Columbia Funds Series Trust II (Form: N-CSR, Received: 01/05/2021 10:24:21)

Annual Report
October 31, 2020

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

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

Table of Contents

Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	8
Portfolio of Investments	9
Statement of Assets and Liabilities	13
Statement of Operations	15
Statement of Changes in Net Assets	16
Financial Highlights	18
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	34
Federal Income Tax Information	35
Trustees and Officers	35
Approval of Management Agreement	39

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. The Fund’s 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-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 2020

Table of Contents

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 box^TM

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

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

Average annual total returns (%) (for the period ended October 31, 2020)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	05/23/94	25.09	20.64	16.22
	Including sales charges		17.89	19.22	15.54
Advisor Class*		11/08/12	25.41	20.94	16.46
Class C	Excluding sales charges	05/27/99	24.17	19.73	15.35
	Including sales charges		23.17	19.73	15.35
Institutional Class		09/27/10	25.41	20.95	16.53
Institutional 2 Class		08/03/09	25.49	21.03	16.64
Institutional 3 Class*		03/01/17	25.54	20.97	16.38
Class R		04/30/03	24.79	20.34	15.93
MSCI World Information Technology Index (Net)			32.55	21.42	17.07

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. 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.

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

Columbia Seligman Global Technology Fund | Annual Report 2020

Table of Contents

Fund at a Glance (continued)

Performance of a hypothetical $10,000 investment (October 31, 2010 — October 31, 2020)

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.

Equity sector breakdown (%) (at October 31, 2020)
Communication Services	9.0
Consumer Discretionary	1.0
Health Care	0.9
Industrials	1.6
Information Technology	87.5
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, 2020)
Information Technology
Application Software	10.7
Communications Equipment	4.7
Data Processing & Outsourced Services	6.9
Internet Services & Infrastructure	1.3
IT Consulting & Other Services	0.8
Semiconductor Equipment	16.5
Semiconductors	22.7
Systems Software	11.4
Technology Hardware, Storage & Peripherals	12.5
Total	87.5

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

Country breakdown (%) (at October 31, 2020)
Brazil	1.2
France	0.1
Japan	1.4
Netherlands	1.9
Sweden	0.6
Taiwan	0.3
United Kingdom	0.7
United States^(a)	93.8
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, 2020, the Fund invested at least 40% of its net assets in foreign companies in accordance with its principal investment strategy.

4	Columbia Seligman Global Technology Fund \| Annual Report 2020

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Manager Discussion of Fund Performance

For the 12-month period that ended October 31, 2020, the Fund’s Class A shares returned 25.09% excluding sales charges. The Fund’s benchmark, the MSCI World Information Technology Index (Net), returned 32.55% for the same time period. Though the Fund delivered a strong absolute return for the 12-month period, it underperformed its benchmark due primarily to security selection. Detracting from relative returns was security selection in the hardware, semiconductor and IT services industries. A modest position in cash, given the strong market returns, also detracted from relative returns. Contributing to relative returns was security selection in the electrical equipment industry within the industrial sector.

Market overview

Optimism prevailed early in the 12-month period ended October 31, 2020, as investors were encouraged by evidence of improving economic growth both in the United States and overseas, apparent progress in the U.S.-China trade talks and continued support from U.S. Federal Reserve (Fed) policy.

Though 2020 began on a favorable note, the global economy ground to a halt and U.S. equities fell sharply as the COVID-19 pandemic spread and most of the world entered lockdown conditions in the first quarter. Central banks responded in kind with an array of actions, as the Fed announced upwards of $2 trillion in lending to support consumers while also cutting rates as part of an effort to stabilize the economy. The European Central Bank also stepped in with historic funds to support the consumer while also cutting rates.

A strong rebound in investor sentiment drove U.S. equities higher through much of the second and third quarters of 2020. Risk appetite continued to be supported by accommodative monetary policy and a gradual reopening of the U.S. economy. An additional boost was provided by a stronger-than-expected earnings season, positive economic data and encouraging COVID-19 vaccine developments.

Equity markets peaked in early September and were followed by four weeks of declines. Headwinds could be attributable to several factors, including an unwinding of extended valuations, delays to additional fiscal stimulus, uncertainty with the U.S. presidential election and the global threat of a second wave of COVID-19 and its possible accompanying lockdowns.

