(a) 49,396 4,761,774
Estee Lauder Companies, Inc. (The), Class A 65,293 12,162,127
Fidelity National Information Services, Inc. 95,086 12,528,531
Lam Research Corp. 20,070 5,439,773
MasterCard, Inc., Class A 94,064 26,037,856
Microsoft Corp. 231,621 33,207,503
S&P Global, Inc. 60,459 15,597,817
Stryker Corp. 24,033 5,197,617
Texas Instruments, Inc. 42,603 5,026,728
Thermo Fisher Scientific, Inc. 53,413 16,129,658
TransUnion 130,265 10,762,494
UnitedHealth Group, Inc. 48,078 12,149,311
Visa, Inc., Class A 55,749 9,971,266
Total 302,022,334
Total Common Stocks
(Cost $336,642,227) 		468,589,245
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Global Equity Fund  | Annual Report 2019
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Table of Contents
Portfolio of Investments  (continued)
October 31, 2019
Money Market Funds 1.6%
  Shares Value ($)
Columbia Short-Term Cash Fund, 1.938%(b),(c) 7,518,472 7,517,720
Total Money Market Funds
(Cost $7,517,720) 		7,517,720
Total Investments in Securities
(Cost $344,159,947) 		476,106,965
Other Assets & Liabilities, Net   2,789,547
Net Assets $478,896,512
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) The rate shown is the seven-day current annualized yield at October 31, 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 October 31, 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, 1.938%
  6,758,722 96,501,472 (95,741,722) 7,518,472 25 — 182,294 7,517,720
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.
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 accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Select Global Equity Fund  | Annual Report 2019
Table of Contents
Portfolio of Investments  (continued)
October 31, 2019
Fair value measurements  (continued)
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at October 31, 2019:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Australia — 5,033,738 — 5,033,738
France — 23,674,130 — 23,674,130
Germany — 7,244,379 — 7,244,379
Hong Kong — 8,424,658 — 8,424,658
India — 26,535,463 — 26,535,463
Indonesia — 3,705,775 — 3,705,775
Ireland 18,496,140 — — 18,496,140
Japan — 16,665,538 — 16,665,538
Netherlands — 5,795,413 — 5,795,413
South Korea — 4,744,762 — 4,744,762
Sweden — 4,555,391 — 4,555,391
Taiwan — 6,477,670 — 6,477,670
United Kingdom 7,152,329 28,061,525 — 35,213,854
United States 302,022,334 — — 302,022,334
Total Common Stocks 327,670,803 140,918,442 — 468,589,245
Money Market Funds 7,517,720 — — 7,517,720
Total Investments in Securities 335,188,523 140,918,442 — 476,106,965
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.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Global Equity Fund  | Annual Report 2019
11
Table of Contents
Statement of Assets and Liabilities
October 31, 2019
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $336,642,227) $468,589,245
Affiliated issuers (cost $7,517,720) 7,517,720
Foreign currency (cost $3,293,314) 3,296,284
Receivable for:  
Capital shares sold 499,282
Dividends 223,657
Foreign tax reclaims 169,002
Prepaid expenses 3,402
Total assets 480,298,592
Liabilities  
Payable for:  
Investments purchased 269,513
Capital shares purchased 240,603
Foreign capital gains taxes deferred 675,803
Management services fees 11,410
Distribution and/or service fees 2,758
Transfer agent fees 35,401
Compensation of board members 106,813
Other expenses 59,779
Total liabilities 1,402,080
Net assets applicable to outstanding capital stock $478,896,512
Represented by  
Paid in capital 333,168,210
Total distributable earnings (loss) 145,728,302
Total - representing net assets applicable to outstanding capital stock $478,896,512
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Select Global Equity Fund  | Annual Report 2019
Table of Contents
Statement of Assets and Liabilities  (continued)
October 31, 2019
Class A  
Net assets $359,803,718
Shares outstanding 25,096,662
Net asset value per share $14.34
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) $15.21
Advisor Class  
Net assets $366,807
Shares outstanding 24,878
Net asset value per share $14.74
Class C  
Net assets $9,918,267
Shares outstanding 788,801
Net asset value per share $12.57
Institutional Class  
Net assets $52,177,989
Shares outstanding 3,588,660
Net asset value per share $14.54
Institutional 2 Class  
Net assets $3,016,945
Shares outstanding 206,455
Net asset value per share $14.61
Institutional 3 Class  
Net assets $52,661,749
Shares outstanding 3,647,033
Net asset value per share $14.44
Class R  
Net assets $951,037
Shares outstanding 66,595
Net asset value per share $14.28
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Global Equity Fund  | Annual Report 2019
13
Table of Contents
Statement of Operations
Year Ended October 31, 2019
Net investment income  
Income:  
Dividends — unaffiliated issuers $4,866,577
Dividends — affiliated issuers 182,294
Foreign taxes withheld (171,780)
Total income 4,877,091
Expenses:  
Management services fees 3,860,839
Distribution and/or service fees  
Class A 851,391
Class C 90,311
Class R 2,878
Class T 1
Transfer agent fees  
Class A 438,590
Advisor Class 397
Class C 11,610
Institutional Class 50,206
Institutional 2 Class 1,257
Institutional 3 Class 3,984
Class R 727
Compensation of board members 18,013
Custodian fees 39,338
Printing and postage fees 48,682
Registration fees 117,235
Audit fees 41,361
Legal fees 11,323
Compensation of chief compliance officer 88
Other 21,420
Total expenses 5,609,651
Fees waived by transfer agent  
Institutional 2 Class (85)
Institutional 3 Class (1,240)
Expense reduction (1,840)
Total net expenses 5,606,486
Net investment loss (729,395)
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers 17,440,991
Investments — affiliated issuers 25
Foreign currency translations (51,535)
Net realized gain 17,389,481
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers 72,948,241
Foreign currency translations 15,429
Foreign capital gains tax (654,031)
Net change in unrealized appreciation (depreciation) 72,309,639
Net realized and unrealized gain 89,699,120
Net increase in net assets resulting from operations $88,969,725
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Select Global Equity Fund  | Annual Report 2019
Table of Contents
Statement of Changes in Net Assets
  Year Ended
October 31, 2019 		Year Ended
October 31, 2018
Operations    
Net investment loss $(729,395) $(419,958)
Net realized gain 17,389,481 41,600,323
Net change in unrealized appreciation (depreciation) 72,309,639 (25,656,569)
Net increase in net assets resulting from operations 88,969,725 15,523,796
Distributions to shareholders    
Net investment income and net realized gains    
Class A (30,829,094) (1,376,724)
Advisor Class (9,859) —
Class C (799,561) (62,342)
Institutional Class (3,034,623) (160,482)
Institutional 2 Class (93,620) (3,661)
Institutional 3 Class (4,990,744) (419,880)
Class K — (174)
Class R (28,573) (752)
Class T — (14)
Total distributions to shareholders (39,786,074) (2,024,029)
Increase (decrease) in net assets from capital stock activity 23,730,577 (22,432,766)
Total increase (decrease) in net assets 72,914,228 (8,932,999)
Net assets at beginning of year 405,982,284 414,915,283
Net assets at end of year $478,896,512 $405,982,284
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Global Equity Fund  | Annual Report 2019
15
Table of Contents
Statement of Changes in Net Assets   (continued)
  Year Ended Year Ended
  October 31, 2019 October 31, 2018 (a)
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 1,338,794 17,446,010 1,544,218 21,046,975
Distributions reinvested 2,659,009 30,339,297 105,124 1,354,000
Redemptions (3,179,513) (41,932,633) (2,867,553) (38,612,580)
Net increase (decrease) 818,290 5,852,674 (1,218,211) (16,211,605)
Advisor Class        
Subscriptions 26,257 322,225 8,291 116,445
Distributions reinvested 821 9,614 — —
Redemptions (10,389) (137,064) (102) (1,447)
Net increase 16,689 194,775 8,189 114,998
Class C        
Subscriptions 263,188 2,988,874 272,446 3,289,165
Distributions reinvested 77,522 780,647 5,327 61,311
Redemptions (240,164) (2,771,898) (710,225) (8,722,212)
Net increase (decrease) 100,546 997,623 (432,452) (5,371,736)
Institutional Class        
Subscriptions 1,899,583 25,607,162 925,125 12,673,905
Distributions reinvested 261,597 3,018,827 12,017 156,456
Redemptions (781,299) (10,425,338) (668,418) (9,056,699)
Net increase 1,379,881 18,200,651 268,724 3,773,662
Institutional 2 Class        
Subscriptions 154,438 1,944,577 55,132 745,562
Distributions reinvested 8,042 93,282 278 3,637
Redemptions (38,745) (503,588) (7,819) (105,767)
Net increase 123,735 1,534,271 47,591 643,432
Institutional 3 Class        
Subscriptions 128,607 1,759,463 94,531 1,281,341
Distributions reinvested 435,846 4,990,437 32,472 419,857
Redemptions (767,391) (10,334,871) (526,035) (7,175,096)
Net decrease (202,938) (3,584,971) (399,032) (5,473,898)
Class K        
Distributions reinvested — — 12 158
Redemptions — — (2,552) (35,239)
Net decrease — — (2,540) (35,081)
Class R        
Subscriptions 45,268 595,446 15,643 207,573
Distributions reinvested 1,969 22,428 25 326
Redemptions (5,945) (78,973) (5,986) (80,437)
Net increase 41,292 538,901 9,682 127,462
Class T        
Redemptions (257) (3,347) — —
Net decrease (257) (3,347) — —
Total net increase (decrease) 2,277,238 23,730,577 (1,718,049) (22,432,766)
    
(a) Advisor Class shares are based on operations from March 1, 2018 (commencement of operations) through the stated period end.
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Select Global Equity Fund  | Annual Report 2019
Table of Contents
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Columbia Select Global Equity Fund  | Annual Report 2019
17
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
(loss) 		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 10/31/2019 $13.04 (0.03) 2.61 2.58 — (1.28) (1.28)
Year Ended 10/31/2018 $12.65 (0.02) 0.46 0.44 — (0.05) (0.05)
Year Ended 10/31/2017 $10.12 (0.00)(d) 2.53 2.53 — — —
Year Ended 10/31/2016 $9.97 0.00(d) 0.15 0.15 — — —
Year Ended 10/31/2015 $9.80 0.00(d) 0.20 0.20 (0.03) — (0.03)
Advisor Class
Year Ended 10/31/2019 $13.38 0.00(d) 2.67 2.67 — (1.31) (1.31)
Year Ended 10/31/2018(g) $13.39 0.01 (0.02)(h) (0.01) — — —
Class C
Year Ended 10/31/2019 $11.58 (0.11) 2.28 2.17 — (1.18) (1.18)
Year Ended 10/31/2018 $11.32 (0.10) 0.41 0.31 — (0.05) (0.05)
Year Ended 10/31/2017 $9.12 (0.08) 2.28 2.20 — — —
Year Ended 10/31/2016 $9.06 (0.07) 0.13 0.06 — — —
Year Ended 10/31/2015 $8.94 (0.07) 0.19 0.12 — — —
Institutional Class
Year Ended 10/31/2019 $13.22 0.00(d) 2.63 2.63 — (1.31) (1.31)
Year Ended 10/31/2018 $12.81 0.01 0.48 0.49 (0.03) (0.05) (0.08)
Year Ended 10/31/2017 $10.22 0.04 2.55 2.59 — — —
Year Ended 10/31/2016 $10.05 0.02 0.15 0.17 — — —
Year Ended 10/31/2015 $9.87 0.02 0.21 0.23 (0.05) — (0.05)
Institutional 2 Class
Year Ended 10/31/2019 $13.28 0.01 2.64 2.65 — (1.32) (1.32)
Year Ended 10/31/2018 $12.87 0.02 0.48 0.50 (0.04) (0.05) (0.09)
Year Ended 10/31/2017 $10.26 0.02 2.59 2.61 — — —
Year Ended 10/31/2016 $10.07 0.04 0.15 0.19 — — —
Year Ended 10/31/2015 $9.90 0.04 0.20 0.24 (0.07) — (0.07)
Institutional 3 Class
Year Ended 10/31/2019 $13.14 0.02 2.61 2.63 — (1.33) (1.33)
Year Ended 10/31/2018 $12.74 0.03 0.47 0.50 (0.05) (0.05) (0.10)
Year Ended 10/31/2017(j) $10.85 0.03 1.86 1.89 — — —
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Select Global Equity Fund  | Annual Report 2019
Table of Contents
Financial Highlights  (continued)
  Proceeds from
regulatory
settlements 		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 (loss)
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Class A
Year Ended 10/31/2019 — $14.34 22.30% 1.31% 1.31%(c) (0.22%) 46% $359,804
Year Ended 10/31/2018 — $13.04 3.52% 1.34% 1.34%(c) (0.15%) 74% $316,700
Year Ended 10/31/2017 — $12.65 25.00% 1.37%(e) 1.37%(c),(e) (0.04%) 72% $322,569
Year Ended 10/31/2016 — $10.12 1.50% 1.40% 1.40%(c) 0.01% 66% $303,338
Year Ended 10/31/2015 0.00(d) $9.97 2.00%(f) 1.42% 1.42%(c) (0.03%) 132% $328,090
Advisor Class
Year Ended 10/31/2019 — $14.74 22.52% 1.07% 1.07%(c) 0.03% 46% $367
Year Ended 10/31/2018(g) — $13.38 (0.07%) 1.10%(i) 1.10%(c),(i) 0.11%(i) 74% $110
Class C
Year Ended 10/31/2019 — $12.57 21.27% 2.06% 2.06%(c) (0.97%) 46% $9,918
Year Ended 10/31/2018 — $11.58 2.78% 2.08% 2.08%(c) (0.79%) 74% $7,968
Year Ended 10/31/2017 — $11.32 24.12% 2.12%(e) 2.12%(c),(e) (0.78%) 72% $12,686
Year Ended 10/31/2016 — $9.12 0.66% 2.15% 2.15%(c) (0.75%) 66% $13,808
Year Ended 10/31/2015 0.00(d) $9.06 1.34%(f) 2.17% 2.17%(c) (0.78%) 132% $15,511
Institutional Class
Year Ended 10/31/2019 — $14.54 22.50% 1.06% 1.06%(c) 0.03% 46% $52,178
Year Ended 10/31/2018 — $13.22 3.84% 1.09% 1.09%(c) 0.10% 74% $29,191
Year Ended 10/31/2017 — $12.81 25.34% 1.13% 1.13%(c) 0.33% 72% $24,854
Year Ended 10/31/2016 — $10.22 1.69% 1.15% 1.15%(c) 0.24% 66% $2,945
Year Ended 10/31/2015 0.00(d) $10.05 2.33%(f) 1.17% 1.17%(c) 0.21% 132% $2,297
Institutional 2 Class
Year Ended 10/31/2019 — $14.61 22.57% 1.00% 1.00% 0.11% 46% $3,017
Year Ended 10/31/2018 — $13.28 3.91% 1.02% 1.01% 0.18% 74% $1,098
Year Ended 10/31/2017 — $12.87 25.44% 1.03%(e) 1.03%(e) 0.20% 72% $452
Year Ended 10/31/2016 — $10.26 1.89% 1.00% 1.00% 0.40% 66% $148
Year Ended 10/31/2015 0.00(d) $10.07 2.43%(f) 1.01% 1.01% 0.43% 132% $156
Institutional 3 Class
Year Ended 10/31/2019 — $14.44 22.68% 0.94% 0.94% 0.16% 46% $52,662
Year Ended 10/31/2018 — $13.14 3.93% 0.96% 0.95% 0.24% 74% $50,583
Year Ended 10/31/2017(j) — $12.74 17.42% 0.97%(i) 0.97%(i) 0.43%(i) 72% $54,121
The accompanying Notes to Financial Statements are an integral part of this statement.
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19
Table of Contents
Financial Highlights  (continued)
  Net asset value,
beginning of
period 		Net
investment
income
(loss) 		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 R
Year Ended 10/31/2019 $12.99 (0.06) 2.60 2.54 — (1.25) (1.25)
Year Ended 10/31/2018 $12.63 (0.05) 0.46 0.41 — (0.05) (0.05)
Year Ended 10/31/2017 $10.13 (0.04) 2.54 2.50 — — —
Year Ended 10/31/2016 $10.01 (0.02) 0.14 0.12 — — —
Year Ended 10/31/2015 $9.84 (0.03) 0.20 0.17 (0.00)(d) — (0.00)(d)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) The benefits derived from expense reductions had an impact of less than 0.01%.
(d) Rounds to zero.
(e) Expenses have been reduced due to a reimbursement of expenses overbilled by a third party. If the reimbursement had been excluded, the expense ratios would have been higher by the percentages shown for each class in the table below. All fee waivers and expense reimbursements by the Investment Manager and its affiliates were applied before giving effect to this third party reimbursement.
    
Year Ended Class A Class C Institutional 2
Class 		Class R
10/31/2017 0.02% 0.02% 0.01% 0.02%
    
(f) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.
(g) Advisor Class shares commenced operations on March 1, 2018. Per share data and total return reflect activity from that date.
(h) Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.
(i) Annualized.
(j) Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date.
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Columbia Select Global Equity Fund  | Annual Report 2019
Table of Contents
Financial Highlights  (continued)
  Proceeds from
regulatory
settlements 		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 (loss)
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Class R
Year Ended 10/31/2019 — $14.28 21.95% 1.57% 1.57%(c) (0.47%) 46% $951
Year Ended 10/31/2018 — $12.99 3.29% 1.59% 1.59%(c) (0.40%) 74% $329
Year Ended 10/31/2017 — $12.63 24.68% 1.62%(e) 1.62%(c),(e) (0.32%) 72% $197
Year Ended 10/31/2016 — $10.13 1.20% 1.65% 1.65%(c) (0.24%) 66% $196
Year Ended 10/31/2015 0.00(d) $10.01 1.74%(f) 1.67% 1.67%(c) (0.28%) 132% $181
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Global Equity Fund  | Annual Report 2019
21
Table of Contents
Notes to Financial Statements
October 31, 2019
Note 1. Organization
Columbia Select Global Equity Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.
As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus. Class C shares automatically convert to Class A shares after 10 years. Effective 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 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 official closing price on the principal exchange or market on which they trade. 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 determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, 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.
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Notes to Financial Statements  (continued)
October 31, 2019
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, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.
For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.
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 as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
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Notes to Financial Statements  (continued)
October 31, 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 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
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
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. The standard is effective for annual periods beginning after December 15, 2019 and interim periods within those fiscal years, with early adoption permitted. After evaluation, management determined to adopt the ASU effective for the period ended July 31, 2019 and all subsequent periods. To comply with the ASU, management implemented disclosure changes which include removal of the
24 Columbia Select Global Equity Fund  | Annual Report 2019
Table of Contents
Notes to Financial Statements  (continued)
October 31, 2019
amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, removal of the policy for the timing of transfers between levels, removal of the description of the Level 3 valuation processes, as well as modifications to the measurement uncertainty disclosure.
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 Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund’s subadviser (see Subadvisory agreement below) has the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.88% to 0.62% as the Fund’s net assets increase. The effective management services fee rate for the year ended October 31, 2019 was 0.87% of the Fund’s average daily net assets.
Subadvisory agreement
The Investment Manager has entered into a Subadvisory Agreement with Threadneedle International Limited (Threadneedle), an affiliate of the Investment Manager and an indirect wholly-owned subsidiary of Ameriprise Financial, to serve as the subadviser to the Fund. The Investment Manager compensates Threadneedle to manage the investment of the Fund’s 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 for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with 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.
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Notes to Financial Statements  (continued)
October 31, 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. In addition, effective March 1, 2019 through February 29, 2020, Institutional 2 Class shares are subject to a contractual transfer agency fee annual limitation of not more than 0.06% of the average daily net assets attributable to Institutional 2 Class shares. Prior March 1, 2019, Institutional 2 Class shares were subject to a contractual transfer agency fee annual limitation of not more than 0.05% and Institutional 3 Class shares were subject to a contractual transfer agency fee annual limitation of not more than 0.00% of the average daily net assets attributable to each share class.
For the year ended October 31, 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 0.13
Advisor Class 0.13
Class C 0.13
Institutional Class 0.13
Institutional 2 Class 0.06
Institutional 3 Class 0.01
Class R 0.13
Class T 0.02(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 October 31, 2019, these minimum account balance fees reduced total expenses of the Fund by $1,840.
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 $1,327,000 for Class C shares. This amount is based on the most recent information available as of September 30, 2019, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.
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Notes to Financial Statements  (continued)
October 31, 2019
Sales charges (unaudited)
Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the year ended October 31, 2019, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 5.75 0.50 - 1.00(a) 172,478
Class C — 1.00(b) 1,880
    
(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund’s other share classes are not subject to sales charges.
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:
  March 1, 2019
through
February 29, 2020 		Prior to
March 1, 2019
Class A 1.38% 1.38%
Advisor Class 1.13 1.13
Class C 2.13 2.13
Institutional Class 1.13 1.13
Institutional 2 Class 1.05 1.03
Institutional 3 Class 1.00 0.98
Class R 1.63 1.63
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. Reflected in the contractual cap commitment, effective March 1, 2019 through February 29, 2020, is the Transfer Agent’s contractual agreement to limit total transfer agency fees to an annual rate of not more than 0.06% for Institutional 2 Class of the average daily net assets attributable to that share class, unless sooner terminated at the sole discretion of the Board of Trustees. Reflected in the contractual cap commitment, prior to March 1, 2019, is the Transfer Agent’s contractual agreement to limit total transfer agency fees to an annual rate of not more than 0.05% for Institutional 2 Class and 0.00% for Institutional 3 Class of the average daily net assets attributable to each share class. 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.
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Notes to Financial Statements  (continued)
October 31, 2019
At October 31, 2019, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, trustees’ deferred compensation, foreign capital gains tax, net operating loss reclassification 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:
Excess of distributions
over net investment
income ($) 		Accumulated
net realized
gain ($) 		Paid in
capital ($)
730,080 (730,080) —
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 October 31, 2019 Year Ended October 31, 2018
Ordinary
income ($) 		Long-term
capital gains ($) 		Total ($) Ordinary
income ($) 		Long-term
capital gains ($) 		Total ($)
6,305,508 33,480,566 39,786,074 242,778 1,781,251 2,024,029
Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.
At October 31, 2019, the components of distributable earnings on a tax basis were as follows:
Undistributed
ordinary income ($) 		Undistributed
long-term
capital gains ($) 		Capital loss
carryforwards ($) 		Net unrealized
appreciation ($)
67,742 14,833,143 — 131,607,636
At October 31, 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) ($) 		Net unrealized
appreciation ($)
344,499,329 132,347,558 (739,922) 131,607,636
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 October 31, 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 October 31, 2019, capital loss carryforwards utilized and expired unused, if any, were as follows:
No expiration
short-term ($) 		No expiration
long-term ($) 		Total ($) Utilized ($) Expired ($)
— — — 1,408,651 —
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.
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Notes to Financial Statements  (continued)
October 31, 2019
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $203,234,601 and $224,581,456, respectively, for the year ended October 31, 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.
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 October 31, 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 October 31, 2019.
Note 9. Significant risks
Foreign securities and emerging market countries risk
Investing in foreign securities may involve certain risks not typically associated with investing in U.S. securities, such as increased currency volatility and risks associated with political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, which may result in significant market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may increase these risks and expose the Fund to elevated risks associated with increased inflation, deflation or currency devaluation. To the extent that the Fund
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Table of Contents
Notes to Financial Statements  (continued)
October 31, 2019
concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the risks associated with the conditions, events or other factors impacting those countries or regions and may, therefore, have a greater risk than that of a fund that is more geographically diversified.
Health care sector risk
The Fund may be more susceptible to the particular risks that may affect companies in the health care sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the health care sector are subject to certain risks, including restrictions on government reimbursement for medical expenses, government approval of medical products and services, competitive pricing pressures, and the rising cost of medical products and services (especially for companies dependent upon a relatively limited number of products or services). Performance of such companies may be affected by factors including, government regulation, obtaining and protecting patents (or the failure to do so), product liability and other similar litigation as well as product obsolescence.
Shareholder concentration risk
At October 31, 2019, affiliated shareholders of record owned 78.1% 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.
Technology and technology-related investment risk
The Fund may be more susceptible to the particular risks that may affect companies in the information technology sector, as well as other technology-related sectors (collectively, the technology sectors) than if it were invested in a wider variety of companies in unrelated sectors. Companies in the technology sectors are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many technology sector companies have limited operating histories and prices of these companies’ securities historically have been more volatile than other securities, especially over the short term.
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
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Notes to Financial Statements  (continued)
October 31, 2019
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.
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Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Select Global Equity Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Select Global Equity Fund (one of the funds constituting Columbia Funds Series Trust II, hereafter referred to as the "Fund") as of October 31, 2019, the related statement of operations for the year ended October 31, 2019, the statement of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 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 October 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 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 audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Minneapolis, Minnesota
December 20, 2019
We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.
32 Columbia Select Global Equity Fund  | Annual Report 2019
 Federal Income Tax Information
(Unaudited)
The Fund hereby designates the following tax attributes for the fiscal year ended October 31, 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
74.71% 25.79% $15,711,447
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.
 TRUSTEES AND OFFICERS
The Board oversees the Fund’s operations and 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 121 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
Columbia Select Global Equity Fund  | Annual Report 2019
33
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
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 121 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 121 Former Trustee, Boston Museum of Science (Chair of Finance Committee) 1985-2013; former Trustee, BofA Funds Series Trust (11 funds), 2005-2011
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 121 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 121 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 119 Trustee, Catholic Schools Foundation since 2004
34 Columbia Select Global Equity Fund  | Annual Report 2019
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
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. 121 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 121 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
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 121 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 119 Director, NAPE Education Foundation since October 2016
Columbia Select Global Equity Fund  | Annual Report 2019
35
TRUSTEES AND OFFICERS  (continued)
 
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, August 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.
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.
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, Head of North American Operations, and Co-Head of Global Operations, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); 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).
36 Columbia Select Global Equity Fund  | Annual Report 2019
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
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.
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.
 Approval of Management and Subadvisory
Agreements
Columbia Management Investment Advisers, LLC (Columbia Threadneedle or the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Select Global Equity Fund (the Fund). Under a management agreement (the Management Agreement), Columbia Threadneedle provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds). In addition, under a Subadvisory Agreement (the Subadvisory Agreement) between Columbia Threadneedle and Threadneedle International Limited (the Subadviser), an affiliate of Columbia Threadneedle, the Subadviser has provided portfolio management and related services for the Fund.
Columbia Select Global Equity Fund  | Annual Report 2019
37
Approval of Management and Subadvisory
Agreements  (continued)
     
On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement and the Subadvisory Agreement (together, the Advisory Agreements). Columbia Threadneedle prepared detailed reports for the Board and its Contracts Committee in November 2018 and January, March, April and June 2019, including reports providing the results of analyses performed by an independent organization, Broadridge Financial Solutions, Inc. (Broadridge), and a comprehensive response to items of information requested by independent legal counsel to the Independent Trustees (Independent Legal Counsel) in a letter to the Investment Manager, to assist the Board in making this determination. Many of the materials presented at these meetings were first supplied in draft form to designated independent Board representatives, i.e., Independent Legal Counsel, Fund Counsel, the Chair of the Board (who is an Independent Trustee) and the Chair of the Contracts Committee (who is an Independent Trustee), and the final materials were revised to include information reflective of discussion and subsequent requests made by the Contracts Committee. In addition, throughout the year, the Board (or its committees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by Columbia Threadneedle addressing the services Columbia Threadneedle provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees, such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Advisory Agreements.
The Board, at its June 17-19, 2019 in-person Board meeting (the June Meeting), considered the renewal of each of the Advisory Agreements for additional one-year terms. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory and subadvisory agreements and the Board’s legal responsibilities related to such consideration. Following an analysis and discussion of the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of each of the Advisory Agreements.
Nature, extent and quality of services provided by Columbia Threadneedle and the Subadviser
The Board analyzed various reports and presentations it had received detailing the services performed by Columbia Threadneedle and the Subadviser, as well as their history, reputation, expertise, resources and relative capabilities, and the qualifications of their personnel.
The Board specifically considered the many developments during recent years concerning the services provided by Columbia Threadneedle, including, in particular, detailed information regarding the process employed for selecting and overseeing affiliated and unaffiliated Subadvisers. With respect to Columbia Threadneedle, the Board also noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight, over the past several years, as well as planned 2019 initiatives. The Board also took into account the broad scope of services provided by Columbia Threadneedle to each subadvised Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning Columbia Threadneedle’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.
In connection with the Board’s evaluation of the overall package of services provided by Columbia Threadneedle, the Board also considered the nature, quality and range of administrative services provided to the Fund by Columbia Threadneedle, as well as the achievements in 2018 in the performance of administrative services, and noted the various enhancements anticipated for 2019. In evaluating the quality of services provided under the Advisory Agreements, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of Columbia Threadneedle and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements with affiliates of Ameriprise Financial, observing the financial strength of Ameriprise Financial, with its relatively strong cash position and solid balance sheet.
In addition, the Board discussed the acceptability of the terms of the Management Agreement (including the relatively broad scope of services required to be performed by Columbia Threadneedle in addition to monitoring the Subadviser), noting that no material changes are proposed from the forms of agreements previously approved. The Board also noted the wide array of legal and compliance services provided to the Funds under the Fund Management Agreements. It was also observed that the services being performed under the Management Agreement were of a reasonably high quality.
38 Columbia Select Global Equity Fund  | Annual Report 2019
Approval of Management and Subadvisory
Agreements  (continued)
     
With respect to the Subadviser, the Board observed that it had previously approved the Subadviser’s code of ethics and compliance program, that the Chief Compliance Officer of the Fund continues to monitor the code and the program, and that no material concerns have been reported. The Board also considered the Subadviser’s organizational strength and resources, portfolio management team depth and capabilities and investment process. The Board also considered the Subadviser’s capability and wherewithal to carry out its responsibilities under the Subadvisory Agreement. In addition, the Board discussed the acceptability of the terms of the Subadvisory Agreement, including the scope of services required to be performed. The Board noted that the terms of the Subadvisory Agreement are generally consistent with the terms of other subadviser agreements for subadvisers who manage other funds managed by the Investment Manager. It was observed that no material changes were recommended to the Subadvisory Agreement. The Board took into account Columbia Threadneedle’s representation that the Subadviser was in a position to provide quality services to the Fund. In this regard, the Board further observed the various services provided by the subadvisory oversight team and their significant resources added in recent years to help improve performance.
Based on the foregoing, and based on other information received (both oral and written, including the information on investment performance referenced below) and other considerations, the Board concluded that the Subadviser is in a position to continue to provide a high quality and level of services to the Fund.
Investment performance
For purposes of evaluating the nature, extent and quality of services provided under the Advisory Agreements, the Board carefully reviewed the investment performance of the Fund. In this regard, the Board considered detailed reports providing the results of analyses performed by an independent organization showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the performance of a benchmark index, (iii) the percentage ranking of the Fund among its comparison group, (iv) the product score of the Fund (taking into account performance relative to peers and benchmarks) and (v) the net assets of the Fund. The Board observed that the Fund’s investment performance met expectations.
Additionally, the Board reviewed the performance of the Subadviser. The Board considered, in particular, management’s rationale for recommending the continued retention of the Subadviser.
Comparative fees, costs of services provided and the profits realized by Columbia Threadneedle, its affiliates and the Subadviser from their relationships with the Fund
The Board reviewed comparative fees and the costs of services provided under each of the Advisory Agreements. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by an independent organization) showing a comparison of the Fund’s expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to Columbia Threadneedle’s profitability.
The Board considered the reports of its independent fee consultant, JDL Consultants, LLC (JDL), which assisted in the Board’s analysis of the Funds’ performance and expenses, the reasonableness of Columbia Threadneedle’s profitability, particularly in comparison to industry competitors, the reasonableness of the Funds’ fee rates, and JDL’s conclusion that the management fees being charged to the Fund are reasonable. The Board accorded particular weight to the notion that the primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain defined exceptions) are generally in line with the "pricing philosophy" currently in effect (i.e., that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe). The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) was somewhat higher than the median ratio, but lower than the 60th percentile of the Fund’s peer universe.
Additionally, the Board reviewed the level of subadvisory fees paid to the Subadviser, noting that the fees are paid by the Investment Manager and do not impact the fees paid by the Fund. The Board also reviewed the fees charged by the Subadviser to other mutual funds employing similar investment strategies where the Subadviser serves as investment adviser or subadviser. The Board also reviewed advisory fee rates charged by other comparable mutual funds employing the
Columbia Select Global Equity Fund  | Annual Report 2019
39
Approval of Management and Subadvisory
Agreements  (continued)
     
Subadviser to provide subadvisory services. Based on its reviews, including JDL’s conclusions/analyses, the Board concluded that the Fund’s investment management and subadvisory fees were fair and reasonable in light of the extent and quality of services that the Fund receives.
The Board also considered the profitability of Columbia Threadneedle and its affiliates in connection with Columbia Threadneedle providing management services to the Fund. In this regard, the Independent Trustees referred to their detailed analysis of the Profitability Report, discussing the profitability to Columbia Threadneedle and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that in 2018 the Board had concluded that 2017 profitability was reasonable and that the 2019 information shows that the profitability generated by Columbia Threadneedle in 2018 only slightly increased from 2017 levels. The Board also noted JDL’s report and its conclusion that 2018 Columbia Threadneedle profitability relative to industry competitors was reasonable. It also took into account the indirect economic benefits flowing to Columbia Threadneedle or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. The Board concluded that profitability levels were reasonable.
Economies of scale to be realized
The Board also considered the economies of scale that might be realized by the Fund as its net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board concluded that the breakpoints in the management fee rate schedule satisfactorily provides for the sharing of economies of scale, as they allow for adequate opportunity for shareholders to realize benefits (fee breaks) as Fund assets grow.
Based on the foregoing, the Board, including all of the Independent Trustees, concluded that fees payable under each of the Advisory Agreements were fair and reasonable in light of the extent and quality of services provided. In reaching this conclusion, no single factor was determinative. On June 19, 2019, the Board, including all of the Independent Trustees, approved the renewal of each of the Advisory Agreements.
40 Columbia Select Global Equity Fund  | Annual Report 2019
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Columbia Select Global Equity Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2019 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
ANN155_10_J01_(12/19)
Annual Report
October 31, 2019
Columbia Contrarian Europe 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
Table of Contents
Columbia Contrarian Europe Fund (the Fund) mails one shareholder report to each shareholder address, unless such shareholder elected to receive shareholder reports from the Fund electronically. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT, and for reporting periods ended prior to March 31, 2019, on Form N-Q. The Fund’s Form N-Q and Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q or Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
225 Franklin Street
Boston, MA 02110
Fund distributor
Columbia Management Investment Distributors, Inc.
225 Franklin Street
Boston, MA 02110
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Contrarian Europe Fund  |  Annual Report 2019
Fund at a Glance
Investment objective
The Fund seeks to provide shareholders with capital appreciation.
Portfolio management
Threadneedle International Limited
Dan Ison
Portfolio Manager
Managed Fund since 2009
Ann Steele
Deputy Portfolio Manager
Managed Fund since 2014
Morningstar style boxTM
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 October 31, 2019)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 06/26/00 10.83 2.97 6.23
  Including sales charges   4.39 1.76 5.60
Advisor Class* 01/08/14 11.04 3.22 6.38
Class C Excluding sales charges 06/26/00 9.99 2.17 5.41
  Including sales charges   8.99 2.17 5.41
Institutional Class* 09/27/10 11.04 3.19 6.50
Institutional 2 Class* 01/08/14 11.07 3.32 6.45
Institutional 3 Class* 03/01/16 11.14 3.24 6.38
MSCI Europe Index (Net)   10.90 3.58 5.07
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 Fund launched more than one share class at its inception, Class A shares 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 MSCI Europe Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI Europe 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.
Columbia Contrarian Europe Fund  | Annual Report 2019
3
Fund at a Glance   (continued)
Performance of a hypothetical $10,000 investment (October 31, 2009 — October 31, 2019)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Contrarian Europe 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 October 31, 2019)
Novo Nordisk A/S, Class B (Denmark) 4.8
Tesco PLC (United Kingdom) 4.3
ASML Holding NV (Netherlands) 4.0
Allianz SE, Registered Shares (Germany) 3.6
Vodafone Group PLC (United Kingdom) 3.3
Airbus Group SE (France) 3.0
Total SA (France) 3.0
KBC Group NV (Belgium) 3.0
Unilever PLC (United Kingdom) 2.8
RELX PLC (United Kingdom) 2.8
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 October 31, 2019)
Communication Services 7.5
Consumer Discretionary 12.8
Consumer Staples 10.8
Energy 4.3
Financials 19.2
Health Care 10.6
Industrials 19.7
Information Technology 9.9
Materials 5.2
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
 
4 Columbia Contrarian Europe Fund  | Annual Report 2019
Fund at a Glance   (continued)
Country breakdown (%) (at October 31, 2019)
Belgium 3.0
Denmark 4.8
Finland 2.4
France 17.2
Germany 10.0
Ireland 1.1
Italy 4.3
Netherlands 5.6
Norway 4.5
Portugal 1.3
Spain 4.1
Sweden 4.4
Switzerland 4.4
United Kingdom 32.9
United States(a) 0.0(b)
Total 100.0
    