The Russell 1000 Index finished the 12-month period up 10.87%. Growth outperformed value during the period, as the Russell 1000 Growth Index returned 29.22%, and the Russell 1000 Value Index returned -7.57%. The tide may be shifting; September and October saw value outperform growth (by 224 basis points in September: -2.46% vs. -4.70%, respectively, and by 209 basis points in October: -1.31% vs. -3.40%, respectively). (A basis point is 1/100 of a percent.) Small-cap stocks returned -0.14% (as measured by the Russell 2000 Index), finishing behind large-cap stocks, which returned 10.87% (as measured by the Russell 1000 Index), for the 12 months that ended October 31, 2020.

The Fund’s largest detractors during the period

•	Detracting from returns relative to the benchmark was security selection in the technology hardware storage & peripherals, semiconductors & semiconductor equipment and IT services industries.

•	Fund positions in Western Digital, NetApp and Apple were notable detractors in the technology hardware space during the period.

•

We believe that Western Digital was caught up in the sell-off of levered companies and penalized for eliminating its dividend in order to de-leverage its balance sheet, which bottomed at 3X leverage. Western Digital was also negatively impacted by COVID-19-related factory shutdowns in the first half of 2020 in Asia and experienced one-time elevated costs from the ramp up of a new NAND Flash memory factory in Japan and low yields from new 16 and 18 Terabyte disk drives.

•	NetApp was disrupted by weak enterprise demand. With so many offices shuttered as a result of the COVID-19 pandemic, corporations did not buy as much data storage or networking gear.

•

The Fund’s position in Apple has done well, but the Fund was underweight relative to the benchmark’s 20% weighting. Given Apple’s lofty valuation, we believed the Fund’s weight was prudent, as we anticipate share repurchases at the current level will not be nearly as accretive to earnings and shareholder value as they have been over the past decade.

Columbia Seligman Global Technology Fund | Annual Report 2020

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Manager Discussion of Fund Performance (continued)

•

Within semiconductors, the Fund’s position in Micron Technology hurt, as did not owning a position in NVIDIA which rallied strongly during the period. We believe Micron has executed well, and has improved margins and earnings steadily all year, as supply / demand fundamentals continued to improve from the difficult 2018-2019 period. Unfortunately, the company’s shares were down as some investors appeared skeptical of the near-term pricing outlook in DRAM memory chips.

•	Within IT services, not owning positions in PayPal and Shopify, dragged on relative results, as both benefited from the surge in e-commerce during the pandemic.

The Fund’s largest contributors during the period

•

Contributing to relative returns was stock selection in the electrical equipment industry within the industrials sector, most notably Bloom Energy. A hydrogen fuel cell pioneer in off-the-grid reliable energy, Bloom has made consistent strides in reducing the per kwh (kilowatts per hour) costs of its systems to achieve grid parity in many states and countries. California’s wildfires and rolling brown outs have been a catalyst for Bloom shares and the Fund’s position in Bloom was one of the top contributors during the period.

•	The Fund’s position in Synaptics resulted in strong gains as the company’s new management team sold off its low margin smartphone Touch Display Driver chip business and entered the industrial connectivity and PC docking station chip business with modestly priced acquisitions.

•	Cerence, a spinoff of speech-recognition company Nuance Communications, was a notable contributor. Though it initially received a tepid reception from investors, Cerence, which develops voice and AI (artificial intelligence) software for the automotive industry, rose to new highs during the period.

•

Synopsis, a long-time Fund holding in the semiconductor design software space, delivered strong performance for the Fund during the period. Synopsis suggested that design activity and demand for electronic design automation tools remained robust from its customers, despite ongoing semi/macro weakness. The company also cited strong results from its nascent software Integrity business.

•	Underweights to Cisco and no exposure to IBM benefited relative returns.

•	Having no exposure to the electrical equipment instruments & components industry also boosted the Fund’s results versus the benchmark.

Fund positioning

We have a “valuation aware” approach that has ended up pushing the Fund into the “value” camp, even though many of the Fund’s portfolio companies have experienced solid growth. The fastest growing companies have seen the biggest benefit of the Tech sector success in 2020, with valuations rising to unprecedented levels. There are dozens of software, internet, medical devices and biotech stocks that have been trading at what we believed to be unwarranted valuations.

We believe momentum in high flying stocks may have peaked, given the recent fall in high valuation “momentum” stocks. Several software and internet leaders had stumbled by the close of the reporting period, as results were strong, but not strong enough to stave off a wave of profit taking. We believe IPOs, secondary offerings and insider selling may create a wave of supply, which has the potential to take the wind out of the sails of many of the market’s highest flyers.

Our investment strategy involves an intense focus on companies with what we believe to have solid intellectual property and enduring competitive advantages, with a current or near-term free cash flow and profit generation, at valuations that enable solid performance without taking undue amounts of risk. We look for companies that we believe will be the beneficiaries of change, with good growth opportunities, some degree of recurring revenues and with capable management teams. We also seek companies that we believe will be attractive acquisition targets, and companies with management teams that are actively creating value via smart acquisitions and return of capital to shareholders. We seek to avoid what we believe to be “flash in the pan”, trendy, one-product companies, as well as companies with extreme valuations and/or with persistent losses and high cash burn.

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,

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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, 2020 — October 31, 2020
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Class A	1,000.00	1,000.00	1,226.60	1,018.45	7.29	6.61	1.31
Advisor Class	1,000.00	1,000.00	1,228.10	1,019.70	5.90	5.35	1.06
Class C	1,000.00	1,000.00	1,222.00	1,014.70	11.44	10.38	2.06
Institutional Class	1,000.00	1,000.00	1,228.20	1,019.70	5.90	5.35	1.06
Institutional 2 Class	1,000.00	1,000.00	1,228.40	1,020.00	5.57	5.05	1.00
Institutional 3 Class	1,000.00	1,000.00	1,228.80	1,020.20	5.35	4.85	0.96
Class R	1,000.00	1,000.00	1,225.10	1,017.20	8.68	7.87	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 366.

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

8	Columbia Seligman Global Technology Fund \| Annual Report 2020

Table of Contents

Portfolio of Investments
October 31, 2020

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 99.5%
Issuer	Shares	Value ($)
Brazil 1.2%
Boa Vista Servicos SA^(a)	2,777,200	6,475,995
Pagseguro Digital Ltd., Class A^(a)	272,154	9,963,558
Total		16,439,553
France 0.1%
Criteo SA, ADR^(a)	81,700	1,401,972
Japan 1.4%
Renesas Electronics Corp.^(a)	2,182,400	18,014,955
Netherlands 1.9%
NXP Semiconductors NV	192,000	25,943,040
Sweden 0.6%
Telefonaktiebolaget LM Ericsson, ADR	665,800	7,463,618
Taiwan 0.3%
Taiwan Semiconductor Manufacturing Co., Ltd.	228,000	3,449,566
United Kingdom 0.7%
Sensata Technologies Holding^(a)	112,500	4,917,375
Vodafone Group PLC, ADR	334,500	4,519,095
Total		9,436,470
United States 93.3%
Activision Blizzard, Inc.	229,694	17,394,727
Advanced Energy Industries, Inc.^(a)	245,400	16,557,138
Alphabet, Inc., Class A^(a)	35,175	56,846,669
Alphabet, Inc., Class C^(a)	19,756	32,024,674
Analog Devices, Inc.	103,950	12,321,194
Apple, Inc.	720,040	78,383,554
Applied Materials, Inc.	674,900	39,974,327
Arista Networks, Inc.^(a)	90,650	18,936,785
Bloom Energy Corp., Class A^(a)	1,316,335	16,638,474
Broadcom, Inc.	179,996	62,932,002
Cerence, Inc.^(a)	380,255	20,754,318
Coherus Biosciences, Inc.^(a)	686,478	11,443,588
CommScope Holding Co., Inc.^(a)	548,500	4,881,650
Cornerstone OnDemand, Inc.^(a)	112,476	4,272,963
Dell Technologies, Inc.^(a)	241,100	14,528,686
Dropbox, Inc., Class A^(a)	1,350,064	24,652,169
DXC Technology Co.	200,700	3,696,894