(a) Includes investments in Money Market Funds.
(b) Rounds to zero.
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.
Columbia Contrarian Europe Fund  | Annual Report 2019
5
Manager Discussion of Fund Performance
At October 31, 2019, approximately 68.9% 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.
For the 12-month period that ended October 31, 2019, the Fund’s Class A shares returned 10.83% excluding sales charges. The Fund slightly underperformed its benchmark, the MSCI Europe Index (Net), which returned 10.90% over the same time period. While the Fund benefited from a relative underweighting in energy and an overweighting in industrials, its underweighting in health care and consumer staples detracted from performance.
European markets advanced despite volatility
European equity markets advanced during the review period, although they ended 2018 on a weak note as economic indicators softened in China; European data showed continuing growth, but at a slower pace. The European Central Bank confirmed that it would end its bond-buying stimulus plan by the end of 2018. In the U.S., a series of interest-rate hikes had raised concerns that the economy would cool sharply, although tax cuts remained a strong stimulus for activity. Brexit (the U.K.’s exit from the European Union) negotiations descended into further disarray and the trade war between the U.S. and China also dented confidence. A more upbeat note marked the beginning of 2019. European and U.S. markets rose, buoyed by encouraging economic data and corporate results. GDP growth for the first quarter of 2019 was higher than expected in the U.S. and the eurozone. But later in the year, signs of a global economic slowdown multiplied. In the U.S., second-quarter GDP data showed that a fall in business investment was steeper than prior estimates. U.K. statistics indicated that the economy was faltering amid Brexit-related uncertainty; GDP dipped by 0.2% in the second quarter. The German economy also shrank, and business confidence slumped.
In September, the European Central Bank announced stimulus measures to spur growth. These included lowering interest rates further into negative territory, restarting its bond-purchase program, and outlining more-generous terms for long-term cheap financing for banks. In the U.S., the Federal Reserve cut interest rates three times over the review period. The U.K. had to contend with political uncertainty. Prime Minister Theresa May resigned and was replaced by Boris Johnson; he called a general election for December 2019. The deadline for Brexit was postponed twice as Parliament failed to ratify draft agreements reached with the European Union, and another extension was subsequently agreed until January 2020. In Italy, the Democratic Party and the Five Star Movement agreed to form a new coalition government, avoiding a snap election.
Contributors and detractors
The strongest-contributing sectors to Fund performance on a relative basis were financials, industrials and technology. The Fund was initially underweight in financials, but later moved to an overweight. Subdued economic growth is likely to mean that interest-rate increases in the eurozone will be deferred, although optimism regarding growth prospects improved as the U.S., China and Europe introduced economic stimulus measures. Sector allocation contributed to performance, but favorable stock selection was the main driver. Outperformance in industrials was driven by optimism regarding global economic growth prospects. The Fund was overweight in the sector, and relative outperformance was driven both by allocation and stock selection. Outperformance in technology was driven by technological advances within the sector and by optimism regarding global economic growth prospects. The fund was overweight in the sector, and relative outperformance was driven by allocation and stock selection.
Among Fund holdings, Cellnex Telecom, ASML, and 3i Group were the top relative contributors to Fund performance; all three stocks delivered positive absolute returns in U.S. dollar terms, and outperformed the benchmark. Cellnex Telecom released solid results; the telecom-mast company continued to expand organically and through acquisitions. Management noted a promising pipeline of opportunities in Europe and reaffirmed financial targets for 2019. We sold the stock as we felt its valuation looked stretched. Semiconductor equipment supplier ASML published robust quarterly results, demonstrating strong revenue growth and healthy gross margins. Its strength in extreme ultraviolet light (EUV) lithography, field upgrade sales and the logic market more than offset softer demand for memory products. We retained the stock. Private equity group 3i delivered encouraging quarterly results, despite market turbulence and Brexit uncertainties, and issued confident financial guidance. We retained the stock.
6 Columbia Contrarian Europe Fund  | Annual Report 2019
Manager Discussion of Fund Performance  (continued)
The Fund’s positioning in health care, consumer staples and utilities detracted from relative performance. Health care stocks found favor during periods of market turbulence and were also boosted by drug developments and merger and acquisition activity. We increased the Fund’s exposure to the sector during the review period, but were still underweight relative to the benchmark, while stock selection detracted. The consumer staples sector’s relatively defensive stocks found favor during periods of market turbulence, while stock-specific factors also boosted returns, such as Nestlé’s new management and potential for improved capital allocation. Although the Fund increased its exposure to the sector during the period, it remained underweight relative to the benchmark, and stock selection was unfavorable. The utilities sector outperformed the benchmark index as investors rotated into relatively defensive stocks, and sought higher yields. The Fund’s zero exposure to the sector during the period detracted from performance.
John Wood Group, Ubisoft Entertainment and Umicore were the main detractors from relative performance. John Wood Group underperformed amid weakness in the energy sector; the firm noted that volatility in commodity prices may affect confidence and future contract awards. We sold the stock; in the current environment, the major oil companies were focusing on low and disciplined capital expenditure, which could impact oil-service firms. Ubisoft Entertainment was impacted by disappointing reviews of the recently released Ghost Recon Breakpoint video game, which led to reduced earnings guidance. The company deferred the release of three other video games. We retained the stock, which was bought during the review period. Umicore warned that demand for cathode materials used in electric vehicles had weakened, while a weak cobalt price had led to intensified competitive pressures. We sold the stock.
Portfolio positioning
We increased the Fund’s exposure to France and Denmark during the period, while decreasing its weightings in Germany and Spain. By the end of the period, the Fund was relatively overweight in Belgium, Denmark, Finland, Norway, Portugal and the U.K. while being underweight in Germany and Switzerland. We were neutrally weighted in Austria, France, Ireland, Italy, the Netherlands, Spain and Sweden. Among sectors, we reduced the Fund’s weightings in consumer discretionary and technology, while increasing weightings in communications services and health care. The Fund ended the period overweight in communication services, consumer discretionary, financials, industrials and technology, while being underweight in consumer staples, energy, health care, materials, real estate and utilities.
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. 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. 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. 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. Investments in a limited number of companies subject the Fund to greater risk of loss. Investments in small- and mid-cap companies involve risks and volatility greater than investments in larger, more established companies. 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.
Columbia Contrarian Europe Fund  | Annual Report 2019
7
Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
May 1, 2019 — October 31, 2019
  Account value at the
beginning of the
period ($) 		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 1,004.30 1,018.45 6.77 6.82 1.34
Advisor Class 1,000.00 1,000.00 1,004.30 1,019.76 5.46 5.50 1.08
Class C 1,000.00 1,000.00 998.50 1,014.67 10.53 10.61 2.09
Institutional Class 1,000.00 1,000.00 1,004.30 1,019.71 5.51 5.55 1.09
Institutional 2 Class 1,000.00 1,000.00 1,004.30 1,020.11 5.10 5.14 1.01
Institutional 3 Class 1,000.00 1,000.00 1,004.40 1,020.42 4.80 4.84 0.95
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.
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.
8 Columbia Contrarian Europe Fund  | Annual Report 2019
Portfolio of Investments
October 31, 2019
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 99.3%
Issuer Shares Value ($)
Belgium 2.9%
KBC Group NV 116,537 8,194,218
Denmark 4.7%
Novo Nordisk A/S, Class B 240,840 13,243,481
Finland 2.4%
Sampo OYJ, Class A 165,964 6,801,178
France 17.1%
Airbus Group SE 58,599 8,406,517
Dassault Systemes 19,625 2,980,581
Kering SA 6,139 3,493,069
LVMH Moet Hennessy Louis Vuitton SE 17,364 7,415,399
Sanofi 73,330 6,760,082
Total SA 158,039 8,355,242
Ubisoft Entertainment SA(a) 91,661 5,417,099
VINCI SA 44,560 4,999,468
Total 47,827,457
Germany 9.9%
Adidas AG 18,034 5,568,371
Allianz SE, Registered Shares 41,039 10,022,653
Knorr-Bremse AG 50,359 5,082,405
SAP SE 52,652 6,976,466
Total 27,649,895
Ireland 1.2%
Smurfit Kappa Group PLC 95,286 3,182,316
Italy 4.3%
Ferrari NV 16,744 2,681,670
Fiat Chrysler Automobiles NV 203,070 3,151,397
Moncler SpA 72,435 2,795,176
Pirelli & C. SpA(b) 590,777 3,415,216
Total 12,043,459
Netherlands 5.6%
ASML Holding NV 42,367 11,105,006
Koninklijke Philips NV 104,058 4,565,452
Total 15,670,458
Common Stocks (continued)
Issuer Shares Value ($)
Norway 4.4%
DNB ASA 382,318 6,960,977
SalMar ASA 116,419 5,433,009
Total 12,393,986
Portugal 1.3%
Galp Energia SGPS SA 228,531 3,655,304
Spain 4.1%
Amadeus IT Group SA, Class A 87,343 6,461,483
Grifols SA 152,411 4,916,866
Total 11,378,349
Sweden 4.3%
Atlas Copco AB, Class A 175,267 6,186,317
Sandvik AB 334,189 5,904,227
Total 12,090,544
Switzerland 4.4%
SGS SA, Registered Shares 2,554 6,661,101
Sika AG 32,732 5,626,843
Total 12,287,944
United Kingdom 32.7%
3i Group PLC 491,727 7,185,549
Ashtead Group PLC 137,050 4,172,599
Associated British Foods PLC 171,228 4,942,461
BT Group PLC 2,403,507 6,378,566
Galiform PLC 730,482 5,467,135
M&G PLC(a) 350,261 970,034
Persimmon PLC 238,348 7,030,383
Prudential PLC 350,261 6,117,953
RELX PLC 322,903 7,770,005
Rio Tinto PLC 105,085 5,470,917
St. James’s Place PLC 528,608 7,129,899
Tesco PLC 3,893,332 11,884,610
Unilever PLC 129,989 7,783,610
Vodafone Group PLC 4,461,574 9,104,832
Total 91,408,553
Total Common Stocks
(Cost $250,981,709) 		277,827,142
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Contrarian Europe Fund  | Annual Report 2019
9
Portfolio of Investments  (continued)
October 31, 2019
Money Market Funds 0.0%
  Shares Value ($)
Columbia Short-Term Cash Fund, 1.938%(c),(d) 18,179 18,178
Total Money Market Funds
(Cost $18,178) 		18,178
Total Investments in Securities
(Cost $250,999,887) 		277,845,320
Other Assets & Liabilities, Net   1,864,875
Net Assets $279,710,195
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund’s Board of Trustees. At October 31, 2019, the total value of these securities amounted to $3,415,216, which represents 1.22% of total net assets.
(c) The rate shown is the seven-day current annualized yield at October 31, 2019.
(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 October 31, 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, 1.938%
  1,851,523 71,997,238 (73,830,582) 18,179 (687) — 62,322 18,178
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.
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.
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Contrarian Europe Fund  | Annual Report 2019
Portfolio of Investments  (continued)
October 31, 2019
Fair value measurements  (continued)
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at October 31, 2019:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Belgium — 8,194,218 — 8,194,218
Denmark — 13,243,481 — 13,243,481
Finland — 6,801,178 — 6,801,178
France — 47,827,457 — 47,827,457
Germany — 27,649,895 — 27,649,895
Ireland — 3,182,316 — 3,182,316
Italy — 12,043,459 — 12,043,459
Netherlands — 15,670,458 — 15,670,458
Norway — 12,393,986 — 12,393,986
Portugal — 3,655,304 — 3,655,304
Spain — 11,378,349 — 11,378,349
Sweden — 12,090,544 — 12,090,544
Switzerland — 12,287,944 — 12,287,944
United Kingdom — 91,408,553 — 91,408,553
Total Common Stocks — 277,827,142 — 277,827,142
Money Market Funds 18,178 — — 18,178
Total Investments in Securities 18,178 277,827,142 — 277,845,320
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.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Contrarian Europe Fund  | Annual Report 2019
11
Statement of Assets and Liabilities
October 31, 2019
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $250,981,709) $277,827,142
Affiliated issuers (cost $18,178) 18,178
Foreign currency (cost $39,626) 39,613
Receivable for:  
Investments sold 3,605
Capital shares sold 11,714,999
Dividends 253,475
Foreign tax reclaims 1,155,081
Expense reimbursement due from Investment Manager 186
Prepaid expenses 2,897
Total assets 291,015,176
Liabilities  
Payable for:  
Investments purchased 10,025,937
Capital shares purchased 164,983
Management services fees 6,488
Distribution and/or service fees 566
Transfer agent fees 12,045
Compensation of board members 43,523
Interfund lending 1,000,000
Other expenses 51,439
Total liabilities 11,304,981
Net assets applicable to outstanding capital stock $279,710,195
Represented by  
Paid in capital 256,322,427
Total distributable earnings (loss) 23,387,768
Total - representing net assets applicable to outstanding capital stock $279,710,195
Class A  
Net assets $57,165,316
Shares outstanding 8,171,175
Net asset value per share $7.00
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) $7.43
Advisor Class  
Net assets $6,787,990
Shares outstanding 974,029
Net asset value per share $6.97
Class C  
Net assets $6,330,535
Shares outstanding 931,750
Net asset value per share $6.79
Institutional Class  
Net assets $30,653,255
Shares outstanding 4,397,620
Net asset value per share $6.97
Institutional 2 Class  
Net assets $509,250
Shares outstanding 72,518
Net asset value per share $7.02
Institutional 3 Class  
Net assets $178,263,849
Shares outstanding 26,082,483
Net asset value per share $6.83
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Contrarian Europe Fund  | Annual Report 2019
Statement of Operations
Year Ended October 31, 2019
Net investment income  
Income:  
Dividends — unaffiliated issuers $8,582,766
Dividends — affiliated issuers 62,322
Foreign taxes withheld (746,695)
Total income 7,898,393
Expenses:  
Management services fees 2,395,454
Distribution and/or service fees  
Class A 152,486
Class C 75,479
Transfer agent fees  
Class A 94,079
Advisor Class 5,027
Class C 11,707
Institutional Class 35,190
Institutional 2 Class 263
Institutional 3 Class 13,551
Class T 1
Compensation of board members 14,840
Custodian fees 38,638
Printing and postage fees 22,621
Registration fees 91,483
Audit fees 50,830
Legal fees 9,632
Interest on interfund lending 1,006
Compensation of chief compliance officer 77
Other 13,805
Total expenses 3,026,169
Fees waived or expenses reimbursed by Investment Manager and its affiliates (72,495)
Expense reduction (40)
Total net expenses 2,953,634
Net investment income 4,944,759
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers (6,417,772)
Investments — affiliated issuers (687)
Foreign currency translations (106,957)
Net realized loss (6,525,416)
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers 29,207,289
Foreign currency translations 54,431
Net change in unrealized appreciation (depreciation) 29,261,720
Net realized and unrealized gain 22,736,304
Net increase in net assets resulting from operations $27,681,063
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Contrarian Europe Fund  | Annual Report 2019
13
Statement of Changes in Net Assets
  Year Ended
October 31, 2019 		Year Ended
October 31, 2018
Operations    
Net investment income $4,944,759 $4,355,328
Net realized gain (loss) (6,525,416) 30,517,843
Net change in unrealized appreciation (depreciation) 29,261,720 (75,958,207)
Net increase (decrease) in net assets resulting from operations 27,681,063 (41,085,036)
Distributions to shareholders    
Net investment income and net realized gains    
Class A (1,534,072) (1,381,286)
Advisor Class (54,719) (20,195)
Class C (136,379) (147,186)
Institutional Class (562,702) (1,528,986)
Institutional 2 Class (9,962) (7,549)
Institutional 3 Class (5,137,462) (4,031,132)
Class K — (64)
Class T — (38)
Total distributions to shareholders (7,435,296) (7,116,436)
Decrease in net assets from capital stock activity (62,595,428) (30,476,350)
Total decrease in net assets (42,349,661) (78,677,822)
Net assets at beginning of year 322,059,856 400,737,678
Net assets at end of year $279,710,195 $322,059,856
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Contrarian Europe Fund  | Annual Report 2019
Statement of Changes in Net Assets   (continued)
  Year Ended Year Ended
  October 31, 2019 October 31, 2018
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 262,139 1,733,883 1,106,037 8,156,130
Distributions reinvested 261,762 1,523,456 187,962 1,368,366
Redemptions (2,890,675) (18,728,789) (2,710,806) (19,728,649)
Net decrease (2,366,774) (15,471,450) (1,416,807) (10,204,153)
Advisor Class        
Subscriptions 766,822 5,087,074 362,808 2,673,997
Distributions reinvested 9,441 54,664 2,780 20,152
Redemptions (122,256) (799,588) (108,165) (777,288)
Net increase 654,007 4,342,150 257,423 1,916,861
Class C        
Subscriptions 18,841 119,814 129,605 944,350
Distributions reinvested 22,450 127,738 19,502 138,659
Redemptions (583,100) (3,700,074) (700,976) (4,969,624)
Net decrease (541,809) (3,452,522) (551,869) (3,886,615)
Institutional Class        
Subscriptions 2,942,263 20,268,100 2,474,694 17,998,131
Distributions reinvested 96,153 556,726 208,875 1,514,344
Redemptions (8,106,168) (52,130,270) (4,516,680) (32,662,216)
Net decrease (5,067,752) (31,305,444) (1,833,111) (13,149,741)
Institutional 2 Class        
Subscriptions 23,151 157,220 5,361 39,531
Distributions reinvested 1,699 9,905 1,028 7,505
Redemptions (11,069) (72,077) (3,623) (26,394)
Net increase 13,781 95,048 2,766 20,642
Institutional 3 Class        
Subscriptions 216,263 1,338,416 431,774 3,073,908
Distributions reinvested 906,064 5,137,384 567,757 4,031,073
Redemptions (3,593,753) (23,277,051) (1,692,846) (12,274,354)
Net decrease (2,471,426) (16,801,251) (693,315) (5,169,373)
Class K        
Distributions reinvested — — 3 24
Redemptions — — (538) (3,995)
Net decrease — — (535) (3,971)
Class T        
Redemptions (326) (1,959) — —
Net decrease (326) (1,959) — —
Total net decrease (9,780,299) (62,595,428) (4,235,448) (30,476,350)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Contrarian Europe Fund  | Annual Report 2019
15
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 10/31/2019 $6.48 0.10 0.57 0.67 (0.06) (0.09) (0.15)
Year Ended 10/31/2018 $7.43 0.06 (0.89) (0.83) (0.12) — (0.12)
Year Ended 10/31/2017 $5.92 0.07 1.57 1.64 (0.13) — (0.13)
Year Ended 10/31/2016 $6.96 0.10 (0.86) (0.76) (0.08) (0.20) (0.28)
Year Ended 10/31/2015 $7.05 0.08 0.16 0.24 (0.12) (0.21) (0.33)
Advisor Class
Year Ended 10/31/2019 $6.46 0.09 0.59 0.68 (0.08) (0.09) (0.17)
Year Ended 10/31/2018 $7.41 0.10 (0.92) (0.82) (0.13) — (0.13)
Year Ended 10/31/2017 $5.90 0.06 1.59 1.65 (0.14) — (0.14)
Year Ended 10/31/2016 $6.94 0.12 (0.87) (0.75) (0.09) (0.20) (0.29)
Year Ended 10/31/2015 $7.03 0.11 0.15 0.26 (0.14) (0.21) (0.35)
Class C
Year Ended 10/31/2019 $6.28 0.05 0.56 0.61 (0.01) (0.09) (0.10)
Year Ended 10/31/2018 $7.23 0.01 (0.89) (0.88) (0.07) — (0.07)
Year Ended 10/31/2017 $5.75 0.02 1.54 1.56 (0.08) — (0.08)
Year Ended 10/31/2016 $6.77 0.06 (0.86) (0.80) (0.02) (0.20) (0.22)
Year Ended 10/31/2015 $6.86 0.02 0.17 0.19 (0.07) (0.21) (0.28)
Institutional Class
Year Ended 10/31/2019 $6.46 0.11 0.57 0.68 (0.08) (0.09) (0.17)
Year Ended 10/31/2018 $7.41 0.08 (0.90) (0.82) (0.13) — (0.13)
Year Ended 10/31/2017 $5.90 0.10 1.55 1.65 (0.14) — (0.14)
Year Ended 10/31/2016 $6.94 0.11 (0.86) (0.75) (0.09) (0.20) (0.29)
Year Ended 10/31/2015 $7.04 0.08 0.17 0.25 (0.14) (0.21) (0.35)
Institutional 2 Class
Year Ended 10/31/2019 $6.51 0.12 0.57 0.69 (0.09) (0.09) (0.18)
Year Ended 10/31/2018 $7.46 0.09 (0.90) (0.81) (0.14) — (0.14)
Year Ended 10/31/2017 $5.94 0.10 1.57 1.67 (0.15) — (0.15)
Year Ended 10/31/2016 $6.99 0.13 (0.88) (0.75) (0.10) (0.20) (0.30)
Year Ended 10/31/2015 $7.08 0.12 0.15 0.27 (0.15) (0.21) (0.36)
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Contrarian Europe Fund  | Annual Report 2019
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 10/31/2019 $7.00 10.83% 1.37%(c) 1.34%(c),(d) 1.56% 62% $57,165
Year Ended 10/31/2018 $6.48 (11.40%) 1.35%(c),(e) 1.35%(c),(d),(e) 0.86% 63% $68,249
Year Ended 10/31/2017 $7.43 28.21% 1.39% 1.38%(d) 1.01% 55% $88,861
Year Ended 10/31/2016 $5.92 (11.25%) 1.36% 1.36%(d) 1.68% 55% $114,672
Year Ended 10/31/2015 $6.96 3.61% 1.35%(e) 1.35%(d),(e) 1.14% 63% $189,670
Advisor Class
Year Ended 10/31/2019 $6.97 11.04% 1.12%(c) 1.09%(c),(d) 1.38% 62% $6,788
Year Ended 10/31/2018 $6.46 (11.26%) 1.11%(c),(e) 1.10%(c),(d),(e) 1.37% 63% $2,066
Year Ended 10/31/2017 $7.41 28.67% 1.14% 1.13%(d) 1.00% 55% $464
Year Ended 10/31/2016 $5.90 (11.05%) 1.09% 1.09%(d) 1.87% 55% $248
Year Ended 10/31/2015 $6.94 3.90% 1.10%(e) 1.10%(d),(e) 1.51% 63% $6,800
Class C
Year Ended 10/31/2019 $6.79 9.99% 2.12%(c) 2.10%(c),(d) 0.80% 62% $6,331
Year Ended 10/31/2018 $6.28 (12.23%) 2.10%(c),(e) 2.10%(c),(d),(e) 0.19% 63% $9,259
Year Ended 10/31/2017 $7.23 27.47% 2.14% 2.13%(d) 0.36% 55% $14,637
Year Ended 10/31/2016 $5.75 (12.02%) 2.11% 2.11%(d) 0.92% 55% $16,919
Year Ended 10/31/2015 $6.77 2.84% 2.10%(e) 2.10%(d),(e) 0.36% 63% $29,009
Institutional Class
Year Ended 10/31/2019 $6.97 11.04% 1.11%(c) 1.09%(c),(d) 1.69% 62% $30,653
Year Ended 10/31/2018 $6.46 (11.26%) 1.10%(c),(e) 1.10%(c),(d),(e) 1.16% 63% $61,160
Year Ended 10/31/2017 $7.41 28.65% 1.14% 1.13%(d) 1.52% 55% $83,748
Year Ended 10/31/2016 $5.90 (11.06%) 1.11% 1.11%(d) 1.85% 55% $54,741
Year Ended 10/31/2015 $6.94 3.75% 1.11%(e) 1.11%(d),(e) 1.18% 63% $57,916
Institutional 2 Class
Year Ended 10/31/2019 $7.02 11.07% 1.04%(c) 1.01%(c) 1.85% 62% $509
Year Ended 10/31/2018 $6.51 (11.12%) 1.02%(c),(e) 1.01%(c),(e) 1.19% 63% $382
Year Ended 10/31/2017 $7.46 28.78% 1.03% 1.03% 1.49% 55% $418
Year Ended 10/31/2016 $5.94 (10.99%) 0.99% 0.99% 2.13% 55% $253
Year Ended 10/31/2015 $6.99 4.03% 0.98%(e) 0.98%(e) 1.68% 63% $184
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Contrarian Europe Fund  | Annual Report 2019
17
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 10/31/2019 $6.34 0.13 0.54 0.67 (0.09) (0.09) (0.18)
Year Ended 10/31/2018 $7.27 0.09 (0.88) (0.79) (0.14) — (0.14)
Year Ended 10/31/2017 $5.79 0.13 1.50 1.63 (0.15) — (0.15)
Year Ended 10/31/2016(f) $5.87 0.12 (0.20) (0.08) — — —
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Ratios include interfund lending expense which is less than 0.01%.
(d) The benefits derived from expense reductions had an impact of less than 0.01%.
(e) Ratios include line of credit interest expense which is less than 0.01%.
(f) Institutional 3 Class shares commenced operations on March 1, 2016. Per share data and total return reflect activity from that date.
(g) Annualized.
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Contrarian Europe Fund  | Annual Report 2019
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 10/31/2019 $6.83 11.14% 0.98%(c) 0.95%(c) 1.96% 62% $178,264
Year Ended 10/31/2018 $6.34 (11.10%) 0.96%(c),(e) 0.95%(c),(e) 1.25% 63% $180,942
Year Ended 10/31/2017 $7.27 28.94% 0.98% 0.98% 2.02% 55% $212,604
Year Ended 10/31/2016(f) $5.79 (1.36%) 0.92%(g) 0.92%(g) 2.91%(g) 55% $2
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Contrarian Europe Fund  | Annual Report 2019
19
Notes to Financial Statements
October 31, 2019
Note 1. Organization
Columbia Contrarian Europe Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.
As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Advisor Class, Institutional Class, Institutional 2 Class and Institutional 3 Class shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus. Class C shares automatically convert to Class A shares after 10 years. Effective 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 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
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 determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, 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.
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, if available.
20 Columbia Contrarian Europe Fund  | Annual Report 2019
Notes to Financial Statements  (continued)
October 31, 2019
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.
For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.
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.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
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.
Columbia Contrarian Europe Fund  | Annual Report 2019
21
Notes to Financial Statements  (continued)
October 31, 2019
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 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
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
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. The standard is effective for annual periods beginning after December 15, 2019 and interim periods within those fiscal years, with early adoption permitted. After evaluation, management determined to adopt the ASU effective for the period ended July 31, 2019 and all subsequent periods. To comply with the ASU, management implemented disclosure changes which include removal of the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, removal of the policy for the timing of transfers between levels, removal of the description of the Level 3 valuation processes, as well as modifications to the measurement uncertainty disclosure.
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 Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund’s subadviser (see Subadvisory agreement below) has the primary responsibility for the day-to-day portfolio management of the
22 Columbia Contrarian Europe Fund  | Annual Report 2019
Notes to Financial Statements  (continued)
October 31, 2019
Fund. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.88% to 0.62% as the Fund’s net assets increase. The effective management services fee rate for the year ended October 31, 2019 was 0.88% of the Fund’s average daily net assets.
Subadvisory agreement
The Investment Manager has entered into a Subadvisory Agreement with Threadneedle International Limited (Threadneedle), an affiliate of the Investment Manager and an indirect wholly-owned subsidiary of Ameriprise Financial, to serve as the subadviser to the Fund. The Investment Manager compensates Threadneedle to manage the investment of the Fund’s 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 for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with 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.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class.
Columbia Contrarian Europe Fund  | Annual Report 2019
23
Notes to Financial Statements  (continued)
October 31, 2019
For the year ended October 31, 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 0.15
Advisor Class 0.15
Class C 0.16
Institutional Class 0.15
Institutional 2 Class 0.07
Institutional 3 Class 0.01
Class T 0.02(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 October 31, 2019, these minimum account balance fees reduced total expenses of the Fund by $40.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution, the Fund pays a fee at the maximum annual rates of up to 0.25%, 1.00% and 0.25% of the Fund’s average daily net assets attributable to Class A, Class C 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 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 $153,000 for Class C shares. This amount is based on the most recent information available as of September 30, 2019, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.
Sales charges (unaudited)
Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the year ended October 31, 2019, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 5.75 0.50 - 1.00(a) 25,663
Class C — 1.00(b) 423
Class T 2.50 — —
    
(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund’s other share classes are not subject to sales charges.
24 Columbia Contrarian Europe Fund  | Annual Report 2019
Notes to Financial Statements  (continued)
October 31, 2019
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:
  Fee rate(s) contractual
through
February 29, 2020
Class A 1.35%
Advisor Class 1.10
Class C 2.10
Institutional Class 1.10
Institutional 2 Class 1.01
Institutional 3 Class 0.95
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. In addition to the contractual agreement, the Investment Manager and certain of its affiliates have voluntarily agreed to waive fees and/or reimburse Fund expenses (excluding certain fees and expenses described above) so that Fund level expenses (expenses directly attributable to the Fund and not to a specific share class) are waived proportionately across all share classes, but the Fund’s net operating expenses shall not exceed the contractual annual rates listed in the table above. This arrangement may be revised or discontinued at any time. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At October 31, 2019, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, trustees’ deferred compensation, capital loss carryforward, distribution reclassifications, foreign currency transactions, and passive foreign investment company (PFIC) holdings. 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) ($) 		Paid in
capital ($)
1,221,828 (1,221,828) —
Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.
Columbia Contrarian Europe Fund  | Annual Report 2019
25
Notes to Financial Statements  (continued)
October 31, 2019
The tax character of distributions paid during the years indicated was as follows:
Year Ended October 31, 2019 Year Ended October 31, 2018
Ordinary
income ($) 		Long-term
capital gains ($) 		Total ($) Ordinary
income ($) 		Long-term
capital gains ($) 		Total ($)
3,766,493 3,668,803 7,435,296 7,116,436 — 7,116,436
Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.
At October 31, 2019, the components of distributable earnings on a tax basis were as follows:
Undistributed
ordinary income ($) 		Undistributed
long-term
capital gains ($) 		Capital loss
carryforwards ($) 		Net unrealized
appreciation ($)
6,336,374 — (7,900,093) 25,005,281
At October 31, 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) ($) 		Net unrealized
appreciation ($)
252,840,039 31,969,306 (6,964,025) 25,005,281
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 October 31, 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 October 31, 2019, capital loss carryforwards utilized and expired unused, if any, were as follows:
No expiration
short-term ($) 		No expiration
long-term ($) 		Total ($) Utilized ($) Expired ($)
(7,900,093) — (7,900,093) — —
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 $168,258,764 and $232,509,425, respectively, for the year ended October 31, 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.
26 Columbia Contrarian Europe Fund  | Annual Report 2019
Notes to Financial Statements  (continued)
October 31, 2019
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund’s activity in the Interfund Program during the year ended October 31, 2019 was as follows:
Borrower or lender Average loan
balance ($) 		Weighted average
interest rate (%) 		Number of days
with outstanding loans
Borrower 500,000 2.80 28
Interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had an outstanding interfund loan balance at October 31, 2019 as shown on the Statement of Assets and Liabilities. The loans are unsecured.
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 October 31, 2019.
Note 9. Significant risks
Foreign securities and emerging market countries risk
Investing in foreign securities may involve certain risks not typically associated with investing in U.S. securities, such as increased currency volatility and risks associated with political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, which may result in significant market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may increase these risks and expose the Fund to elevated risks associated with increased inflation, deflation or currency devaluation. 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 risks associated with the conditions, events or other factors impacting those countries or regions and may, therefore, have a greater risk than that of a fund that is more geographically diversified.
Geographic concentration risk
The Fund may be particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries in Europe. Currency devaluations could occur in countries that have not yet experienced currency devaluation to date, or could continue to occur in countries that have already experienced such devaluations. In addition, the private and
Columbia Contrarian Europe Fund  | Annual Report 2019
27
Notes to Financial Statements  (continued)
October 31, 2019
public sectors’ debt problems of a single European Union (EU) country can pose significant economic risks to the EU as a whole. As a result, the Fund’s NAV may be more volatile than the NAV of a more geographically diversified fund. If securities of issuers in Europe fall out of favor, it may cause the Fund to underperform other funds that do not concentrate in this region of the world.
Shareholder concentration risk
At October 31, 2019, affiliated shareholders of record owned 90.3% 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.
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.
28 Columbia Contrarian Europe Fund  | Annual Report 2019
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Contrarian Europe Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Contrarian Europe Fund (one of the funds constituting Columbia Funds Series Trust II, hereafter referred to as the "Fund") as of October 31, 2019, the related statement of operations for the year ended October 31, 2019, the statement of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 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 October 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 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 audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Minneapolis, Minnesota
December 20, 2019
We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.
Columbia Contrarian Europe Fund  | Annual Report 2019
29
 Federal Income Tax Information
(Unaudited)
The Fund hereby designates the following tax attributes for the fiscal year ended October 31, 2019. Shareholders will be notified in early 2020 of the amounts for use in preparing 2019 income tax returns.
Qualified
dividend
income 		Foreign
taxes paid
to foreign
countries 		Foreign
taxes paid
per share
to foreign
countries 		Foreign
source
income 		Foreign
source
income per
share
100.00% $746,695 $0.02 $8,582,765 $0.21
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.
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.
 TRUSTEES AND OFFICERS
The Board oversees the Fund’s operations and 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 121 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
30 Columbia Contrarian Europe Fund  | Annual Report 2019
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
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 121 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 121 Former Trustee, Boston Museum of Science (Chair of Finance Committee) 1985-2013; former Trustee, BofA Funds Series Trust (11 funds), 2005-2011
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 121 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 121 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 119 Trustee, Catholic Schools Foundation since 2004
Columbia Contrarian Europe Fund  | Annual Report 2019
31
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
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. 121 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 121 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
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 121 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 119 Director, NAPE Education Foundation since October 2016
32 Columbia Contrarian Europe Fund  | Annual Report 2019
TRUSTEES AND OFFICERS  (continued)
 