Common Stocks (continued)
Issuer	Shares	Value ($)
eBay, Inc.	285,743	13,609,939
F5 Networks, Inc.^(a)	105,300	13,998,582
Fidelity National Information Services, Inc.	128,200	15,972,438
Fiserv, Inc.^(a)	119,500	11,408,665
Fortinet, Inc.^(a)	199,334	22,000,494
Genpact Ltd.	218,077	7,495,307
Global Payments, Inc.	45,531	7,182,060
GoDaddy, Inc., Class A^(a)	247,315	17,495,063
HP, Inc.	758,718	13,626,575
Inphi Corp.^(a)	39,620	5,537,291
Intel Corp.	237,800	10,529,784
Lam Research Corp.	287,890	98,481,411
Lumentum Holdings, Inc.^(a)	65,300	5,399,657
Marvell Technology Group Ltd.	968,209	36,317,520
Match Group, Inc.^(a)	29,600	3,456,688
Maxim Integrated Products, Inc.	178,800	12,453,420
McAfee Corp., Class A^(a)	151,625	2,541,235
Micron Technology, Inc.^(a)	784,516	39,492,535
Microsoft Corp.	256,500	51,933,555
NetApp, Inc.	664,400	29,160,516
NortonLifeLock, Inc.	698,806	14,374,439
ON Semiconductor Corp.^(a)	1,316,424	33,029,078
Oracle Corp.	348,300	19,543,113
Palo Alto Networks, Inc.^(a)	84,400	18,668,436
Plantronics, Inc.	552,621	10,787,162
Rambus, Inc.^(a)	221,700	3,057,243
SailPoint Technologies Holdings, Inc.^(a)	168,051	6,975,797
Salesforce.com, Inc.^(a)	94,733	22,003,634
Sciplay Corp., Class A^(a)	253,985	3,390,700
SMART Global Holdings, Inc.^(a)	220,765	5,825,988
Splunk, Inc.^(a)	34,161	6,765,244
Synaptics, Inc.^(a)	404,418	31,006,728
Synopsys, Inc.^(a)	263,597	56,372,854
Tenable Holdings, Inc.^(a)	75,739	2,583,457
Teradyne, Inc.	704,886	61,924,235
Verint Systems, Inc.^(a)	114,846	5,572,328
Visa, Inc., Class A	212,300	38,577,033

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

Columbia Seligman Global Technology Fund | Annual Report 2020

Table of Contents

Portfolio of Investments (continued)
October 31, 2020

Common Stocks (continued)
Issuer	Shares	Value ($)
Western Digital Corp.^(b)	719,145	27,133,341
Xperi Holding Corp.	1,154,937	14,321,219
Total		1,236,244,576
Total Common Stocks (Cost $774,054,675)		1,318,393,750

Money Market Funds 0.8%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 0.128%^(c),(d)	10,751,383	10,750,308
Total Money Market Funds (Cost $10,750,308)		10,750,308
Total Investments in Securities (Cost $784,804,983)		1,329,144,058
Other Assets & Liabilities, Net		(4,064,033)
Net Assets		$1,325,080,025

At October 31, 2020, securities and/or cash totaling $4,105,179 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 ($)	Value ($)
Western Digital Corp.	Morgan Stanley	USD	(3,105,179)	(823)	90.00	1/15/2021	(305,627)	(2,058)

Put option contracts written
Description	Counterparty	Trading currency	Notional amount	Number of contracts	Exercise price/Rate	Expiration date	Premium received ($)	Value ($)
Western Digital Corp.	Morgan Stanley	USD	(3,108,952)	(824)	40.00	01/15/2021	(261,135)	(364,620)

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, 2020.
(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. The value of the holdings and transactions in these affiliated companies during the year ended October 31, 2020 are as follows:

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Realized gain (loss)($)	Dividends($)	End of period shares
Columbia Short-Term Cash Fund, 0.128%
	30,980,772	283,171,281	(303,401,745)	—	10,750,308	8,559	294,939	10,751,383

Abbreviation Legend

ADR	American Depositary Receipt

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

10	Columbia Seligman Global Technology Fund \| Annual Report 2020

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Portfolio of Investments (continued)
October 31, 2020

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 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 following table is a summary of the inputs used to value the Fund’s investments at October 31, 2020:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Common Stocks
Brazil	16,439,553	—	—	16,439,553
France	1,401,972	—	—	1,401,972
Japan	—	18,014,955	—	18,014,955
Netherlands	25,943,040	—	—	25,943,040
Sweden	7,463,618	—	—	7,463,618
Taiwan	—	3,449,566	—	3,449,566
United Kingdom	9,436,470	—	—	9,436,470
United States	1,236,244,576	—	—	1,236,244,576
Total Common Stocks	1,296,929,229	21,464,521	—	1,318,393,750
Money Market Funds	10,750,308	—	—	10,750,308
Total Investments in Securities	1,307,679,537	21,464,521	—	1,329,144,058