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, August 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.
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.
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, Head of North American Operations, and Co-Head of Global Operations, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); 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).
Columbia Contrarian Europe Fund  | Annual Report 2019
33
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
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.
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.
 Approval of Management and Subadvisory
Agreements
Columbia Management Investment Advisers, LLC (Columbia Threadneedle or the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Contrarian Europe Fund (the Fund). Under a management agreement (the Management Agreement), Columbia Threadneedle provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds). In addition, under a Subadvisory Agreement (the Subadvisory Agreement) between Columbia Threadneedle and Threadneedle International Limited (the Subadviser), an affiliate of Columbia Threadneedle, the Subadviser has provided portfolio management and related services for the Fund.
34 Columbia Contrarian Europe Fund  | Annual Report 2019
Approval of Management and Subadvisory
Agreements  (continued)
     
On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement and the Subadvisory Agreement (together, the Advisory Agreements). Columbia Threadneedle prepared detailed reports for the Board and its Contracts Committee in November 2018 and January, March, April and June 2019, including reports providing the results of analyses performed by an independent organization, Broadridge Financial Solutions, Inc. (Broadridge), and a comprehensive response to items of information requested by independent legal counsel to the Independent Trustees (Independent Legal Counsel) in a letter to the Investment Manager, to assist the Board in making this determination. Many of the materials presented at these meetings were first supplied in draft form to designated independent Board representatives, i.e., Independent Legal Counsel, Fund Counsel, the Chair of the Board (who is an Independent Trustee) and the Chair of the Contracts Committee (who is an Independent Trustee), and the final materials were revised to include information reflective of discussion and subsequent requests made by the Contracts Committee. In addition, throughout the year, the Board (or its committees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by Columbia Threadneedle addressing the services Columbia Threadneedle provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees, such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Advisory Agreements.
The Board, at its June 17-19, 2019 in-person Board meeting (the June Meeting), considered the renewal of each of the Advisory Agreements for additional one-year terms. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory and subadvisory agreements and the Board’s legal responsibilities related to such consideration. Following an analysis and discussion of the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of each of the Advisory Agreements.
Nature, extent and quality of services provided by Columbia Threadneedle and the Subadviser
The Board analyzed various reports and presentations it had received detailing the services performed by Columbia Threadneedle and the Subadviser, as well as their history, reputation, expertise, resources and relative capabilities, and the qualifications of their personnel.
The Board specifically considered the many developments during recent years concerning the services provided by Columbia Threadneedle, including, in particular, detailed information regarding the process employed for selecting and overseeing affiliated and unaffiliated Subadvisers. With respect to Columbia Threadneedle, the Board also noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight, over the past several years, as well as planned 2019 initiatives. The Board also took into account the broad scope of services provided by Columbia Threadneedle to each subadvised Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning Columbia Threadneedle’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.
In connection with the Board’s evaluation of the overall package of services provided by Columbia Threadneedle, the Board also considered the nature, quality and range of administrative services provided to the Fund by Columbia Threadneedle, as well as the achievements in 2018 in the performance of administrative services, and noted the various enhancements anticipated for 2019. In evaluating the quality of services provided under the Advisory Agreements, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of Columbia Threadneedle and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements with affiliates of Ameriprise Financial, observing the financial strength of Ameriprise Financial, with its relatively strong cash position and solid balance sheet.
In addition, the Board discussed the acceptability of the terms of the Management Agreement (including the relatively broad scope of services required to be performed by Columbia Threadneedle in addition to monitoring the Subadviser), noting that no material changes are proposed from the forms of agreements previously approved. The Board also noted the wide array of legal and compliance services provided to the Funds under the Fund Management Agreements. It was also observed that the services being performed under the Management Agreement were of a reasonably high quality.
Columbia Contrarian Europe Fund  | Annual Report 2019
35
Approval of Management and Subadvisory
Agreements  (continued)
     
With respect to the Subadviser, the Board observed that it had previously approved the Subadviser’s code of ethics and compliance program, that the Chief Compliance Officer of the Fund continues to monitor the code and the program, and that no material concerns have been reported. The Board also considered the Subadviser’s organizational strength and resources, portfolio management team depth and capabilities and investment process. The Board also considered the Subadviser’s capability and wherewithal to carry out its responsibilities under the Subadvisory Agreement. In addition, the Board discussed the acceptability of the terms of the Subadvisory Agreement, including the scope of services required to be performed. The Board noted that the terms of the Subadvisory Agreement are generally consistent with the terms of other subadviser agreements for subadvisers who manage other funds managed by the Investment Manager. It was observed that no material changes were recommended to the Subadvisory Agreement. The Board took into account Columbia Threadneedle’s representation that the Subadviser was in a position to provide quality services to the Fund. In this regard, the Board further observed the various services provided by the subadvisory oversight team and their significant resources added in recent years to help improve performance.
Based on the foregoing, and based on other information received (both oral and written, including the information on investment performance referenced below) and other considerations, the Board concluded that the Subadviser is in a position to continue to provide a high quality and level of services to the Fund.
Investment performance
For purposes of evaluating the nature, extent and quality of services provided under the Advisory Agreements, the Board carefully reviewed the investment performance of the Fund. In this regard, the Board considered detailed reports providing the results of analyses performed by an independent organization showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the performance of a benchmark index, (iii) the percentage ranking of the Fund among its comparison group, (iv) the product score of the Fund (taking into account performance relative to peers and benchmarks) and (v) the net assets of the Fund. The Board observed that the Fund’s investment performance was understandable in light of the particular management style involved and the particular market environment.
Additionally, the Board reviewed the performance of the Subadviser. The Board considered, in particular, management’s rationale for recommending the continued retention of the Subadviser.
Comparative fees, costs of services provided and the profits realized by Columbia Threadneedle, its affiliates and the Subadviser from their relationships with the Fund
The Board reviewed comparative fees and the costs of services provided under each of the Advisory Agreements. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by an independent organization) showing a comparison of the Fund’s expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to Columbia Threadneedle’s profitability.
The Board considered the reports of its independent fee consultant, JDL Consultants, LLC (JDL), which assisted in the Board’s analysis of the Funds’ performance and expenses, the reasonableness of Columbia Threadneedle’s profitability, particularly in comparison to industry competitors, the reasonableness of the Funds’ fee rates, and JDL’s conclusion that the management fees being charged to the Fund are reasonable. The Board accorded particular weight to the notion that the primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain defined exceptions) are generally in line with the "pricing philosophy" currently in effect (i.e., that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe). The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) was slightly below the peer universe’s median expense ratio shown in the reports.
Additionally, the Board reviewed the level of subadvisory fees paid to the Subadviser, noting that the fees are paid by the Investment Manager and do not impact the fees paid by the Fund. The Board also reviewed the fees charged by the Subadviser to other mutual funds employing similar investment strategies where the Subadviser serves as investment
36 Columbia Contrarian Europe Fund  | Annual Report 2019
Approval of Management and Subadvisory
Agreements  (continued)
     
adviser or subadviser. Based on its reviews, including JDL’s conclusions/analyses, the Board concluded that the Fund’s investment management and subadvisory fees were fair and reasonable in light of the extent and quality of services that the Fund receives.
The Board also considered the profitability of Columbia Threadneedle and its affiliates in connection with Columbia Threadneedle providing management services to the Fund. In this regard, the Independent Trustees referred to their detailed analysis of the Profitability Report, discussing the profitability to Columbia Threadneedle and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that in 2018 the Board had concluded that 2017 profitability was reasonable and that the 2019 information shows that the profitability generated by Columbia Threadneedle in 2018 only slightly increased from 2017 levels. The Board also noted JDL’s report and its conclusion that 2018 Columbia Threadneedle profitability relative to industry competitors was reasonable. It also took into account the indirect economic benefits flowing to Columbia Threadneedle or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. The Board concluded that profitability levels were reasonable.
Economies of scale to be realized
The Board also considered the economies of scale that might be realized by the Fund as its net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board concluded that the breakpoints in the management fee rate schedule satisfactorily provides for the sharing of economies of scale, as they allow for adequate opportunity for shareholders to realize benefits (fee breaks) as Fund assets grow.
Based on the foregoing, the Board, including all of the Independent Trustees, concluded that fees payable under each of the Advisory Agreements were fair and reasonable in light of the extent and quality of services provided. In reaching this conclusion, no single factor was determinative. On June 19, 2019, the Board, including all of the Independent Trustees, approved the renewal of each of the Advisory Agreements.
Columbia Contrarian Europe Fund  | Annual Report 2019
37
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[THIS PAGE INTENTIONALLY LEFT BLANK]
Columbia Contrarian Europe Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2019 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
ANN147_10_J01_(12/19)
Annual Report
October 31, 2019
Columbia Seligman Global Technology 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
Table of Contents
Columbia Seligman Global Technology Fund (the Fund) mails one shareholder report to each shareholder address, unless such shareholder elected to receive shareholder reports from the Fund electronically. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT, and for reporting periods ended prior to March 31, 2019, on Form N-Q. The Fund’s Form N-Q and Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q or Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
225 Franklin Street
Boston, MA 02110
Fund distributor
Columbia Management Investment Distributors, Inc.
225 Franklin Street
Boston, MA 02110
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Seligman Global Technology Fund  |  Annual Report 2019
Fund at a Glance
Investment objective
The Fund seeks to provide shareholders with long-term capital appreciation.
Portfolio management
Paul Wick
Lead Portfolio Manager
Managed Fund since 1994
Shekhar Pramanick
Portfolio Manager
Managed Fund since 2014
Sanjay Devgan
Technology Team Member
Managed Fund since 2014
Jeetil Patel
Technology Team Member
Managed Fund since 2015
Christopher Boova
Technology Team Member
Managed Fund since 2016
Vimal Patel
Technology Team Member
Managed Fund since 2018
Morningstar style boxTM
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 October 31, 2019)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 05/23/94 30.23 18.56 16.00
  Including sales charges   22.74 17.16 15.31
Advisor Class* 11/08/12 30.52 18.85 16.20
Class C Excluding sales charges 05/27/99 29.21 17.66 15.13
  Including sales charges   28.21 17.66 15.13
Institutional Class* 09/27/10 30.53 18.86 16.27
Institutional 2 Class 08/03/09 30.63 18.96 16.43
Institutional 3 Class* 03/01/17 30.69 18.79 16.11
Class R 04/30/03 29.89 18.26 15.70
MSCI World Information Technology Index (Net)   21.21 16.90 15.50
Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The MSCI World Information Technology Index (Net) is a free float-adjusted market capitalization index designed to measure information technology stock performance in the global developed equity market.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI World Information Technology 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.
Columbia Seligman Global Technology Fund  | Annual Report 2019
3
Fund at a Glance   (continued)
Performance of a hypothetical $10,000 investment (October 31, 2009 — October 31, 2019)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Seligman Global Technology 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 October 31, 2019)
Lam Research Corp. (United States) 8.2
Broadcom, Inc. (United States) 5.3
Apple, Inc. (United States) 5.2
Synopsys, Inc. (United States) 4.2
Alphabet, Inc., Class A (United States) 4.1
Micron Technology, Inc. (United States) 3.7
Visa, Inc., Class A (United States) 3.6
Teradyne, Inc. (United States) 3.5
Marvell Technology Group Ltd. (United States) 3.3
Applied Materials, Inc. (United States) 3.2
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 October 31, 2019)
Communication Services 9.1
Consumer Discretionary 1.4
Industrials 0.1
Information Technology 89.4
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
Equity sub-industry breakdown (%) (at October 31, 2019)
Information Technology  
Application Software 11.0
Communications Equipment 2.5
Data Processing & Outsourced Services 10.3
Internet Services & Infrastructure 1.5
Semiconductor Equipment 16.4
Semiconductors 26.3
Systems Software 10.9
Technology Hardware, Storage & Peripherals 10.5
Total 89.4
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
 
4 Columbia Seligman Global Technology Fund  | Annual Report 2019
Fund at a Glance   (continued)
Country breakdown (%) (at October 31, 2019)
Brazil 2.3
China 0.3
Germany 2.6
Israel 1.5
Netherlands 2.0
Sweden 0.3
United Kingdom 0.8
United States(a) 90.2
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 October 31, 2019, the Fund invested at least 40% of its net assets in foreign companies in accordance with its principal investment strategy.
Summary of investments in securities by industry (%)
(at October 31, 2019)
Communications Equipment 2.4
Diversified Consumer Services 1.0
Electrical Equipment 0.1
Entertainment 1.8
Interactive Media & Services 6.9
Internet & Direct Marketing Retail 0.4
IT Services 11.4
Semiconductors & Semiconductor Equipment 40.7
Software 21.0
Technology Hardware, Storage & Peripherals 9.9
Money Market Funds 2.6
Total 98.1
Percentages indicated are based upon net assets. The Fund’s portfolio composition is subject to change.
 
Columbia Seligman Global Technology Fund  | Annual Report 2019
5
Manager Discussion of Fund Performance
For the 12-month period that ended October 31, 2019, the Fund’s Class A shares returned 30.23% excluding sales charges. The Fund’s benchmark, the MSCI World Information Technology Index (Net), returned 21.21%. Stock selection coupled with a significant overweight in the semiconductor industry were the primary contributors to the Fund’s substantial performance advantage over the benchmark. An underweight in hardware and stock selection in the entertainment industry within the communication services sector also aided relative returns. Stock selection in the software and IT service industries detracted from relative results.
A mixed backdrop for global equity markets
Global growth decelerated across developed economies, as the impact of key supports faded, geopolitical risks increased and uncertainty around the U.K.’s exit from the European Union continued to cloud the global economic outlook and weigh on capital spending. China’s economy slowed, reflecting an ongoing battle over trade with the United States. Japan’s economy is treading water. Eurozone countries registered mixed results, with annualized growth generally tracking between one and two percent, leaving the United States as the only major economy on relatively solid ground. However, a rollout of state- level taxes on e-commerce transactions in many of the most populous states could prove to be a hurdle for many internet retailers.
The U.S. Federal Reserve lowered short-term borrowing rates in July and again in September. In its September meeting, the European Central Bank enacted broad monetary stimulus measures, while both the Bank of Japan and the People’s Bank of China appear poised to take steps if momentum continues to weaken in their respective economies.
Most stock markets around the developed world rose over the 12-month period ended October 31, 2019. The S&P 500 Index gained 14.33%. The MSCI ACWI ex USA Index (Net), a broad measure of stock market performance outside the United States, returned 11.27% while the MSCI EAFE Index (Net), which tracks equity returns in developed countries in Europe, Australasia and the Far East, returned 11.04%.
Contributors
In the semiconductor industry, positions in semiconductor equipment companies Lam Research and Teradyne helped performance, as both stocks rose sharply during the period. Lam, a major player in “etch fabrication” and “deposition” equipment that creates chips, continued to benefit from the rise in demand for labor-intensive chips of all kinds. Given this increased complexity of chips, Teradyne, a supplier of automated testing equipment, has benefited from the increased demand for semiconductor testing. Teradyne delivered solid earnings on the back of high margins and strong demand. Like many other companies in the industry, both Lam and Teradyne availed themselves of improved access to offshore cash and bought back shares over the past year. The Fund had no exposure to chip company Nvidia, which aided relative returns as the company missed earnings on excess inventory related to its gaming business and exposure to cryptocurrency mining. A relative underweight in Apple also aided relative returns. Apple underperformed the benchmark return on concerns about slowing growth, even though those fears seemed to disappear after the company’s September 2019 product launch. In the entertainment industry, the Fund’s lack of exposure to Nintendo and Electronic Arts boosted relative returns as these and other video gaming names took a substantial hit on concerns that competition from Battle Royale-type games, such as Fortnite, have the potential to shorten game life-cycles and hurt earnings. We took advantage of the sell-off and established a position in Activision, which further aided results as the company’s recent launch of a mobile version of Call of Duty outperformed expected demand.
Detractors
Within software, an underweight in Microsoft detracted from relative results as the company’s cloud platform and strategy continued to benefit from the secular corporate shift to the cloud. Strength within Microsoft’s Server, Office and Windows divisions also attracted investors. Positions in digital recording company TiVo and remote access solution provider LogMeIn also were industry detractors. The overhang of ongoing patent infringement litigation continued to weigh on TiVo shares. LogMeIn reported better-than-expected earnings. However, investors exited the stocks after the company announced a three-year investment strategy designed to reaccelerate long term growth that would reduce margins and cash flow for the next two years. In IT services, competition among money transfer and payment services companies remained fierce. A lack of exposure to some of the top performing names, including MasterCard, detracted from returns. Memory suppliers, Micron and Western Digital, underperformed the broader semiconductor index in May as the market believed memory would be broadly
6 Columbia Seligman Global Technology Fund  | Annual Report 2019
Manager Discussion of Fund Performance  (continued)
hurt by announced trade tariffs and the Huawei ban. However, both companies have recently rebounded, as the inventory overhang that resulted from almost a year of continued reductions in capital spending by NAND suppliers has been worked down and NAND Flash pricing has stabilized. DRAM bit consumption also accelerated as Cloud Data Center demand improved.
At period’s end
Late in the period, we observed a significant rotation out of extreme valuation “momentum” stocks, particularly in the internet, software and medical device industries, and into more reasonably valued stocks, many of which are represented in the Fund’s portfolio. As a result, we are optimistic regarding the current environment, even though we remain concerned about the potential impact of continued trade and tariff brinksmanship; and we remain committed to finding attractively valued companies with what we believe to be underappreciated growth characteristics.
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The products of technology companies may be subject to severe competition and rapid obsolescence, and their stocks may be subject to greater price fluctuations. Investments in small- and mid-cap companies involve risks and volatility greater than investments in larger, more established companies. 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. As a non-diversified fund, fewer investments could have a greater effect on performance. 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.
Columbia Seligman Global Technology Fund  | Annual Report 2019
7
Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
May 1, 2019 — October 31, 2019
  Account value at the
beginning of the
period ($) 		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 1,053.10 1,018.60 6.78 6.67 1.31
Advisor Class 1,000.00 1,000.00 1,054.30 1,019.86 5.49 5.40 1.06
Class C 1,000.00 1,000.00 1,048.90 1,014.82 10.64 10.46 2.06
Institutional Class 1,000.00 1,000.00 1,054.30 1,019.86 5.49 5.40 1.06
Institutional 2 Class 1,000.00 1,000.00 1,054.40 1,020.16 5.18 5.09 1.00
Institutional 3 Class 1,000.00 1,000.00 1,054.80 1,020.42 4.92 4.84 0.95
Class R 1,000.00 1,000.00 1,051.60 1,017.34 8.07 7.93 1.56
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.
8 Columbia Seligman Global Technology Fund  | Annual Report 2019
Portfolio of Investments
October 31, 2019
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 95.6%
Issuer Shares Value ($)
Brazil 2.3%
Afya Ltd., Class A(a) 272,378 7,354,206
Arco Platform Ltd., Class A(a) 113,285 4,701,328
Linx SA, ADR(a) 601,933 5,176,624
Pagseguro Digital Ltd., Class A(a) 284,254 10,540,138
Total 27,772,296
China 0.3%
Tencent Holdings Ltd., ADR 77,000 3,118,500
Germany 2.5%
Infineon Technologies AG 1,327,000 25,702,357
TeamViewer AG(a) 180,575 4,765,011
Total 30,467,368
Israel 1.4%
Mellanox Technologies Ltd.(a) 154,800 17,445,960
Netherlands 2.0%
NXP Semiconductors NV 209,500 23,815,960
Sweden 0.3%
Telefonaktiebolaget LM Ericsson, ADR 393,500 3,431,320
United Kingdom 0.8%
Finablr PLC(a) 4,500,534 9,164,395
United States 86.0%
Activision Blizzard, Inc. 347,644 19,478,493
Advanced Energy Industries, Inc.(a) 203,700 12,038,670
Alphabet, Inc., Class A(a) 37,625 47,362,350
Alphabet, Inc., Class C(a) 25,318 31,903,465
Apple, Inc. 239,385 59,549,413
Applied Materials, Inc. 682,400 37,027,024
Arista Networks, Inc.(a) 38,685 9,461,190
Bloom Energy Corp., Class A(a) 380,900 1,165,554
Booking Holdings, Inc.(a) 2,265 4,640,464
Broadcom, Inc. 207,196 60,677,349
Cambium Networks Corp.(a) 386,500 3,385,740
Cerence, Inc.(a) 467,292 7,243,026
CommScope Holding Co., Inc.(a) 209,500 2,346,400
Cornerstone OnDemand, Inc.(a) 113,076 6,622,861
Cypress Semiconductor Corp. 286,998 6,678,443
Common Stocks (continued)
Issuer Shares Value ($)
Dell Technologies, Inc.(a) 170,300 9,007,167
Euronet Worldwide, Inc.(a) 32,216 4,512,495
F5 Networks, Inc.(a) 49,800 7,175,184
Fidelity National Information Services, Inc. 147,000 19,368,720
Fiserv, Inc.(a) 140,700 14,933,898
ForeScout Technologies, Inc.(a) 157,871 4,856,112
Fortinet, Inc.(a) 315,836 25,759,584
Genpact Ltd. 179,600 7,034,932
Global Payments, Inc. 70,731 11,966,271
GoDaddy, Inc., Class A(a) 91,549 5,953,431
Inphi Corp.(a) 192,385 13,828,634
Intel Corp. 44,700 2,526,891
Lam Research Corp. 346,852 94,010,766
Marvell Technology Group Ltd.(b) 1,572,232 38,346,739
Micron Technology, Inc.(a) 887,673 42,208,851
Microsoft Corp. 258,200 37,018,134
NetApp, Inc. 484,700 27,085,036
Nuance Communications, Inc.(a) 1,452,615 23,706,677
ON Semiconductor Corp.(a) 1,479,830 30,188,532
Oracle Corp. 373,400 20,346,566
Palo Alto Networks, Inc.(a) 98,200 22,329,698
Ping Identity Holding Corp.(a) 110,269 1,842,595
Plantronics, Inc. 70,800 2,790,936
Qorvo, Inc.(a) 179,701 14,530,623
Rambus, Inc.(a) 44,400 614,718
SailPoint Technologies Holding, Inc.(a) 228,851 4,430,555
Salesforce.com, Inc.(a) 118,533 18,549,229
Sciplay Corp., Class A(a) 256,085 2,476,342
SMART Global Holdings, Inc.(a) 139,132 4,132,220
Splunk, Inc.(a) 45,861 5,501,486
Symantec Corp. 503,600 11,522,368
Synaptics, Inc.(a) 516,523 21,750,784
Synopsys, Inc.(a) 354,711 48,152,018
Teradyne, Inc. 656,986 40,220,683
TiVo Corp. 1,045,800 8,512,812
Verint Systems, Inc.(a) 143,700 6,522,543
Visa, Inc., Class A 231,100 41,334,546
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Seligman Global Technology Fund  | Annual Report 2019
9
Portfolio of Investments  (continued)
October 31, 2019
Common Stocks (continued)
Issuer Shares Value ($)
Western Digital Corp.(b) 492,800 25,453,120
Xperi Corp. 285,900 5,805,200
Total 1,035,887,538
Total Common Stocks
(Cost $727,564,204) 		1,151,103,337
Money Market Funds 2.6%
  Shares Value ($)
Columbia Short-Term Cash Fund, 1.938%(c),(d) 30,983,871 30,980,772
Total Money Market Funds
(Cost $30,980,772) 		30,980,772
Total Investments in Securities
(Cost $758,544,976) 		1,182,084,109
Other Assets & Liabilities, Net   21,762,126
Net Assets $1,203,846,235
At October 31, 2019, securities and/or cash totaling $21,275,205 were pledged as collateral.
Investments in derivatives
Call option contracts written
Description Counterparty Trading
currency 		Notional
amount 		Number of
contracts 		Exercise
price/Rate 		Expiration
date 		Premium
received ($) 		Value ($)
Marvell Technology Group Ltd. Deutsche Bank USD (414,630) (170) 32.00 1/17/2020 (13,556) (340)
Marvell Technology Group Ltd. Deutsche Bank USD (517,068) (212) 31.00 1/17/2020 (20,506) (1,272)
Marvell Technology Group Ltd. Deutsche Bank USD (3,921,912) (1,608) 35.00 1/15/2021 (163,950) (151,956)
Western Digital Corp. Deutsche Bank USD (4,250,795) (823) 90.00 1/15/2021 (305,627) (93,822)
Total             (503,639) (247,390)
    
Put option contracts written
Description Counterparty Trading
currency 		Notional
amount 		Number of
contracts 		Exercise
price/Rate 		Expiration
date 		Premium
received ($) 		Value ($)
Marvell Technology Group Ltd. Deutsche Bank USD (4,334,103) (1,777) 15.00 01/17/2020 (190,356) (4,443)
Marvell Technology Group Ltd. Deutsche Bank USD (8,073,090) (3,310) 17.00 01/15/2021 (453,332) (329,345)
Western Digital Corp. Deutsche Bank USD (4,255,960) (824) 40.00 01/15/2021 (261,135) (379,040)
Total             (904,823) (712,828)
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 October 31, 2019.
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Seligman Global Technology Fund  | Annual Report 2019
Portfolio of Investments  (continued)
October 31, 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 October 31, 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, 1.938%
  3,144 292,705,310 (261,724,583) 30,983,871 (463) — 215,022 30,980,772
Abbreviation Legend
ADR American Depositary Receipt
Currency Legend
USD US Dollar
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
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.
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.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Seligman Global Technology Fund  | Annual Report 2019
11
Portfolio of Investments  (continued)
October 31, 2019
Fair value measurements  (continued)
The following table is a summary of the inputs used to value the Fund’s investments at October 31, 2019:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Brazil 27,772,296 — — 27,772,296
China — 3,118,500 — 3,118,500
Germany — 30,467,368 — 30,467,368
Israel 17,445,960 — — 17,445,960
Netherlands 23,815,960 — — 23,815,960
Sweden 3,431,320 — — 3,431,320
United Kingdom — 9,164,395 — 9,164,395
United States 1,035,887,538 — — 1,035,887,538
Total Common Stocks 1,108,353,074 42,750,263 — 1,151,103,337
Money Market Funds 30,980,772 — — 30,980,772
Total Investments in Securities 1,139,333,846 42,750,263 — 1,182,084,109
Investments in Derivatives        
Liability        
Options Contracts Written (960,218) — — (960,218)
Total 1,138,373,628 42,750,263 — 1,181,123,891
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.
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Seligman Global Technology Fund  | Annual Report 2019
Statement of Assets and Liabilities
October 31, 2019
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $727,564,204) $1,151,103,337
Affiliated issuers (cost $30,980,772) 30,980,772
Cash collateral held at broker for:  
Options contracts written 12,170,801
Receivable for:  
Investments sold 793,623
Capital shares sold 14,983,643
Dividends 20,551
Foreign tax reclaims 6,209
Prepaid expenses 5,054
Total assets 1,210,063,990
Liabilities  
Option contracts written, at value (premiums received $1,408,462) 960,218
Payable for:  
Investments purchased 3,485,152
Capital shares purchased 1,463,104
Management services fees 30,001
Distribution and/or service fees 8,340
Transfer agent fees 157,983
Compensation of board members 54,666
Other expenses 58,291
Total liabilities 6,217,755
Net assets applicable to outstanding capital stock $1,203,846,235
Represented by  
Paid in capital 658,619,511
Total distributable earnings (loss) 545,226,724
Total - representing net assets applicable to outstanding capital stock $1,203,846,235
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Seligman Global Technology Fund  | Annual Report 2019
13
Statement of Assets and Liabilities  (continued)
October 31, 2019
Class A  
Net assets $801,352,148
Shares outstanding 17,939,793
Net asset value per share $44.67
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) $47.40
Advisor Class  
Net assets $27,388,567
Shares outstanding 589,979
Net asset value per share $46.42
Class C  
Net assets $70,776,867
Shares outstanding 2,126,512
Net asset value per share $33.28
Institutional Class  
Net assets $204,305,057
Shares outstanding 4,476,562
Net asset value per share $45.64
Institutional 2 Class  
Net assets $31,006,168
Shares outstanding 675,298
Net asset value per share $45.91
Institutional 3 Class  
Net assets $3,159,707
Shares outstanding 69,249
Net asset value per share $45.63
Class R  
Net assets $65,857,721
Shares outstanding 1,538,475
Net asset value per share $42.81
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Seligman Global Technology Fund  | Annual Report 2019
Statement of Operations
Year Ended October 31, 2019
Net investment income  
Income:  
Dividends — unaffiliated issuers $12,369,701
Dividends — affiliated issuers 215,022
Foreign taxes withheld (47,718)
Total income 12,537,005
Expenses:  
Management services fees 9,935,853
Distribution and/or service fees  
Class A 1,828,415
Class C 690,556
Class R 264,480
Transfer agent fees  
Class A 929,110
Advisor Class 28,276
Class C 87,833
Institutional Class 239,671
Institutional 2 Class 13,566
Institutional 3 Class 289
Class R 66,954
Compensation of board members 25,876
Custodian fees 26,059
Printing and postage fees 71,278
Registration fees 121,138
Audit fees 34,106
Legal fees 17,218
Line of credit interest 17
Interest on interfund lending 12,379
Compensation of chief compliance officer 246
Other 29,242
Total expenses 14,422,562
Expense reduction (1,767)
Total net expenses 14,420,795
Net investment loss (1,883,790)
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers 124,527,418
Investments — affiliated issuers (463)
Foreign currency translations (43,780)
Options purchased (230,031)
Options contracts written 409,389
Net realized gain 124,662,533
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers 160,660,551
Foreign currency translations (470)
Options contracts written 515,659
Net change in unrealized appreciation (depreciation) 161,175,740
Net realized and unrealized gain 285,838,273
Net increase in net assets resulting from operations $283,954,483
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Seligman Global Technology Fund  | Annual Report 2019
15
Statement of Changes in Net Assets
  Year Ended
October 31, 2019 		Year Ended
October 31, 2018
Operations    
Net investment loss $(1,883,790) $(4,450,673)
Net realized gain 124,662,533 115,331,135
Net change in unrealized appreciation (depreciation) 161,175,740 (153,989,376)
Net increase (decrease) in net assets resulting from operations 283,954,483 (43,108,914)
Distributions to shareholders    
Net investment income and net realized gains    
Class A (72,889,935) (50,464,788)
Advisor Class (2,082,330) (1,358,785)
Class C (8,584,086) (10,821,922)
Institutional Class (20,328,208) (16,124,785)
Institutional 2 Class (2,274,625) (1,216,596)
Institutional 3 Class (209,449) (9,899)
Class K — (12,163)
Class R (4,602,603) (1,870,130)
Total distributions to shareholders (110,971,236) (81,879,068)
Decrease in net assets from capital stock activity (38,337,509) (3,955,520)
Total increase (decrease) in net assets 134,645,738 (128,943,502)
Net assets at beginning of year 1,069,200,497 1,198,143,999
Net assets at end of year $1,203,846,235 $1,069,200,497
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Seligman Global Technology Fund  | Annual Report 2019
Statement of Changes in Net Assets   (continued)
  Year Ended Year Ended
  October 31, 2019 October 31, 2018
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 1,474,540 58,504,140 3,685,753 155,504,584
Distributions reinvested 2,045,019 67,608,340 1,167,408 46,259,825
Redemptions (3,820,374) (146,879,611) (4,294,005) (179,359,837)
Net increase (decrease) (300,815) (20,767,131) 559,156 22,404,572
Advisor Class        
Subscriptions 214,290 8,758,069 287,392 12,474,458
Distributions reinvested 46,392 1,590,331 24,392 998,545
Redemptions (220,427) (8,723,496) (215,207) (9,298,370)
Net increase 40,255 1,624,904 96,577 4,174,633
Class C        
Subscriptions 294,132 8,035,959 456,239 14,775,576
Distributions reinvested 318,364 7,895,423 331,999 10,196,535
Redemptions (807,380) (22,783,929) (2,660,128) (87,015,719)
Net decrease (194,884) (6,852,547) (1,871,890) (62,043,608)
Institutional Class        
Subscriptions 902,894 36,130,166 1,787,202 76,508,570
Distributions reinvested 591,260 19,925,462 382,046 15,406,442
Redemptions (2,334,198) (88,074,299) (2,195,471) (93,135,056)
Net decrease (840,044) (32,018,671) (26,223) (1,220,044)
Institutional 2 Class        
Subscriptions 319,320 13,386,557 322,536 13,879,374
Distributions reinvested 63,058 2,136,404 27,703 1,122,448
Redemptions (277,562) (10,746,677) (150,128) (6,390,187)
Net increase 104,816 4,776,284 200,111 8,611,635
Institutional 3 Class        
Subscriptions 41,742 1,698,140 45,550 1,945,224
Distributions reinvested 6,214 209,156 241 9,691
Redemptions (19,304) (776,845) (8,157) (344,419)
Net increase 28,652 1,130,451 37,634 1,610,496
Class K        
Distributions reinvested — — 296 11,875
Redemptions — — (4,530) (205,661)
Net decrease — — (4,234) (193,786)
Class R        
Subscriptions 450,861 17,118,794 732,032 29,696,391
Distributions reinvested 141,018 4,477,318 45,913 1,754,725
Redemptions (207,443) (7,826,911) (219,349) (8,750,534)
Net increase 384,436 13,769,201 558,596 22,700,582
Total net decrease (777,584) (38,337,509) (450,273) (3,955,520)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Seligman Global Technology Fund  | Annual Report 2019
17
Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
  Net asset value,
beginning of
period 		Net
investment
income
(loss) 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Class A
Year Ended 10/31/2019 $38.52 (0.07) 10.28 10.21 (4.06) (4.06)
Year Ended 10/31/2018 $43.04 (0.14) (1.53) (1.67) (2.85) (2.85)
Year Ended 10/31/2017 $32.85 (0.17) 12.91 12.74 (2.55) (2.55)
Year Ended 10/31/2016 $30.77 (0.15) 4.58 4.43 (2.35) (2.35)
Year Ended 10/31/2015 $30.15 (0.21) 4.36 4.15 (3.53) (3.53)
Advisor Class
Year Ended 10/31/2019 $39.89 0.03 10.67 10.70 (4.17) (4.17)
Year Ended 10/31/2018 $44.45 (0.04) (1.58) (1.62) (2.94) (2.94)
Year Ended 10/31/2017 $33.84 (0.09) 13.32 13.23 (2.62) (2.62)
Year Ended 10/31/2016 $31.63 (0.15) 4.78 4.63 (2.42) (2.42)
Year Ended 10/31/2015 $30.89 (0.13) 4.47 4.34 (3.60) (3.60)
Class C
Year Ended 10/31/2019 $29.66 (0.27) 7.65 7.38 (3.76) (3.76)
Year Ended 10/31/2018 $33.77 (0.35) (1.17) (1.52) (2.59) (2.59)
Year Ended 10/31/2017 $26.27 (0.35) 10.18 9.83 (2.33) (2.33)
Year Ended 10/31/2016 $25.04 (0.30) 3.66 3.36 (2.13) (2.13)
Year Ended 10/31/2015 $25.13 (0.35) 3.59 3.24 (3.33) (3.33)
Institutional Class
Year Ended 10/31/2019 $39.29 0.04 10.48 10.52 (4.17) (4.17)
Year Ended 10/31/2018 $43.82 (0.04) (1.55) (1.59) (2.94) (2.94)
Year Ended 10/31/2017 $33.40 (0.10) 13.14 13.04 (2.62) (2.62)
Year Ended 10/31/2016 $31.24 (0.08) 4.66 4.58 (2.42) (2.42)
Year Ended 10/31/2015 $30.55 (0.13) 4.41 4.28 (3.59) (3.59)
Institutional 2 Class
Year Ended 10/31/2019 $39.49 0.06 10.55 10.61 (4.19) (4.19)
Year Ended 10/31/2018 $44.04 (0.02) (1.57) (1.59) (2.96) (2.96)
Year Ended 10/31/2017 $33.57 (0.08) 13.21 13.13 (2.66) (2.66)
Year Ended 10/31/2016 $31.40 (0.07) 4.71 4.64 (2.47) (2.47)
Year Ended 10/31/2015 $30.69 (0.13) 4.48 4.35 (3.64) (3.64)
Institutional 3 Class
Year Ended 10/31/2019 $39.28 0.07 10.49 10.56 (4.21) (4.21)
Year Ended 10/31/2018 $43.81 0.01 (1.56) (1.55) (2.98) (2.98)
Year Ended 10/31/2017(f) $35.81 (0.06) 8.06 8.00 — —
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Seligman Global Technology Fund  | Annual Report 2019
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 (loss)
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Class A
Year Ended 10/31/2019 $44.67 30.23% 1.32%(c),(d) 1.32%(c),(d),(e) (0.17%) 43% $801,352
Year Ended 10/31/2018 $38.52 (4.06%) 1.32%(c) 1.32%(c),(e) (0.34%) 42% $702,652
Year Ended 10/31/2017 $43.04 41.53% 1.33% 1.33%(e) (0.47%) 53% $760,937
Year Ended 10/31/2016 $32.85 15.54% 1.40% 1.40%(e) (0.51%) 55% $525,860
Year Ended 10/31/2015 $30.77 14.65% 1.42% 1.42%(e) (0.68%) 64% $454,512
Advisor Class
Year Ended 10/31/2019 $46.42 30.52% 1.07%(c),(d) 1.07%(c),(d),(e) 0.07% 43% $27,389
Year Ended 10/31/2018 $39.89 (3.81%) 1.07%(c) 1.07%(c),(e) (0.09%) 42% $21,927
Year Ended 10/31/2017 $44.45 41.87% 1.08% 1.08%(e) (0.24%) 53% $20,140
Year Ended 10/31/2016 $33.84 15.81% 1.15% 1.15%(e) (0.47%) 55% $4,915
Year Ended 10/31/2015 $31.63 14.95% 1.17% 1.17%(e) (0.42%) 64% $384
Class C
Year Ended 10/31/2019 $33.28 29.21% 2.07%(c),(d) 2.07%(c),(d),(e) (0.91%) 43% $70,777
Year Ended 10/31/2018 $29.66 (4.78%) 2.06%(c) 2.06%(c),(e) (1.09%) 42% $68,853
Year Ended 10/31/2017 $33.77 40.49% 2.08% 2.08%(e) (1.22%) 53% $141,591
Year Ended 10/31/2016 $26.27 14.63% 2.15% 2.15%(e) (1.26%) 55% $101,739
Year Ended 10/31/2015 $25.04 13.81% 2.17% 2.17%(e) (1.43%) 64% $90,044
Institutional Class
Year Ended 10/31/2019 $45.64 30.53% 1.07%(c),(d) 1.07%(c),(d),(e) 0.09% 43% $204,305
Year Ended 10/31/2018 $39.29 (3.79%) 1.07%(c) 1.07%(c),(e) (0.09%) 42% $208,865
Year Ended 10/31/2017 $43.82 41.85% 1.08% 1.08%(e) (0.26%) 53% $234,123
Year Ended 10/31/2016 $33.40 15.85% 1.15% 1.15%(e) (0.25%) 55% $47,809
Year Ended 10/31/2015 $31.24 14.94% 1.17% 1.17%(e) (0.42%) 64% $40,763
Institutional 2 Class
Year Ended 10/31/2019 $45.91 30.63% 1.00%(c),(d) 1.00%(c),(d) 0.14% 43% $31,006
Year Ended 10/31/2018 $39.49 (3.77%) 1.02%(c) 1.02%(c) (0.04%) 42% $22,531
Year Ended 10/31/2017 $44.04 41.95% 1.02% 1.02% (0.20%) 53% $16,310
Year Ended 10/31/2016 $33.57 15.97% 1.02% 1.02% (0.23%) 55% $2,735
Year Ended 10/31/2015 $31.40 15.12% 1.02% 1.02% (0.41%) 64% $972
Institutional 3 Class
Year Ended 10/31/2019 $45.63 30.69% 0.96%(c),(d) 0.96%(c),(d) 0.17% 43% $3,160
Year Ended 10/31/2018 $39.28 (3.71%) 0.97%(c) 0.97%(c) 0.03% 42% $1,595
Year Ended 10/31/2017(f) $43.81 22.34% 0.98%(g) 0.98%(g) (0.38%)(g) 53% $130
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Seligman Global Technology Fund  | Annual Report 2019
19
Financial Highlights  (continued)
  Net asset value,
beginning of
period 		Net
investment
income
(loss) 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Class R
Year Ended 10/31/2019 $37.07 (0.16) 9.86 9.70 (3.96) (3.96)
Year Ended 10/31/2018 $41.53 (0.23) (1.47) (1.70) (2.76) (2.76)
Year Ended 10/31/2017 $31.79 (0.26) 12.48 12.22 (2.48) (2.48)
Year Ended 10/31/2016 $29.85 (0.22) 4.44 4.22 (2.28) (2.28)
Year Ended 10/31/2015 $29.35 (0.27) 4.23 3.96 (3.46) (3.46)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Ratios include interfund lending expense which is less than 0.01%.
(d) Ratios include line of credit interest expense which is less than 0.01%.
(e) The benefits derived from expense reductions had an impact of less than 0.01%.
(f) Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date.
(g) Annualized.
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Columbia Seligman Global Technology Fund  | Annual Report 2019
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 (loss)
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Class R
Year Ended 10/31/2019 $42.81 29.89% 1.57%(c),(d) 1.57%(c),(d),(e) (0.43%) 43% $65,858
Year Ended 10/31/2018 $37.07 (4.29%) 1.57%(c) 1.57%(c),(e) (0.58%) 42% $42,778
Year Ended 10/31/2017 $41.53 41.16% 1.58% 1.58%(e) (0.74%) 53% $24,728
Year Ended 10/31/2016 $31.79 15.25% 1.65% 1.65%(e) (0.75%) 55% $9,878
Year Ended 10/31/2015 $29.85 14.37% 1.67% 1.67%(e) (0.93%) 64% $9,414
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Seligman Global Technology Fund  | Annual Report 2019
21
Notes to Financial Statements
October 31, 2019
Note 1. Organization
Columbia Seligman Global Technology Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a non-diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.
As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus. Class C shares automatically convert to Class A shares after 10 years.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
All equity securities are valued at the close of business of the New York Stock Exchange. Equity securities are valued at the official closing price on the principal exchange or market on which they trade. 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 determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, 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.
22 Columbia Seligman Global Technology Fund  | Annual Report 2019
Notes to Financial Statements  (continued)
October 31, 2019
Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market evaluations from independent third-party vendors.
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, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.
For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.
Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, 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
Columbia Seligman Global Technology Fund  | Annual Report 2019
23
Notes to Financial Statements  (continued)
October 31, 2019
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 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.
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 protect gains. 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
24 Columbia Seligman Global Technology Fund  | Annual Report 2019
Notes to Financial Statements  (continued)
October 31, 2019
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.
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 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 October 31, 2019:
  Liability derivatives  
Risk exposure
category 		Statement
of assets and liabilities
location 		Fair value ($)
Equity risk Options contracts written, at value 960,218
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 October 31, 2019:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category Options
contracts
written
($) 		Options
contracts
purchased
($) 		Total
($)
Equity risk 409,389 (230,031) 179,358
    