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

Columbia Seligman Global Technology Fund | Annual Report 2020

Table of Contents

Statement of Operations
Year Ended October 31, 2020

Net investment income
Income:
Dividends — unaffiliated issuers	$20,690,886
Dividends — affiliated issuers	294,939
Interfund lending	361
Foreign taxes withheld	(100,844)
Total income	20,885,342
Expenses:
Management services fees	11,495,912
Distribution and/or service fees
Class A	2,076,494
Class C	717,279
Class R	414,090
Transfer agent fees
Class A	964,775
Advisor Class	33,503
Class C	83,364
Institutional Class	246,510
Institutional 2 Class	18,524
Institutional 3 Class	443
Class R	96,165
Compensation of board members	31,138
Custodian fees	26,282
Printing and postage fees	79,427
Registration fees	128,707
Audit fees	31,764
Legal fees	20,589
Line of credit interest	1,598
Interest on interfund lending	974
Compensation of chief compliance officer	268
Other	45,193
Total expenses	16,512,999
Expense reduction	(1,420)
Total net expenses	16,511,579
Net investment income	4,373,763
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	150,587,210
Investments — affiliated issuers	8,559
Foreign currency translations	(74,849)
Options contracts written	(2,407,442)
Net realized gain	148,113,478
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	120,799,942
Foreign currency translations	2,894
Options contracts written	(248,160)
Net change in unrealized appreciation (depreciation)	120,554,676
Net realized and unrealized gain	268,668,154
Net increase in net assets resulting from operations	$273,041,917

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

Columbia Seligman Global Technology Fund | Annual Report 2020

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Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	October 31, 2020		October 31, 2019
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	1,414,409	62,783,565	1,474,540	58,504,140
Distributions reinvested	1,814,017	76,206,868	2,045,019	67,608,340
Redemptions	(3,975,677)	(172,565,476)	(3,820,374)	(146,879,611)
Net decrease	(747,251)	(33,575,043)	(300,815)	(20,767,131)
Advisor Class
Subscriptions	222,072	10,621,587	214,290	8,758,069
Distributions reinvested	49,108	2,148,488	46,392	1,590,331
Redemptions	(258,599)	(11,810,503)	(220,427)	(8,723,496)
Net increase	12,581	959,572	40,255	1,624,904
Class C
Subscriptions	273,946	8,650,735	294,132	8,035,959
Distributions reinvested	276,499	8,405,555	318,364	7,895,423
Redemptions	(680,733)	(21,676,832)	(807,380)	(22,783,929)
Net decrease	(130,288)	(4,620,542)	(194,884)	(6,852,547)
Institutional Class
Subscriptions	1,162,722	53,589,147	902,894	36,130,166
Distributions reinvested	475,883	20,434,405	591,260	19,925,462
Redemptions	(1,833,216)	(81,865,164)	(2,334,198)	(88,074,299)
Net decrease	(194,611)	(7,841,612)	(840,044)	(32,018,671)
Institutional 2 Class
Subscriptions	276,881	12,751,006	319,320	13,386,557
Distributions reinvested	65,876	2,845,820	63,058	2,136,404
Redemptions	(431,079)	(20,713,864)	(277,562)	(10,746,677)
Net increase (decrease)	(88,322)	(5,117,038)	104,816	4,776,284
Institutional 3 Class
Subscriptions	111,232	5,551,294	41,742	1,698,140
Distributions reinvested	7,256	311,216	6,214	209,156
Redemptions	(25,364)	(1,143,331)	(19,304)	(776,845)
Net increase	93,124	4,719,179	28,652	1,130,451
Class R
Subscriptions	868,200	37,185,985	450,861	17,118,794
Distributions reinvested	174,176	6,993,177	141,018	4,477,318
Redemptions	(606,738)	(25,756,363)	(207,443)	(7,826,911)
Net increase	435,638	18,422,799	384,436	13,769,201
Total net decrease	(619,129)	(27,052,685)	(777,584)	(38,337,509)

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

Columbia Seligman Global Technology Fund | Annual Report 2020

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 realized gains	Total distributions to shareholders
Class A
Year Ended 10/31/2020	$44.67	0.16	10.14	10.30	(4.58)	(4.58)
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)
Advisor Class
Year Ended 10/31/2020	$46.42	0.29	10.56	10.85	(4.67)	(4.67)
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)
Class C
Year Ended 10/31/2020	$33.28	(0.13)	7.35	7.22	(4.28)	(4.28)
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)
Institutional Class
Year Ended 10/31/2020	$45.64	0.29	10.36	10.65	(4.67)	(4.67)
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)

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

18	Columbia Seligman Global Technology Fund \| Annual Report 2020

Table of Contents

Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 10/31/2020	$50.39	25.09%	1.31%^(c),(d)	1.31%^(c),(d),(e)	0.35%	38%	$866,318
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
Advisor Class
Year Ended 10/31/2020	$52.60	25.41%	1.06%^(c),(d)	1.06%^(c),(d),(e)	0.62%	38%	$31,695
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
Class C
Year Ended 10/31/2020	$36.22	24.17%	2.06%^(c),(d)	2.06%^(c),(d),(e)	(0.39%)	38%	$72,302
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
Institutional Class
Year Ended 10/31/2020	$51.62	25.41%	1.06%^(c),(d)	1.06%^(c),(d),(e)	0.62%	38%	$221,018
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

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

Columbia Seligman Global Technology Fund | Annual Report 2020

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 realized gains	Total distributions to shareholders
Institutional 2 Class
Year Ended 10/31/2020	$45.91	0.28	10.47	10.75	(4.70)	(4.70)
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)
Institutional 3 Class
Year Ended 10/31/2020	$45.63	0.24	10.45	10.69	(4.71)	(4.71)
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	—	—
Class R
Year Ended 10/31/2020	$42.81	0.02	9.71	9.73	(4.48)	(4.48)
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)

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 2020

Table of Contents

Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Institutional 2 Class
Year Ended 10/31/2020	$51.96	25.49%	1.00%^(c),(d)	1.00%^(c),(d)	0.60%	38%	$30,500
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
Institutional 3 Class
Year Ended 10/31/2020	$51.61	25.54%	0.96%^(c),(d)	0.96%^(c),(d)	0.50%	38%	$8,380
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
Class R
Year Ended 10/31/2020	$48.06	24.79%	1.56%^(c),(d)	1.56%^(c),(d),(e)	0.05%	38%	$94,867
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

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

Columbia Seligman Global Technology Fund | Annual Report 2020

Table of Contents

Notes to Financial Statements
October 31, 2020

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 net investment income distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.

As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Class C shares automatically convert to Class A shares after 10 years. 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.

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

Equity securities listed on an exchange are valued at the closing price or last trade on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and asked prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade on their primary exchange at the close of business of the New York Stock Exchange. 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 (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

22	Columbia Seligman Global Technology Fund \| Annual Report 2020

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Notes to Financial Statements (continued)
October 31, 2020

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

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Notes to Financial Statements (continued)
October 31, 2020

the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker’s customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative 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 for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. 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 has written option contracts to facilitate buying and selling of securities for investments, to decrease the Fund’s exposure to equity market risk and to increase return on investments. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the

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Notes to Financial Statements (continued)
October 31, 2020

written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option 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, 2020:

	Liability derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Equity risk	Options contracts written, at value	366,678

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, 2020:

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Options contracts written ($)
Equity risk	(2,407,442)

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Options contracts written ($)
Equity risk	(248,160)

The following table is a summary of the average outstanding volume by derivative instrument for the year ended October 31, 2020:

Derivative instrument	Average value ($)*
Options contracts — written	(1,377,371)

*	Based on the ending quarterly outstanding amounts for the year ended October 31, 2020.

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Notes to Financial Statements (continued)
October 31, 2020

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, 2020:

	Morgan Stanley ($)
Liabilities
Options contracts written	366,678
Total financial and derivative net assets	(366,678)
Total collateral received (pledged) ^(a)	(366,678)
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.

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.

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.

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October 31, 2020

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.

Note 3. Fees and other transactions with affiliates

Management services fees

Compensation of board members

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" on the Statement of Operations.

Compensation of Chief Compliance Officer

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

Transfer agency fees

Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with 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, 2020

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, prior to March 1, 2020, Institutional 2 Class shares were 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.

For the year ended October 31, 2020, 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	0.12
Advisor Class	0.12
Class C	0.12
Institutional Class	0.12
Institutional 2 Class	0.06
Institutional 3 Class	0.01
Class R	0.12

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, 2020, these minimum account balance fees reduced total expenses of the Fund by $1,420.

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 $3,860,000 for Class C shares. This amount is based on the most recent information available as of September 30, 2020, 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, 2020, if any, are listed below:

	Front End (%)	CDSC (%)	Amount ($)
Class A	5.75	0.50 - 1.00^(a)	474,396
Class C	—	1.00^(b)	4,433

(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.