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category Options
contracts
written
($)
Equity risk 515,659
The following table is a summary of the average outstanding volume by derivative instrument for the year ended October 31, 2019:
Derivative instrument Average
value ($)
Options contracts — purchased 10,482**
Options contracts — written (590,068)*
    
Columbia Seligman Global Technology Fund  | Annual Report 2019
25
Notes to Financial Statements  (continued)
October 31, 2019
** Based on the ending daily outstanding amounts for the year ended October 31, 2019.
* Based on the ending quarterly outstanding amounts for the year ended October 31, 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 October 31, 2019:
  Deutsche
Bank ($)
Liabilities  
Options contracts written 960,218
Total financial and derivative net assets (960,218)
Total collateral received (pledged) (a) (960,218)
Net amount (b) -
    
(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 as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
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.
26 Columbia Seligman Global Technology Fund  | Annual Report 2019
Notes to Financial Statements  (continued)
October 31, 2019
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 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
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
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. The standard is effective for annual periods beginning after December 15, 2019 and interim periods within those fiscal years, with early adoption permitted. After evaluation, management determined to adopt the ASU effective for the period ended July 31, 2019 and all subsequent periods. To comply with the ASU, management implemented disclosure changes which include removal of the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, removal of the policy for the timing of transfers between levels, removal of the description of the Level 3 valuation processes, as well as modifications to the measurement uncertainty disclosure.
Columbia Seligman Global Technology Fund  | Annual Report 2019
27
Notes to Financial Statements  (continued)
October 31, 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 0.915% to 0.755% as the Fund’s net assets increase. The effective management services fee rate for the year ended October 31, 2019 was 0.912% 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 for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with 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.
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. In addition, effective March 1, 2019 through February 29, 2020, Institutional 2 Class shares are subject to a contractual transfer agency fee annual limitation of not more than 0.06% of the average daily net assets attributable to Institutional 2 Class shares.
28 Columbia Seligman Global Technology Fund  | Annual Report 2019
Notes to Financial Statements  (continued)
October 31, 2019
For the year ended October 31, 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 0.13
Advisor Class 0.13
Class C 0.13
Institutional Class 0.13
Institutional 2 Class 0.06
Institutional 3 Class 0.01
Class R 0.13
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 October 31, 2019, these minimum account balance fees reduced total expenses of the Fund by $1,767.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution, the Fund pays a fee at the maximum annual rates of up to 0.25%, 1.00% and 0.50% of the Fund’s average daily net assets attributable to Class A, Class C and Class R shares, respectively. For Class C shares, of the 1.00% fee, up to 0.75% can be reimbursed for distribution expenses and up to an additional 0.25% can be reimbursed for shareholder servicing expenses. For Class R shares, of the 0.50% fee, up to 0.25% can be reimbursed for shareholder servicing expenses.
The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $3,983,000 for Class C shares. This amount is based on the most recent information available as of September 30, 2019, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.
Sales charges (unaudited)
Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the year ended October 31, 2019, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 5.75 0.50 - 1.00(a) 326,948
Class C — 1.00(b) 4,450
    
(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund’s other share classes are not subject to sales charges.
Columbia Seligman Global Technology Fund  | Annual Report 2019
29
Notes to Financial Statements  (continued)
October 31, 2019
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:
  March 1, 2019
through
February 29, 2020 		Prior to
March 1, 2019
Class A 1.37% 1.42%
Advisor Class 1.12 1.17
Class C 2.12 2.17
Institutional Class 1.12 1.17
Institutional 2 Class 1.05 1.11
Institutional 3 Class 1.00 1.07
Class R 1.62 1.67
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. Reflected in the contractual cap commitment, effective March 1, 2019 through February 29, 2020, is the Transfer Agent’s contractual agreement to limit total transfer agency fees to an annual rate of not more than 0.06% for Institutional 2 Class of the average daily net assets attributable to that share class, unless sooner terminated at the sole discretion of the Board of Trustees. 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 October 31, 2019, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, trustees’ deferred compensation, net operating loss reclassification, 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:
Excess of distributions
over net investment
income ($) 		Accumulated
net realized
gain ($) 		Paid in
capital ($)
1,878,413 (1,878,413) —
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.
30 Columbia Seligman Global Technology Fund  | Annual Report 2019
Notes to Financial Statements  (continued)
October 31, 2019
The tax character of distributions paid during the years indicated was as follows:
Year Ended October 31, 2019 Year Ended October 31, 2018
Ordinary
income ($) 		Long-term
capital gains ($) 		Total ($) Ordinary
income ($) 		Long-term
capital gains ($) 		Total ($)
13,898,150 97,073,086 110,971,236 19,495,398 62,383,670 81,879,068
Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.
At October 31, 2019, the components of distributable earnings on a tax basis were as follows:
Undistributed
ordinary income ($) 		Undistributed
long-term
capital gains ($) 		Capital loss
carryforwards ($) 		Net unrealized
appreciation ($)
7,780,365 116,624,963 — 420,875,643
At October 31, 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) ($) 		Net unrealized
appreciation ($)
760,248,248 448,623,663 (27,748,020) 420,875,643
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 $465,634,268 and $667,201,348, respectively, for the year ended October 31, 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.
Columbia Seligman Global Technology Fund  | Annual Report 2019
31
Notes to Financial Statements  (continued)
October 31, 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’s activity in the Interfund Program during the year ended October 31, 2019 was as follows:
Borrower or lender Average loan
balance ($) 		Weighted average
interest rate (%) 		Number of days
with outstanding loans
Borrower 3,533,327 2.85 41
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 $1 billion. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the one-month LIBOR rate and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in December unless extended or renewed.
For the year ended October 31, 2019, the Fund’s borrowing activity was as follows:
Average loan
balance ($) 		Weighted average
interest rate (%) 		Days
outstanding
200,000 3.04 1
Interest expense incurred by the Fund is recorded as a line of credit interest expense in the Statement of Operations. The Fund had no outstanding borrowings at October 31, 2019.
Note 9. Significant risks
Foreign securities and emerging market countries risk
Investing in foreign securities may involve certain risks not typically associated with investing in U.S. securities, such as increased currency volatility and risks associated with political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, which may result in significant market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may increase these risks and expose the Fund to elevated risks associated with increased inflation, deflation or currency devaluation. 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 risks associated with the conditions, events or other factors impacting those countries or regions and may, therefore, have a greater risk than that of a fund that is more geographically diversified.
Non-diversification risk
A non-diversified fund is permitted to invest a greater percentage of its total assets in fewer issuers than a diversified fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund’s value will likely be more volatile than the value of a more diversified fund.
32 Columbia Seligman Global Technology Fund  | Annual Report 2019
Notes to Financial Statements  (continued)
October 31, 2019
Shareholder concentration risk
At October 31, 2019, affiliated shareholders of record owned 30.1% 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.
Technology and technology-related investment risk
The Fund may be more susceptible to the particular risks that may affect companies in the information technology sector, as well as other technology-related sectors (collectively, the technology sectors) than if it were invested in a wider variety of companies in unrelated sectors. Companies in the technology sectors are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many technology sector companies have limited operating histories and prices of these companies’ securities historically have been more volatile than other securities, especially over the short term.
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.
Columbia Seligman Global Technology Fund  | Annual Report 2019
33
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Seligman Global Technology Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Seligman Global Technology Fund (one of the funds constituting Columbia Funds Series Trust II, hereafter referred to as the "Fund") as of October 31, 2019, the related statement of operations for the year ended October 31, 2019, the statement of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 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 October 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 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 audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Minneapolis, Minnesota
December 20, 2019
We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.
34 Columbia Seligman Global Technology Fund  | Annual Report 2019
 Federal Income Tax Information
(Unaudited)
The Fund hereby designates the following tax attributes for the fiscal year ended October 31, 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
74.44% 72.46% $122,561,116
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.
 TRUSTEES AND OFFICERS
The Board oversees the Fund’s operations and 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 121 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
Columbia Seligman Global Technology Fund  | Annual Report 2019
35
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
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 121 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 121 Former Trustee, Boston Museum of Science (Chair of Finance Committee) 1985-2013; former Trustee, BofA Funds Series Trust (11 funds), 2005-2011
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 121 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 121 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 119 Trustee, Catholic Schools Foundation since 2004
36 Columbia Seligman Global Technology Fund  | Annual Report 2019
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
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. 121 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 121 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
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 121 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 119 Director, NAPE Education Foundation since October 2016
Columbia Seligman Global Technology Fund  | Annual Report 2019
37
TRUSTEES AND OFFICERS  (continued)
 
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, August 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.
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.
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, Head of North American Operations, and Co-Head of Global Operations, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); 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).
38 Columbia Seligman Global Technology Fund  | Annual Report 2019
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
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.
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.
 Approval of Management Agreement
Columbia Management Investment Advisers, LLC (Columbia Threadneedle or the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Seligman Global Technology Fund (the Fund). Under a management agreement (the Management Agreement), Columbia Threadneedle provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds).
On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. Columbia Threadneedle prepared detailed reports for the Board and its Contracts Committee in November 2018 and January, March, April and June 2019, including reports providing the results of analyses performed by an independent organization, Broadridge Financial Solutions, Inc. (Broadridge), and a comprehensive response to items of information requested by independent legal counsel to the Independent Trustees (Independent Legal Counsel) in a letter to the Investment Manager, to assist the Board in making this determination. Many of
Columbia Seligman Global Technology Fund  | Annual Report 2019
39
Approval of Management Agreement  (continued)
 
the materials presented at these meetings were first supplied in draft form to designated independent Board representatives, i.e., Independent Legal Counsel, Fund Counsel, the Chair of the Board (who is an Independent Trustee) and the Chair of the Contracts Committee (who is an Independent Trustee), and the final materials were revised to include information reflective of discussion and subsequent requests made by the Contracts Committee. In addition, throughout the year, the Board (or its committees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by Columbia Threadneedle addressing the services Columbia Threadneedle provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees, such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Management Agreement.
The Board, at its June 17-19, 2019 in-person Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of management agreements and the Board’s legal responsibilities related to such consideration. Following an analysis and discussion of the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.
Nature, extent and quality of services provided by Columbia Threadneedle
The Board analyzed various reports and presentations it had received detailing the services performed by Columbia Threadneedle, as well as its history, reputation, expertise, resources and capabilities, and the qualifications of its personnel.
The Board specifically considered the many developments during recent years concerning the services provided by Columbia Threadneedle, including, in particular, the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight, over the past several years, as well as planned 2019 initiatives. The Board also took into account the broad scope of services provided by Columbia Threadneedle to each Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning Columbia Threadneedle’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.
In connection with the Board’s evaluation of the overall package of services provided by Columbia Threadneedle, the Board also considered the nature, quality and range of administrative services provided to the Fund by Columbia Threadneedle, as well as the achievements in 2018 in the performance of administrative services, and noted the various enhancements anticipated for 2019. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. In addition, the Board reviewed the financial condition of Columbia Threadneedle and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements with affiliates of Ameriprise Financial, observing the financial strength of Ameriprise Financial, with its relatively strong cash position and solid balance sheet.
The Board also discussed the acceptability of the terms of the Management Agreement (including the relatively broad scope of services required to be performed by Columbia Threadneedle), noting that no material changes are proposed from the form of agreement previously approved. They also noted the wide array of legal and compliance services provided to the Funds under the Management Agreement. It was also observed that the services being performed under the Management Agreement were of a reasonably high quality.
Based on the foregoing, and based on other information received (both oral and written, including the information on investment performance referenced below) and other considerations, the Board concluded that Columbia Threadneedle and its affiliates are in a position to continue to provide a high quality and level of services to the Fund.
Investment performance
For purposes of evaluating the nature, extent and quality of services provided under the Management Agreement, the Board carefully reviewed the investment performance of the Fund. In this regard, the Board considered detailed reports providing the results of analyses performed by an independent organization showing, for various periods (including since manager
40 Columbia Seligman Global Technology Fund  | Annual Report 2019
Approval of Management Agreement  (continued)
 
inception): the performance of the Fund, the performance of a benchmark index, the percentage ranking of the Fund among its comparison group, the product score of the Fund (taking into account performance relative to peers and benchmarks) and the net assets of the Fund. The Board observed that the Fund’s investment performance met expectations.
Comparative fees, costs of services provided and the profits realized by Columbia Threadneedle and its affiliates from their relationships with the Fund
The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by an independent organization) showing a comparison of the Fund’s expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to Columbia Threadneedle’s profitability.
The Board considered the reports of its independent fee consultant, JDL Consultants, LLC (JDL), which assisted in the Board’s analysis of the Funds’ performance and expenses, the reasonableness of Columbia Threadneedle’s profitability, particularly in comparison to industry competitors, the reasonableness of the Funds’ fee rates, and JDL’s conclusion that the management fees being charged to the Fund are reasonable. The Board accorded particular weight to the notion that the primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain defined exceptions) are generally in line with the "pricing philosophy" currently in effect (i.e., that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe). The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) was slightly below the peer universe’s median expense ratio shown in the reports. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the extent and quality of services that the Fund receives.
The Board also considered the profitability of Columbia Threadneedle and its affiliates in connection with Columbia Threadneedle providing management services to the Fund. In this regard, the Independent Trustees referred to their detailed analysis of the Profitability Report, discussing the profitability to Columbia Threadneedle and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that in 2018 the Board had concluded that 2017 profitability was reasonable and that the 2019 information shows that the profitability generated by Columbia Threadneedle in 2018 only slightly increased from 2017 levels. The Board also noted JDL’s report and its conclusion that 2018 Columbia Threadneedle profitability relative to industry competitors was reasonable. It also took into account the indirect economic benefits flowing to Columbia Threadneedle or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. The Board concluded that profitability levels were reasonable.
Economies of scale to be realized
The Board also considered the economies of scale that might be realized by the Fund as its net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board concluded that the breakpoints in the management fee rate schedule satisfactorily provides for the sharing of economies of scale, as they allow for adequate opportunity for shareholders to realize benefits (fee breaks) as Fund assets grow.
Based on the foregoing, the Board, including all of the Independent Trustees, concluded that the management fees were fair and reasonable in light of the extent and quality of services provided. In reaching this conclusion, no single factor was determinative. On June 19, 2019, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.
Columbia Seligman Global Technology Fund  | Annual Report 2019
41
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[THIS PAGE INTENTIONALLY LEFT BLANK]
Columbia Seligman Global Technology Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2019 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
ANN220_10_J01_(12/19)
Annual Report
October 31, 2019
Columbia Contrarian Asia Pacific 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
Table of Contents
Columbia Contrarian Asia Pacific Fund (the Fund) mails one shareholder report to each shareholder address, unless such shareholder elected to receive shareholder reports from the Fund electronically. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT, and for reporting periods ended prior to March 31, 2019, on Form N-Q. The Fund’s Form N-Q and Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q or Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
225 Franklin Street
Boston, MA 02110
Fund distributor
Columbia Management Investment Distributors, Inc.
225 Franklin Street
Boston, MA 02110
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Contrarian Asia Pacific Fund  |  Annual Report 2019
Fund at a Glance
Investment objective
The Fund seeks to provide shareholders with long-term growth of capital.
Portfolio management
Soo Nam Ng, CFA
Co-Lead Portfolio Manager
Managed Fund since 2018
Christine Seng, CFA
Co-Lead Portfolio Manager
Managed Fund since 2018
Morningstar style boxTM
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 October 31, 2019)
    Inception 1 Year 5 Years 10 Years
Class A* Excluding sales charges 09/27/10 14.41 3.67 5.34
  Including sales charges   7.86 2.45 4.71
Class C* Excluding sales charges 09/27/10 13.59 2.87 4.52
  Including sales charges   12.59 2.87 4.52
Institutional Class* 09/27/10 14.73 3.92 5.57
Institutional 2 Class 07/15/09 14.82 4.04 5.71
Institutional 3 Class* 03/01/17 14.87 4.09 5.74
Class R* 09/27/10 14.11 3.39 5.03
MSCI AC Asia Pacific ex Japan Index (Net)   13.89 4.33 5.85
Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
*The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The MSCI AC Asia Pacific ex Japan Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of Asia, excluding Japan.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI AC Asia Pacific ex Japan 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.
Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
3
Fund at a Glance   (continued)
Performance of a hypothetical $10,000 investment (October 31, 2009 — October 31, 2019)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Contrarian Asia Pacific 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 October 31, 2019)
Tencent Holdings Ltd. (China) 7.5
Alibaba Group Holding Ltd., ADR (China) 6.8
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) 5.1
Samsung Electronics Co., Ltd. (South Korea) 5.1
BHP Group Ltd. (Australia) 4.0
Samsung Electro-Mechanics Co., Ltd. (South Korea) 3.8
Ping An Insurance Group Co. of China Ltd., Class H (China) 3.6
MediaTek, Inc. (Taiwan) 3.5
China Construction Bank Corp., Class H (China) 2.9
AIA Group Ltd. (Hong Kong) 2.8
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 October 31, 2019)
Communication Services 11.2
Consumer Discretionary 14.4
Consumer Staples 6.0
Energy 5.7
Financials 20.1
Health Care 2.4
Industrials 3.4
Information Technology 21.5
Materials 8.2
Real Estate 5.0
Utilities 2.1
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
 
4 Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
Fund at a Glance   (continued)
Country breakdown (%) (at October 31, 2019)
Australia 14.4
China 35.8
Hong Kong 7.9
India 7.7
Indonesia 1.0
Jersey 1.2
Macau 1.3
Philippines 1.3
Singapore 1.5
South Korea 11.8
Taiwan 9.6
Thailand 3.6
United States(a) 2.9
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.
Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
5
Manager Discussion of Fund Performance
At October 31, 2019, approximately 76.5% 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.
For the 12-month period ended October 31, 2019, the Fund’s Class A shares returned 14.41% excluding sales charges. During the same period, the Fund outperformed its benchmark, the MSCI AC Asia Pacific ex Japan Index (Net), which returned 13.89%. The outperformance of the Fund relative to benchmark was largely due to an overweight to the technology sector.
Shifting trade outlook drove market direction
The 12 months ended October 31, 2019 can best be characterized as a year of two distinct halves. The period opened with optimism that a U.S.-China trade deal could be reached following the November 2018 U.S. mid-term elections. This fueled a strong stock market recovery, led by a rebound in China.
However, trade talks broke down in May, and President Trump followed up with tariff threats and sanctions, including a ban on certain component supplies to smartphone manufacturer Huawei. This led to a sharp correction in most markets in the Asia Pacific region. The trade conflict weighed on economic momentum in the region and globally, with economic data showing more visible signs of slowing as the period progressed.
Interest rate cuts by the U.S. Federal Reserve at the end of July and mid-September provided support to the equity markets, and allowed Asian countries to ease monetary policies as well. October saw China and the U.S. reach a temporary truce on trade and pledge to re-start bilateral negotiations.
In Hong Kong, street protests beginning in June against a proposed extradition bill led to violence, disrupted business operations and turned tourists away, leading that market lower with the property sector most negatively impacted. Elsewhere, elections resulted in incumbents remaining in power in Thailand, Indonesia and India. This supported sentiment in those markets on the outlook for continuity of economic agendas and stable environments for policy execution, especially important for India which is facing an economic slowdown.
The strength of the technology sector as the period progressed was a major surprise after initial concerns that the macroeconomic slowdown would weigh on technology product purchases. Despite the obstacles presented to Huawei by the U.S. sanctions, China pushed ahead with an accelerated implementation of a 5G telecommunications network. This spurred expectations for a stronger technology cycle going into 2020, premised on smartphone replacement and building out of network infrastructure.
Contributors and detractors
The Fund’s performance early in the period benefited from its overweight in China, but these gains were surrendered following the failure of U.S.-China trade talks in May. Performance in the second half of the period was supported by an overweight to the technology sector. Individual security selection was critical in a market environment where top down dynamics were heavily influenced by trade tensions.
In Australia, stock selection was strong with positive contributions led by exposure to multinational mining, metals and petroleum company BHP, which benefited from strengthening iron ore prices. A position in Aristocrat Leisure was also a strong contributor. The company manufactures and sells gaming machines, systems and software in Australia and internationally. Aristocrat is successfully transitioning from land-based slot games to a more digitally driven strategy, buoyed by an attractive portfolio of new game launches. The company generates strong free cash flow from recurring revenue streams and has been gaining share in the key U.S. market.
6 Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
Manager Discussion of Fund Performance  (continued)
Within the technology sector, the Fund’s overweight in Taiwan Semiconductor Manufacturing (TSMC) was a leading positive contributor. TSMC extended its lead in the semiconductor space, especially with respect to chips for 5G equipment and smartphones. Shares of MediaTek, a Taiwanese semiconductor design company which outsources fabrication, also enjoyed a strong rally following the success of the company’s new 5G smartphone chips. We believe MediaTek is well-positioned to win market share from U.S. competitors.
Performance also benefited from a sizeable position in benchmark heavyweight Samsung Electronics, South Korea’s largest listed company. Apart from being a beneficiary of a new technology upcycle led by 5G telecommunications, Samsung is also positioned to gain from U.S. restrictions on the sale of components and software to Chinese telecommunications giant Huawei. As a result of these restrictions, future Huawei phones will not provide access to Google’s PlayStore and critical applications such as Gmail, Maps and Chrome.
Among China stocks, overweight positions in Ping An Insurance and e-commerce giant Alibaba were strong contributors. Both companies maintained a steady pace of business execution and delivered on market expectations despite the backdrop of slowing economic growth. Ping An Insurance’s focus on high margin products and steady expansion of its sales force led to improved confidence in its ability to create new business value. Alibaba continues to execute well on broadening its revenue sources, leveraging its technology edge and size advantage.
On the downside, exposure to United Tractors in Indonesia hurt performance as a result of falling coal prices and lackluster sale of construction equipment such as excavators. We believe the stock has been oversold, especially given the value of its gold mining business. In Korea, discount retailer E-Mart was a drag on performance, as the stock continued to slide alongside intense competition from Coupang, an online retailer with backing from Japanese conglomerate and investment firm Softbank. We believe that Coupang’s cash-intensive strategy is not sustainable given huge losses at Softbank from other investments, and that E-Mart should be able to weave its online and offline presence into a business strategy that can stand up to the competitive challenge.
Among positions in China stocks listed in Hong Kong, “old economy” companies such as BBMG and Sinopec Kantons underperformed as investors shifted into A shares traded on mainland exchanges as a result of their increased weighting in widely deployed benchmark indices. BBMG is the leading cement manufacturer in North East China and is benefiting from stabilized competition and growth in the northeast coastal Hubei-Beijing-Tianjin region. Sinopec Kantons operates gas pipelines, oil jetties, storage terminals and liquid natural gas tankers. We believe the company’s business fundamentals remain promising despite the stock currently being out of favor.
Fund positioning
On the positive side, policymakers appeared more worried about the potential economic fallout from trade tensions than they did a year ago. The negative development is that geopolitical undertones have intensified, as “national security” concerns around the rise of China are being fervently expressed on a bipartisan basis. The erosion of trust between the U.S. and China may take years to repair. Nonetheless, at the close of the reporting period, we expected the Chinese economy to remain on course for steady, sustainable growth. As a result, we remained overweighted in China, especially in large-cap names such as Tencent, Ping An Insurance and Alibaba.
Hong Kong appeared headed into a recession in the wake of recent protests. We believed Korea and Taiwan would continue to benefit from the technology sector recovery cycle as 5G implementation goes into full swing in 2020. We anticipated that 5G equipment, including handsets and network equipment, would require more high end components, further boosting the sector’s rebound. The Fund’s exposure in both Korea and Taiwan was concentrated in the technology sector, with a focus on large-cap names such as TSMC, Samsung Electronics and Mediatek, along with select component makers.
Barring shocks from outside the region, it was our view that sentiment with respect to Australia and Southeast Asia would be supported by political stability that allowed for robust economic policy execution. We had a neutral view on those markets and were focused primarily on stock specific exposures within each.
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Concentration in the Asia Pacific region, where issuers tend to be less developed than U.S. issuers, presents increased risk of loss than a fund that does not concentrate its investments. International investing involves certain risks and volatility due to potential political, economic or currency instabilities and different financial and accounting standards. Risks are
Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
7
Manager Discussion of Fund Performance  (continued)
enhanced for emerging market issuers. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. Investing in derivatives is a specialized activity that involves special risks, which may result in significant losses. Investments in a limited number of companies subject the Fund to greater risk of loss. 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.
8 Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
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 $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
May 1, 2019 — October 31, 2019
  Account value at the
beginning of the
period ($) 		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 1,000.00 958.70 1,017.39 7.65 7.88 1.55
Class C 1,000.00 1,000.00 955.00 1,013.61 11.33 11.67 2.30
Institutional Class 1,000.00 1,000.00 959.50 1,018.65 6.42 6.61 1.30
Institutional 2 Class 1,000.00 1,000.00 960.40 1,019.36 5.73 5.90 1.16
Institutional 3 Class 1,000.00 1,000.00 960.00 1,019.61 5.48 5.65 1.11
Class R 1,000.00 1,000.00 956.80 1,016.13 8.88 9.15 1.80
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.
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 Contrarian Asia Pacific Fund  | Annual Report 2019
9
Portfolio of Investments
October 31, 2019
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 97.3%
Issuer Shares Value ($)
Australia 14.4%
Ansell Ltd. 10,265 195,207
Aristocrat Leisure Ltd. 16,253 354,397
BHP Group Ltd. 27,595 676,421
LendLease Group 12,681 163,911
Macquarie Group Ltd. 2,992 276,274
NEXTDC Ltd.(a) 33,325 147,272
Oil Search Ltd. 41,486 204,746
Pilbara Minerals Ltd.(a) 586,811 131,068
Treasury Wine Estates Ltd. 27,855 337,690
Total 2,486,986
China 35.9%
58.Com, Inc., ADR(a) 2,666 140,791
Alibaba Group Holding Ltd., ADR(a) 6,444 1,138,461
Baoshan Iron & Steel Co., Ltd. 167,000 137,532
Baozun, Inc., ADR(a) 3,840 167,117
BBMG Corp., Class H 789,000 225,806
BeiGene Ltd.(a) 19,600 208,236
Beijing Enterprises Water Group Ltd.(a) 696,000 362,775
China Construction Bank Corp., Class H 598,380 479,464
China Mobile Ltd. 45,500 369,765
China Overseas Land & Investment Ltd. 68,000 214,574
NetEase, Inc., ADR 378 108,055
Ping An Insurance Group Co. of China Ltd., Class H 53,000 611,715
Sinopec Kantons Holdings Ltd. 774,000 315,532
Tencent Holdings Ltd. 31,000 1,257,450
Times China Holdings Ltd. 258,000 460,439
Total 6,197,712
Hong Kong 7.9%
AIA Group Ltd. 47,600 474,011
Galaxy Entertainment Group Ltd. 35,000 240,997
Hong Kong Exchanges and Clearing Ltd. 11,060 344,564
Hua Hong Semiconductor Ltd.(b) 149,000 299,617
Total 1,359,189
Common Stocks (continued)
Issuer Shares Value ($)
India 7.8%
Adani Ports & Special Economic Zone Ltd. 34,999 195,029
Godrej Consumer Products Ltd. 19,906 207,794
Larsen & Toubro Ltd. 18,507 383,984
Mahindra & Mahindra Ltd. 35,161 300,293
Reliance Industries Ltd. 12,226 251,994
Total 1,339,094
Indonesia 1.0%
PT United Tractors Tbk 116,300 179,513
Jersey 1.2%
Amcor PLC 21,863 209,347
Macau 1.3%
Wynn Macau Ltd. 100,000 217,008
Philippines 1.3%
Metropolitan Bank & Trust Co. 164,709 219,262
Singapore 1.5%
DBS Group Holdings Ltd. 14,032 267,462
South Korea 11.8%
E-MART, Inc., Class L 2,521 241,143
Hana Financial Group, Inc. 10,502 304,060
Samsung Electro-Mechanics Co., Ltd. 6,656 644,397
Samsung Electronics Co., Ltd. 19,783 855,018
Total 2,044,618
Taiwan 9.6%
MediaTek, Inc. 44,000 587,614
Taiwan Semiconductor Manufacturing Co., Ltd. 88,000 862,383
Yageo Corp. 21,000 215,489
Total 1,665,486
Thailand 3.6%
Bangkok Bank PCL, Foreign Registered Shares 50,800 293,554
Kasikornbank PCL, Foreign Registered Shares 23,400 107,936
Thai Beverage PCL 323,200 216,993
Total 618,483
Total Common Stocks
(Cost $15,179,816) 		16,804,160
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
Portfolio of Investments  (continued)
October 31, 2019
Money Market Funds 3.0%
  Shares Value ($)
Columbia Short-Term Cash Fund, 1.938%(c),(d) 506,807 506,757
Total Money Market Funds
(Cost $506,757) 		506,757
Total Investments in Securities
(Cost $15,686,573) 		17,310,917
Other Assets & Liabilities, Net   (44,599)
Net Assets $17,266,318
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund’s Board of Trustees. At October 31, 2019, the total value of these securities amounted to $299,617, which represents 1.74% of total net assets.
(c) The rate shown is the seven-day current annualized yield at October 31, 2019.
(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 October 31, 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, 1.938%
  1,168,279 9,104,557 (9,766,029) 506,807 — — 13,665 506,757
Abbreviation Legend
ADR American Depositary Receipt
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.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
11
Portfolio of Investments  (continued)
October 31, 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.
The following table is a summary of the inputs used to value the Fund’s investments at October 31, 2019:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Australia — 2,486,986 — 2,486,986
China 1,554,424 4,643,288 — 6,197,712
Hong Kong — 1,359,189 — 1,359,189
India — 1,339,094 — 1,339,094
Indonesia — 179,513 — 179,513
Jersey — 209,347 — 209,347
Macau — 217,008 — 217,008
Philippines — 219,262 — 219,262
Singapore — 267,462 — 267,462
South Korea — 2,044,618 — 2,044,618
Taiwan — 1,665,486 — 1,665,486
Thailand — 618,483 — 618,483
Total Common Stocks 1,554,424 15,249,736 — 16,804,160
Money Market Funds 506,757 — — 506,757
Total Investments in Securities 2,061,181 15,249,736 — 17,310,917
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.
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
Statement of Assets and Liabilities
October 31, 2019
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $15,179,816) $16,804,160
Affiliated issuers (cost $506,757) 506,757
Receivable for:  
Investments sold 212,538
Capital shares sold 2
Dividends 4,989
Foreign tax reclaims 299
Expense reimbursement due from Investment Manager 521
Prepaid expenses 2,187
Total assets 17,531,453
Liabilities  
Payable for:  
Investments purchased 178,497
Capital shares purchased 3,651
Foreign capital gains taxes deferred 8,356
Management services fees 417
Distribution and/or service fees 17
Transfer agent fees 552
Compensation of board members 42,751
Custodian fees 17,240
Other expenses 13,654
Total liabilities 265,135
Net assets applicable to outstanding capital stock $17,266,318
Represented by  
Paid in capital 99,667,803
Total distributable earnings (loss) (82,401,485)
Total - representing net assets applicable to outstanding capital stock $17,266,318
Class A  
Net assets $769,939
Shares outstanding 62,556
Net asset value per share $12.31
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) $13.06
Class C  
Net assets $255,690
Shares outstanding 21,118
Net asset value per share $12.11
Institutional Class  
Net assets $312,828
Shares outstanding 25,379
Net asset value per share $12.33
Institutional 2 Class  
Net assets $2,300,305
Shares outstanding 185,817
Net asset value per share $12.38
Institutional 3 Class  
Net assets $13,297,962
Shares outstanding 1,086,320
Net asset value per share $12.24
Class R  
Net assets $329,594
Shares outstanding 27,059
Net asset value per share $12.18
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
13
Statement of Operations
Year Ended October 31, 2019
Net investment income  
Income:  
Dividends — unaffiliated issuers $539,228
Dividends — affiliated issuers 13,665
Foreign taxes withheld (41,375)
Total income 511,518
Expenses:  
Management services fees 153,013
Distribution and/or service fees  
Class A 1,888
Class C 2,519
Class R 1,596
Transfer agent fees  
Class A 1,541
Class C 513
Institutional Class 673
Institutional 2 Class 1,645
Institutional 3 Class 1,026
Class R 650
Compensation of board members 11,193
Custodian fees 17,983
Printing and postage fees 11,982
Registration fees 88,441
Audit fees 49,966
Legal fees 7,303
Line of credit interest 230
Compensation of chief compliance officer 6
Other 9,815
Total expenses 361,983
Fees waived or expenses reimbursed by Investment Manager and its affiliates (155,187)
Total net expenses 206,796
Net investment income 304,722
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers (799,222)
Foreign currency translations (9,601)
Net realized loss (808,823)
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers 2,856,085
Foreign currency translations 2
Foreign capital gains tax (6,554)
Net change in unrealized appreciation (depreciation) 2,849,533
Net realized and unrealized gain 2,040,710
Net increase in net assets resulting from operations $2,345,432
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
Statement of Changes in Net Assets
  Year Ended
October 31, 2019 		Year Ended
October 31, 2018
Operations    
Net investment income $304,722 $285,994
Net realized gain (loss) (808,823) 8,560,761
Net change in unrealized appreciation (depreciation) 2,849,533 (12,050,043)
Net increase (decrease) in net assets resulting from operations 2,345,432 (3,203,288)
Distributions to shareholders    
Net investment income and net realized gains    
Class A (37,057) (12,876)
Class C (11,068) (1,205)
Institutional Class (17,231) (2,825)
Institutional 2 Class (151,975) (196,901)
Institutional 3 Class (704,733) (228,050)
Class R (14,808) (2,553)
Total distributions to shareholders (936,872) (444,410)
Decrease in net assets from capital stock activity (1,981,872) (8,878,186)
Total decrease in net assets (573,312) (12,525,884)
Net assets at beginning of year 17,839,630 30,365,514
Net assets at end of year $17,266,318 $17,839,630
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
15
Statement of Changes in Net Assets   (continued)
  Year Ended Year Ended
  October 31, 2019 October 31, 2018
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 11,931 149,396 66,514 968,111
Distributions reinvested 3,435 36,996 925 12,864
Redemptions (10,924) (138,120) (101,274) (1,440,875)
Net increase (decrease) 4,442 48,272 (33,835) (459,900)
Class C        
Subscriptions 127 1,496 5,252 76,139
Distributions reinvested 1,037 11,068 87 1,205
Redemptions (3,975) (44,814) (19,436) (262,462)
Net decrease (2,811) (32,250) (14,097) (185,118)
Institutional Class        
Subscriptions 756 8,984 14,526 215,558
Distributions reinvested 1,589 17,110 201 2,796
Redemptions (3,686) (43,066) (3,092) (41,276)
Net increase (decrease) (1,341) (16,972) 11,635 177,078
Institutional 2 Class        
Subscriptions 3,288 36,981 695,207 10,097,046
Distributions reinvested 12,965 140,026 13,565 189,093
Redemptions (66,476) (772,278) (1,133,733) (16,396,842)
Net decrease (50,223) (595,271) (424,961) (6,110,703)
Institutional 3 Class        
Subscriptions 9,353 102,997 431,587 6,270,934
Distributions reinvested 65,972 704,578 13,026 179,624
Redemptions (192,071) (2,210,495) (628,856) (8,707,096)
Net decrease (116,746) (1,402,920) (184,243) (2,256,538)
Class R        
Subscriptions 2,402 28,011 7,529 96,052
Distributions reinvested 1,375 14,700 184 2,536
Redemptions (2,116) (25,442) (10,597) (141,593)
Net increase (decrease) 1,661 17,269 (2,884) (43,005)
Total net decrease (165,018) (1,981,872) (648,385) (8,878,186)
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
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Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
17
Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
  Net asset value,
beginning of
period 		Net
investment
income
(loss) 		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 10/31/2019 $11.37 0.17 1.38 1.55 (0.23) (0.38) (0.61)
Year Ended 10/31/2018 $13.69 0.08 (2.28) (2.20) (0.12) — (0.12)
Year Ended 10/31/2017 $10.58 0.08 3.13 3.21 (0.10) — (0.10)
Year Ended 10/31/2016 $12.91 0.09 0.45 0.54 (2.87) — (2.87)
Year Ended 10/31/2015 $14.58 0.14 (1.67) (1.53) (0.14) — (0.14)
Class C
Year Ended 10/31/2019 $11.17 0.07 1.38 1.45 (0.13) (0.38) (0.51)
Year Ended 10/31/2018 $13.47 0.00(f) (2.27) (2.27) (0.03) — (0.03)
Year Ended 10/31/2017 $10.41 (0.01) 3.09 3.08 (0.02) — (0.02)
Year Ended 10/31/2016 $12.73 0.04 0.41 0.45 (2.77) — (2.77)
Year Ended 10/31/2015 $14.37 0.02 (1.63) (1.61) (0.03) — (0.03)
Institutional Class
Year Ended 10/31/2019 $11.39 0.20 1.38 1.58 (0.26) (0.38) (0.64)
Year Ended 10/31/2018 $13.72 0.17 (2.35) (2.18) (0.15) — (0.15)
Year Ended 10/31/2017 $10.61 0.12 3.11 3.23 (0.12) — (0.12)
Year Ended 10/31/2016 $12.95 0.12 0.45 0.57 (2.91) — (2.91)
Year Ended 10/31/2015 $14.62 0.21 (1.71) (1.50) (0.17) — (0.17)
Institutional 2 Class
Year Ended 10/31/2019 $11.44 0.21 1.39 1.60 (0.28) (0.38) (0.66)
Year Ended 10/31/2018 $13.77 0.06 (2.23) (2.17) (0.16) — (0.16)
Year Ended 10/31/2017 $10.65 0.12 3.13 3.25 (0.13) — (0.13)
Year Ended 10/31/2016 $12.99 0.13 0.45 0.58 (2.92) — (2.92)
Year Ended 10/31/2015 $14.66 0.26 (1.74) (1.48) (0.19) — (0.19)
Institutional 3 Class
Year Ended 10/31/2019 $11.32 0.21 1.38 1.59 (0.29) (0.38) (0.67)
Year Ended 10/31/2018 $13.63 0.16 (2.30) (2.14) (0.17) — (0.17)
Year Ended 10/31/2017(g) $10.82 0.11 2.70 2.81 — — —
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
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 (loss)
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Class A
Year Ended 10/31/2019 $12.31 14.41% 2.48%(c) 1.56%(c) 1.41% 83% $770
Year Ended 10/31/2018 $11.37 (16.22%) 2.06%(c),(d) 1.60%(c),(d),(e) 0.59% 150% $661
Year Ended 10/31/2017 $13.69 30.66% 2.16% 1.56%(e) 0.69% 37% $1,259
Year Ended 10/31/2016 $10.58 6.91% 1.84%(c) 1.51%(c),(e) 0.90% 20% $713
Year Ended 10/31/2015 $12.91 (10.58%) 1.38%(c) 1.29%(c) 1.13% 86% $869
Class C
Year Ended 10/31/2019 $12.11 13.59% 3.22%(c) 2.31%(c) 0.63% 83% $256
Year Ended 10/31/2018 $11.17 (16.90%) 2.85%(c),(d) 2.35%(c),(d),(e) 0.01% 150% $267
Year Ended 10/31/2017 $13.47 29.70% 2.90% 2.31%(e) (0.09%) 37% $512
Year Ended 10/31/2016 $10.41 6.01% 2.59%(c) 2.25%(c),(e) 0.38% 20% $394
Year Ended 10/31/2015 $12.73 (11.23%) 2.13%(c) 2.03%(c) 0.31% 86% $316
Institutional Class
Year Ended 10/31/2019 $12.33 14.73% 2.22%(c) 1.31%(c) 1.69% 83% $313
Year Ended 10/31/2018 $11.39 (16.07%) 1.82%(c),(d) 1.35%(c),(d),(e) 1.28% 150% $304
Year Ended 10/31/2017 $13.72 30.90% 1.90% 1.31%(e) 1.01% 37% $207
Year Ended 10/31/2016 $10.61 7.21% 1.57%(c) 1.26%(c),(e) 1.19% 20% $394
Year Ended 10/31/2015 $12.95 (10.34%) 1.13%(c) 1.01%(c) 1.68% 86% $725
Institutional 2 Class
Year Ended 10/31/2019 $12.38 14.82% 2.07%(c) 1.19%(c) 1.73% 83% $2,300
Year Ended 10/31/2018 $11.44 (15.94%) 1.69%(c),(d) 1.25%(c),(d) 0.42% 150% $2,700
Year Ended 10/31/2017 $13.77 31.02% 1.73% 1.21% 1.07% 37% $9,101
Year Ended 10/31/2016 $10.65 7.30% 1.41%(c) 1.15%(c) 1.24% 20% $16,471
Year Ended 10/31/2015 $12.99 (10.17%) 0.95%(c) 0.94%(c) 1.76% 86% $59,489
Institutional 3 Class
Year Ended 10/31/2019 $12.24 14.87% 2.02%(c) 1.13%(c) 1.81% 83% $13,298
Year Ended 10/31/2018 $11.32 (15.93%) 1.67%(c),(d) 1.19%(c),(d) 1.17% 150% $13,621
Year Ended 10/31/2017(g) $13.63 25.97% 1.74%(h) 1.18%(h) 1.30%(h) 37% $18,903
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
19
Financial Highlights  (continued)
  Net asset value,
beginning of
period 		Net
investment
income
(loss) 		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 R
Year Ended 10/31/2019 $11.25 0.14 1.37 1.51 (0.20) (0.38) (0.58)
Year Ended 10/31/2018 $13.56 0.08 (2.30) (2.22) (0.09) — (0.09)
Year Ended 10/31/2017 $10.48 0.05 3.10 3.15 (0.07) — (0.07)
Year Ended 10/31/2016 $12.81 0.08 0.43 0.51 (2.84) — (2.84)
Year Ended 10/31/2015 $14.46 0.09 (1.64) (1.55) (0.10) — (0.10)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Ratios include line of credit interest expense. For the periods indicated below, if line of credit interest expense had been excluded, expenses would have been lower by:
    
Class 10/31/2019 10/31/2018 10/31/2017 10/31/2016 10/31/2015
Class A less than .01% 0.01% —% less than .01% 0.02%
Class C less than .01% 0.01% —% less than .01% 0.02%
Institutional Class less than .01% 0.02% —% less than .01% 0.03%
Institutional 2 Class less than .01% 0.01% —% less than .01% less than .01%
Institutional 3 Class less than .01% 0.01% —% —% —%
Class R less than .01% 0.02% —% less than .01% 0.02%
    
(d) Ratios include interfund lending expense which is less than 0.01%.
(e) The benefits derived from expense reductions had an impact of less than 0.01%.
(f) Rounds to zero.
(g) Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date.
(h) Annualized.
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
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 (loss)
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Class R
Year Ended 10/31/2019 $12.18 14.11% 2.72%(c) 1.81%(c) 1.17% 83% $330
Year Ended 10/31/2018 $11.25 (16.49%) 2.36%(c),(d) 1.85%(c),(d),(e) 0.60% 150% $286
Year Ended 10/31/2017 $13.56 30.34% 2.40% 1.82%(e) 0.47% 37% $383
Year Ended 10/31/2016 $10.48 6.61% 2.09%(c) 1.76%(c),(e) 0.77% 20% $293
Year Ended 10/31/2015 $12.81 (10.78%) 1.63%(c) 1.53%(c) 0.79% 86% $301
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
21
Notes to Financial Statements
October 31, 2019
Note 1. Organization
Columbia Contrarian Asia Pacific Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.
As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares are available through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus. Class C shares automatically convert to Class A shares after 10 years.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
All equity securities are valued at the close of business of the New York Stock Exchange. Equity securities are valued at the official closing price on the principal exchange or market on which they trade. 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 determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, 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.
22 Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
Notes to Financial Statements  (continued)
October 31, 2019
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, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.
For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.
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.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
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.
Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
23
Notes to Financial Statements  (continued)
October 31, 2019
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 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
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
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. The standard is effective for annual periods beginning after December 15, 2019 and interim periods within those fiscal years, with early adoption permitted. After evaluation, management determined to adopt the ASU effective for the period ended July 31, 2019 and all subsequent periods. To comply with the ASU, management implemented disclosure changes which include removal of the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, removal of the policy for the timing of transfers between levels, removal of the description of the Level 3 valuation processes, as well as modifications to the measurement uncertainty disclosure.
24 Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
Notes to Financial Statements  (continued)
October 31, 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 Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund’s subadviser (see Subadvisory agreement below) has the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.88% to 0.62% as the Fund’s net assets increase. The effective management services fee rate for the year ended October 31, 2019 was 0.88% of the Fund’s average daily net assets.
Subadvisory agreement
The Fund’s Board of Trustees has approved a subadvisory agreement between the Investment Manager and Threadneedle International Limited (Threadneedle), an affiliate of the Investment Manager and an indirect wholly-owned subsidiary of Ameriprise Financial. As of October 31, 2019, Threadneedle is not providing services to the Fund pursuant to the subadvisory agreement.
Participating Affiliates
The Investment Manager and its investment advisory affiliates (Participating Affiliates) around the world may coordinate in providing services to their clients. From time to time the Investment Manager (or any affiliated investment subadviser to the Fund, as the case may be) may engage its Participating Affiliates to provide a variety of services such as investment research, investment monitoring, trading and discretionary investment management (including portfolio management) to certain accounts managed by the Investment Manager, including the Fund. These Participating Affiliates provide services to the Investment Manager (or any affiliated investment subadviser to the Fund as the case may be) either pursuant to subadvisory agreements, personnel-sharing agreements or similar inter-company arrangements and the Fund pays no additional fees and expenses as a result of any such arrangements.
These Participating Affiliates, like the Investment Manager, are direct or indirect subsidiaries of Ameriprise Financial and are registered, as appropriate, with respective regulators in their home jurisdictions and, where required, the Securities and Exchange Commission and the Commodity Futures Trading Commission in the United States.
Pursuant to some of these arrangements, certain employees of these Participating Affiliates may serve as "associated persons" of the Investment Manager and, in this capacity, subject to the oversight and supervision of the Investment Manager and consistent with the investment objectives, policies and limitations set forth in the Fund’s prospectus and Statement of Additional Information (SAI), may provide such services to the Fund on behalf of the Investment Manager.
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 for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
25
Notes to Financial Statements  (continued)
October 31, 2019
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.
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 October 31, 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 0.20
Class C 0.20
Institutional Class 0.20
Institutional 2 Class 0.06
Institutional 3 Class 0.01
Class R 0.20
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 October 31, 2019, no minimum account balance fees were charged by the Fund.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution, the Fund pays a fee at the maximum annual rates of up to 0.25%, 1.00% and 0.50% of the Fund’s average daily net assets attributable to Class A, Class C and Class R shares, respectively. For Class C shares, of the 1.00% fee, up to 0.75% can be reimbursed for distribution expenses and up to an additional 0.25% can be reimbursed for shareholder servicing expenses. For Class R shares, of the 0.50% fee, up to 0.25% can be reimbursed for shareholder servicing expenses.
The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $3,000 for Class C shares. This amount is based on the most recent information available as of September 30, 2019, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.
26 Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
Notes to Financial Statements  (continued)
October 31, 2019
Sales charges (unaudited)
Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the year ended October 31, 2019, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 5.75 0.50 - 1.00(a) 661
Class C — 1.00(b) —
    
(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund’s other share classes are not subject to sales charges.
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:
  March 1, 2019
through
February 29, 2020 		Prior to
March 1, 2019
Class A 1.55% 1.59%
Class C 2.30 2.34
Institutional Class 1.30 1.34
Institutional 2 Class 1.17 1.23
Institutional 3 Class 1.11 1.17
Class R 1.80 1.84
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 October 31, 2019, these differences were primarily due to differing treatment for trustees’ deferred compensation, capital loss carryforward, distribution reclassifications, foreign capital gains tax 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.
Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
27
Notes to Financial Statements  (continued)
October 31, 2019
The following reclassifications were made:
Undistributed net
investment
income ($) 		Accumulated
net realized
(loss) ($) 		Paid in
capital ($)
33,874 (33,874) —
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 October 31, 2019 Year Ended October 31, 2018
Ordinary
income ($) 		Long-term
capital gains ($) 		Total ($) Ordinary
income ($) 		Long-term
capital gains ($) 		Total ($)
403,918 532,954 936,872 444,410 — 444,410
Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.
At October 31, 2019, the components of distributable earnings on a tax basis were as follows:
Undistributed
ordinary income ($) 		Undistributed
long-term
capital gains ($) 		Capital loss
carryforwards ($) 		Net unrealized
appreciation ($)
305,849 — (84,280,971) 1,624,344
At October 31, 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) ($) 		Net unrealized
appreciation ($)
15,686,573 3,177,804 (1,553,460) 1,624,344
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 October 31, 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 October 31, 2019, capital loss carryforwards utilized and expired unused, if any, were as follows:
No expiration
short-term ($) 		No expiration
long-term ($) 		Total ($) Utilized ($) Expired ($)
(84,017,384) (263,587) (84,280,971) — —
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 $13,865,730 and $16,037,915, respectively, for the year ended October 31, 2019. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
28 Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
Notes to Financial Statements  (continued)
October 31, 2019
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.
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 October 31, 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 $1 billion. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the one-month LIBOR rate and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in December unless extended or renewed.
For the year ended October 31, 2019, the Fund’s borrowing activity was as follows:
Average loan
balance ($) 		Weighted average
interest rate (%) 		Days
outstanding
480,000 3.45 5
Interest expense incurred by the Fund is recorded as a line of credit interest expense in the Statement of Operations. The Fund had no outstanding borrowings at October 31, 2019.
Note 9. Significant risks
Asia Pacific region risk
Because the Fund concentrates its investments in the Asia Pacific region, the Fund may be particularly susceptible to economic, political or regulatory events affecting companies and countries within the Asia Pacific region. Many of the countries in the Asia Pacific region are considered underdeveloped or developing, including from a political economic and/or social perspective, and may have relatively unstable governments and economies based on limited business, industries and/or natural resources or commodities. Events in any one country within the region may impact other countries in the region or the region as a whole. As a result, events in the region will generally have a greater effect on the Fund than if the
Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
29
Notes to Financial Statements  (continued)
October 31, 2019
Fund were more geographically diversified. This could result in increased volatility in the value of the Fund’s investments and losses for the Fund. Also, securities of some companies in the region can be less liquid than U.S. or other foreign securities, potentially making it difficult for the Fund to sell such securities at a desirable time and price.
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 involve certain risks not typically associated with investing in U.S. securities, such as increased currency volatility and risks associated with political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, which may result in significant market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may increase these risks and expose the Fund to elevated risks associated with increased inflation, deflation or currency devaluation. 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 risks associated with the conditions, events or other factors impacting those countries or regions and may, therefore, have a greater risk than that of a fund that is more geographically diversified.
Shareholder concentration risk
At October 31, 2019, affiliated shareholders of record owned 77.4% 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.
Technology and technology-related investment risk
The Fund may be more susceptible to the particular risks that may affect companies in the information technology sector, as well as other technology-related sectors (collectively, the technology sectors) than if it were invested in a wider variety of companies in unrelated sectors. Companies in the technology sectors are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many technology sector companies have limited operating histories and prices of these companies’ securities historically have been more volatile than other securities, especially over the short term.
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.
30 Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
Notes to Financial Statements  (continued)
October 31, 2019
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.
Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
31
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Contrarian Asia Pacific Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Contrarian Asia Pacific Fund (one of the funds constituting Columbia Funds Series Trust II, hereafter referred to as the "Fund") as of October 31, 2019, the related statement of operations for the year ended October 31, 2019, the statement of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 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 October 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 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 audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Minneapolis, Minnesota
December 20, 2019
We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.
32 Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
 Federal Income Tax Information
(Unaudited)
The Fund hereby designates the following tax attributes for the fiscal year ended October 31, 2019. Shareholders will be notified in early 2020 of the amounts for use in preparing 2019 income tax returns.
Qualified
dividend
income 		 
85.76%  
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.
 TRUSTEES AND OFFICERS
The Board oversees the Fund’s operations and 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 121 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 121 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
Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
33
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
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 121 Former Trustee, Boston Museum of Science (Chair of Finance Committee) 1985-2013; former Trustee, BofA Funds Series Trust (11 funds), 2005-2011
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 121 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 121 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 119 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. 121 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 121 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
34 Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
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 121 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 119 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, August 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 Contrarian Asia Pacific Fund  | Annual Report 2019
35
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.
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, Head of North American Operations, and Co-Head of Global Operations, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); 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.
36 Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
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.
 Approval of Management and Subadvisory
Agreements
Columbia Management Investment Advisers, LLC (Columbia Threadneedle or the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Contrarian Asia Pacific Fund (the Fund). Under a management agreement (the Management Agreement), Columbia Threadneedle provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds). In addition, under a Subadvisory Agreement (the Subadvisory Agreement) between Columbia Threadneedle and Threadneedle International Limited (the Subadviser), an affiliate of Columbia Threadneedle, the Subadviser provided portfolio management and related services for the Fund through January 22, 2018. At present, the Subadviser is not providing services to the Fund; however, Columbia Threadneedle has continued to retain Threadneedle International Limited and may in the future reallocate Fund assets to them to serve the Fund in a subadvisory capacity.
On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement and the Subadvisory Agreement (together, the Advisory Agreements). Columbia Threadneedle prepared detailed reports for the Board and its Contracts Committee in November 2018 and January, March, April and June 2019, including reports providing the results of analyses performed by an independent organization, Broadridge Financial Solutions, Inc. (Broadridge), and a comprehensive response to items of information requested by independent legal counsel to the Independent Trustees (Independent Legal Counsel) in a letter to the Investment Manager, to assist the Board in making this determination. Many of the materials presented at these meetings were first supplied in draft form to designated independent Board representatives, i.e., Independent Legal Counsel, Fund Counsel, the Chair of the Board (who is an Independent Trustee) and the Chair of the Contracts Committee (who is an Independent Trustee), and the final materials were revised to include information reflective of discussion and subsequent requests made by the Contracts Committee. In addition, throughout the year, the Board (or its committees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by Columbia Threadneedle addressing the services Columbia Threadneedle provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees, such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Advisory Agreements.
The Board, at its June 17-19, 2019 in-person Board meeting (the June Meeting), considered the renewal of each of the Advisory Agreements for additional one-year terms. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory and subadvisory agreements and the Board’s legal responsibilities related to such consideration. Following an analysis and discussion of the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of each of the Advisory Agreements.
Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
37
Approval of Management and Subadvisory
Agreements  (continued)
     
Nature, extent and quality of services provided by Columbia Threadneedle and the Subadviser
The Board analyzed various reports and presentations it had received detailing the services performed by Columbia Threadneedle and the Subadviser, as well as their history, reputation, expertise, resources and relative capabilities, and the qualifications of their personnel.
The Board specifically considered the many developments during recent years concerning the services provided by Columbia Threadneedle, including, in particular, detailed information regarding the process employed for selecting and overseeing affiliated and unaffiliated Subadvisers. With respect to Columbia Threadneedle, the Board also noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight, over the past several years, as well as planned 2019 initiatives. The Board also took into account the broad scope of services provided by Columbia Threadneedle to each subadvised Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning Columbia Threadneedle’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.
In connection with the Board’s evaluation of the overall package of services provided by Columbia Threadneedle, the Board also considered the nature, quality and range of administrative services provided to the Fund by Columbia Threadneedle, as well as the achievements in 2018 in the performance of administrative services, and noted the various enhancements anticipated for 2019. In evaluating the quality of services provided under the Advisory Agreements, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of Columbia Threadneedle and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements with affiliates of Ameriprise Financial, observing the financial strength of Ameriprise Financial, with its relatively strong cash position and solid balance sheet.
In addition, the Board discussed the acceptability of the terms of the Management Agreement (including the relatively broad scope of services required to be performed by Columbia Threadneedle in addition to monitoring the Subadviser), noting that no material changes are proposed from the forms of agreements previously approved. The Board also noted the wide array of legal and compliance services provided to the Funds under the Fund Management Agreements. It was also observed that the services being performed under the Management Agreement were of a reasonably high quality.
With respect to the Subadviser, the Board observed that it had previously approved the Subadviser’s code of ethics and compliance program, that the Chief Compliance Officer of the Fund continues to monitor the code and the program, and that no material concerns have been reported. The Board also considered the Subadviser’s organizational strength and resources, portfolio management team depth and capabilities and investment process. The Board also considered the Subadviser’s capability and wherewithal to carry out its responsibilities under the Subadvisory Agreement. In addition, the Board discussed the acceptability of the terms of the Subadvisory Agreement, including the scope of services required to be performed. The Board noted that the terms of the Subadvisory Agreement are generally consistent with the terms of other subadviser agreements for subadvisers who manage other funds managed by the Investment Manager. It was observed that no material changes were recommended to the Subadvisory Agreement. The Board took into account Columbia Threadneedle’s representation that the Subadviser was in a position to provide quality services to the Fund. In this regard, the Board further observed the various services provided by the subadvisory oversight team and their significant resources added in recent years to help improve performance.
Based on the foregoing, and based on other information received (both oral and written, including the information on investment performance referenced below) and other considerations, the Board concluded that the Subadviser is in a position to continue to provide a high quality and level of services to the Fund.
Investment performance
For purposes of evaluating the nature, extent and quality of services provided under the Advisory Agreements, the Board carefully reviewed the investment performance of the Fund. In this regard, the Board considered detailed reports providing the results of analyses performed by an independent organization showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the performance of a benchmark index, (iii) the percentage ranking of the Fund among its comparison group, (iv) the product score of the Fund (taking into account performance relative to peers and
38 Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
Approval of Management and Subadvisory
Agreements  (continued)
     
benchmarks) and (v) the net assets of the Fund. The Board observed the Fund’s underperformance for certain periods, noting that appropriate steps (such as changes to strategy and management team) had recently been taken to help improve the Fund’s performance.
Additionally, the Board reviewed the performance of the Subadviser. The Board considered, in particular, management’s rationale for recommending the continued retention of the Subadviser.
Comparative fees, costs of services provided and the profits realized by Columbia Threadneedle, its affiliates and the Subadviser from their relationships with the Fund
The Board reviewed comparative fees and the costs of services provided under each of the Advisory Agreements. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by an independent organization) showing a comparison of the Fund’s expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to Columbia Threadneedle’s profitability.
The Board considered the reports of its independent fee consultant, JDL Consultants, LLC (JDL), which assisted in the Board’s analysis of the Funds’ performance and expenses, the reasonableness of Columbia Threadneedle’s profitability, particularly in comparison to industry competitors, the reasonableness of the Funds’ fee rates, and JDL’s conclusion that the management fees being charged to the Fund are reasonable. The Board accorded particular weight to the notion that the primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain defined exceptions) are generally in line with the "pricing philosophy" currently in effect (i.e., that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe). The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) approximated the peer universe’s median expense ratio.
Additionally, the Board reviewed the level of subadvisory fees paid to the Subadviser, noting that the fees are paid by the Investment Manager and do not impact the fees paid by the Fund. The Board also reviewed the fees charged by the Subadviser to other mutual funds employing similar investment strategies where the Subadviser serves as investment adviser or subadviser. Based on its reviews, including JDL’s conclusions/analyses, the Board concluded that the Fund’s investment management and subadvisory fees were fair and reasonable in light of the extent and quality of services that the Fund receives.
The Board also considered the profitability of Columbia Threadneedle and its affiliates in connection with Columbia Threadneedle providing management services to the Fund. In this regard, the Independent Trustees referred to their detailed analysis of the Profitability Report, discussing the profitability to Columbia Threadneedle and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that in 2018 the Board had concluded that 2017 profitability was reasonable and that the 2019 information shows that the profitability generated by Columbia Threadneedle in 2018 only slightly increased from 2017 levels. The Board also noted JDL’s report and its conclusion that 2018 Columbia Threadneedle profitability relative to industry competitors was reasonable. It also took into account the indirect economic benefits flowing to Columbia Threadneedle or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. The Board concluded that profitability levels were reasonable.
Economies of scale to be realized
The Board also considered the economies of scale that might be realized by the Fund as its net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board concluded that the breakpoints in the management fee rate schedule satisfactorily provides for the sharing of economies of scale, as they allow for adequate opportunity for shareholders to realize benefits (fee breaks) as Fund assets grow.
Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
39
Approval of Management and Subadvisory
Agreements  (continued)
     
Based on the foregoing, the Board, including all of the Independent Trustees, concluded that fees payable under each of the Advisory Agreements were fair and reasonable in light of the extent and quality of services provided. In reaching this conclusion, no single factor was determinative. On June 19, 2019, the Board, including all of the Independent Trustees, approved the renewal of each of the Advisory Agreements.
40 Columbia Contrarian Asia Pacific Fund  | Annual Report 2019
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Columbia Contrarian Asia Pacific Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2019 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
ANN119_10_J01_(12/19)

Item 2. Code of Ethics. 

  

(a)

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. 

  

(b)

During the period covered by this report, there were not any amendments to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. 

  

(c)

During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the code of ethics to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party that relates to one or more of the items set forth in paragraph (b) of this Item. 

  

Item 3. Audit Committee Financial Expert. 

  

The registrant’s Board of Trustees has determined that Brian J. Gallagher, Pamela G. Carlton, Anthony M. Santomero, and Sandra L. Yeager, each of whom are members of the registrant’s Board of Trustees and Audit Committee, each qualify as an audit committee financial expert.  Mr. Gallagher, Ms. Carlton, Mr. Santomero, and Ms. Yeager are each independent trustees, as defined in paragraph (a)(2) of this item’s instructions.  

  

Item 4. Principal Accountant Fees and Services.   

  

Fee information below is disclosed for the four series of the registrant whose reports to stockholders are included in this annual filing. One series liquidated in 2018 and the fees incurred by this series through its liquidation date are included in the response to this Item. One series liquidated in 2019 and the fees incurred by this series through its liquidation date are included in the response to this Item. 

  

(a) Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended October 31, 2019 and October 31, 2018 are approximately as follows: 

  

2019 

2018 

$116,000 

$171,800 

  

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

  

(b) Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended October 31, 2019 and October 31, 2018 are approximately as follows: 

  

2019 

2018 

$0 

$0 

  

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

  

During the fiscal years ended October 31, 2019 and October 31, 2018, there were no Audit-Related Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant. 

  

(c) Tax Fees. Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended October 31, 2019 and October 31, 2018 are approximately as follows: 

  

2019 

2018 

$45,700  

$40,200 

  

Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning. Fiscal years 2019 and 2018 include Tax Fees for foreign tax filings. Fiscal year 2019 also includes Tax Fees for agreed-upon procedures related to a fund liquidation and a final tax return. 

  

During the fiscal years ended October 31, 2019 and October 31, 2018, there were no Tax Fees  billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant. 

  

(d) All Other Fees. Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended October 31, 2019 and October 31, 2018 are approximately as follows: 

  

2019 

2018 

$0    

$0 

  

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

  

Aggregate All Other Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant during the fiscal years ended October 31, 2019 and October 31, 2018 are approximately as follows: 

  

2019 

2018 

$225,000    

$225,000 

  

In fiscal years 2019 and 2018, All Other Fees primarily consists of fees billed for internal control examinations of the registrant’s transfer agent and investment adviser.   

  

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

  

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

  

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

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

  

    

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

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

***** 

  

(e)(2) 100% of the services performed for items (b) through (d) above during 2019 and 2018 were pre-approved by the registrant’s Audit Committee. 

  

(f) Not applicable. 

  

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended October 31, 2019 and October 31, 2018 are approximately as follows:   

  

2019 

2018 

$270,700 

$265,200 

  

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

  

Item 5. Audit Committee of Listed Registrants.   

  

Not applicable. 

  

Item 6. Investments 

  

(a)

The registrant’s “Schedule I – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR. 

  

(b)

Not applicable.  

  

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.   

  

Not applicable. 

  

Item 8.  Portfolio Managers of Closed-End Management Investment Companies. 

  

Not applicable. 

  

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. 

  

Not applicable. 

  

Item 10. Submission of Matters to a Vote of Security Holders. 

  

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors. 

  

Item 11. Controls and Procedures.   

  

(c)

The registrant’s principal executive officer and principal financial officer, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.  

  

(d)

There was no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. 

  

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies 

  

Not applicable. 

  

Item 13. Exhibits.  

  

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE ETH. 

  

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT. 

  

(a)(3) Not applicable. 

  

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT. 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant)

 

Columbia Funds Series Trust II

 

By (Signature and Title)

/s/ Christopher O. Petersen

 

 

 

Christopher O. Petersen, President and Principal Executive Officer

Date

 

December 20, 2019

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

/s/ Christopher O. Petersen

 

 

Christopher O. Petersen, President and Principal Executive Officer

Date

 

December 20, 2019

 

By (Signature and Title)

/s/ Michael G. Clarke

 

 

Michael G. Clarke, Chief Financial Officer

Date

 

December 20, 2019

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

 

COLUMBIA FUNDS

 

 

 

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

 

July 2019

Overview and Statement

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

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

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

The Board of each Fund has adopted the following Code of Ethics for Principle Executive and Senior Financial Officers (the "Code"), which sets forth the ethical standards to which the Fund holds its principal executive officer and each of its senior financial officers.

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

Policy The Board of each Fund has adopted the Code in order to comply with applicable regulatory requirements as outlined below:

I.Covered Officers/Purpose of the Code

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

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

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

•Compliance with applicable laws and governmental rules and regulations;

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

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

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

•Accountability for adherence to the Code.

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

II.Administration of the Code

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

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

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

III.Managing Conflicts of Interest

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

Although they do not typically present an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationships between the Fund and, as applicable, its Adviser, administrator, principal underwriter, pricing and bookkeeping agent and/or transfer agent (each, a "Primary Service Provider") of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for a Primary Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Primary

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

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

Service Providers and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Fund and the Primary Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. In addition, it is recognized by the Board of the Fund that the Covered Officers also may be officers or employees of one or more other investment companies or organizations affiliated with the sponsor of the Fund covered by other similar codes and that the codes of ethics of those other investment companies or organizations will apply to the Covered Officers acting in such capacities for such other investment companies.

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

Each Covered Officer must:

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

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

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

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

If a Covered Officer believes that he or she has a potential conflict of interest that is likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as a Covered Officer, including a potential conflict of interest that arises out of his or her responsibilities as an officer or employee of one or more Primary Service Providers or other funds, he or she should consult with the Code Officer, the CLO, the Fund's outside counsel, or counsel to the Independent Board Members, as appropriate.

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

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

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

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

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

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

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

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

IV. Disclosure and Compliance

It is the responsibility of each Covered Officer:

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

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

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

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

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

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

V.Reporting and Accountability by Covered Officers Each Covered Officer must:

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

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

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

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

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

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

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

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

Committee;

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

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

VI. Other Policies

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

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

Proprietary and Confidential

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

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

VII. Disclosure of Amendments to the Code

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

VIII. Confidentiality

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

IX. Internal Use

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

Reporting Requirements

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

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

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

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

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

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

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

Proprietary and Confidential

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

Monitoring/Oversight/Escalation

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

Recordkeeping

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

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

Proprietary and Confidential

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Appendix A

INITIAL ACKNOWLEDGEMENT

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

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

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

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

Covered Officer Name and Title: ________________________________________________

(please print)

______________________________________________________________________________

Signature

Date

Please return this completed form to the CLO (_______) within one week from the date of your review of these documents. Thank you!

Appendix B

ANNUAL ACKNOWLEDGEMENT

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

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

______________________________________________________________

______________________________________________________________

______________________________________________________________

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

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

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

Covered Officer Name and Title: ________________________________________________

(please print)

______________________________________________________________________________

Signature

Date

Please return this completed form to the CLO (_______) within one week from the date of your receipt of a request to complete and return it. Thank you!

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

I, Christopher O. Petersen, certify that:

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

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

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

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

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

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

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

(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

Date: December 20, 2019

/s/ Christopher O. Petersen

 

 

Christopher O. Petersen, President and Principal

 

Executive Officer

I, Michael G. Clarke, certify that:

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

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

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

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

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

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

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

(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

Date: December 20, 2019

/s/ Michael G. Clarke

 

 

Michael G. Clarke, Chief Financial Officer

CERTIFICATION PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Columbia Funds Series Trust II (the "Trust") on Form N-CSR for the period ending October 31, 2019, as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that, to his knowledge:

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

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

Date:

December 20, 2019

/s/ Christopher O. Petersen

 

 

Christopher O. Petersen, President and Principal

 

 

Executive Officer

Date:

December 20, 2019

/s/ Michael G. Clarke

 

 

Michael G. Clarke, Chief Financial Officer

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

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