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Notes to Financial Statements (continued)
October 31, 2020

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, 2020 through February 28, 2021	Prior to March 1, 2020
Class A	1.33%	1.37%
Advisor Class	1.08	1.12
Class C	2.08	2.12
Institutional Class	1.08	1.12
Institutional 2 Class	1.02	1.05
Institutional 3 Class	0.97	1.00
Class R	1.58	1.62

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, 2020, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, trustees’ deferred compensation and foreign currency transactions. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

Undistributed net investment income ($)	Accumulated net realized gain ($)	Paid in capital ($)
(74,848)	74,848	—

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.

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Notes to Financial Statements (continued)
October 31, 2020

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

Year Ended October 31, 2020			Year Ended October 31, 2019
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
8,030,431	116,725,011	124,755,442	13,898,150	97,073,086	110,971,236

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

At October 31, 2020, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized appreciation ($)
24,146,719	130,457,051	—	538,969,313

At October 31, 2020, 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) ($)	Net unrealized appreciation ($)
789,808,067	600,793,295	(61,823,982)	538,969,313

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 $473,164,340 and $577,261,079, respectively, for the year ended October 31, 2020. 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.

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Notes to Financial Statements (continued)
October 31, 2020

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, 2020 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Borrower	2,420,000	1.02	15
Lender	2,000,000	2.16	3

Interest income earned and interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at October 31, 2020.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by Citibank, N.A., Wells Fargo Bank, 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. Pursuant to a December 1, 2020 amendment, 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 $950 million. 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, 1.25%. 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. Prior to the December 1, 2020 amendment, 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. which permitted collective borrowings up to 1 billion. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the one-month LIBOR rate and (iii) the overnight bank funding rate, plus in each case, 1.00%.

For the year ended October 31, 2020, the Fund’s borrowing activity was as follows:

Average loan balance ($)	Weighted average interest rate (%)	Days outstanding
4,357,143	1.86	7

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, 2020.

Note 9. Significant risks

Information technology sector risk

The Fund may be more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information 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 information 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.

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Notes to Financial Statements (continued)
October 31, 2020

Market and environment risk

The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund, including causing difficulty in assigning prices to hard-to-value assets in thinly traded and closed markets, significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The Fund performance may also be significantly negatively impacted by the economic impact of the coronavirus disease 2019 (COVID-19) pandemic. The COVID-19 public health crisis has become a pandemic that has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund’s ability to achieve its investment objectives. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.

The Investment Manager and its affiliates have systematically implemented strategies to address the operating environment spurred by the COVID-19 pandemic. To promote the safety and security of our employees and to assure the continuity of our business operations, we have implemented a work from home protocol for virtually all of our employee population, restricted business travel, and provided resources for complying with the guidance from the World Health Organization, the U.S. Centers for Disease Control and governments. Our operations teams seek to operate without significant disruptions in service. Our pandemic strategy takes into consideration that a pandemic could be widespread and may occur in multiple waves, affecting different communities at different times with varying levels of severity. We cannot, however, predict the impact that natural or man-made disasters, including the COVID-19 pandemic, may have on the ability of our employees and third-party service providers to continue ordinary business operations and technology functions over near- or longer-term periods.

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.

Shareholder concentration risk

At October 31, 2020, affiliated shareholders of record owned 29.8% 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

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Notes to Financial Statements (continued)
October 31, 2020

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 or one or more of its affiliates that provides services to the Funds.

Columbia Seligman Global Technology Fund | Annual Report 2020

Table of Contents

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia 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, referred to hereafter as the "Fund") as of October 31, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2020 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

December 21, 2020

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

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Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended October 31, 2020. Shareholders will be notified in early 2021 of the amounts for use in preparing 2020 income tax returns.

Qualified dividend income	Dividends received deduction	Capital gain dividend
99.47%	99.36%	$137,084,954

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. The Board approved the nomination of and recommended the election of 17 nominees to the Board, effecting a consolidation of the Board and the board of trustees overseeing Columbia Funds Series Trust I and Columbia Funds Variable Insurance Trust. At a shareholder meeting held on December 22, 2020, shareholders approved the nominees, effective January 1, 2021.

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	110	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

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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	110	Trustee, BlueCross BlueShield of Minnesota since 2009 (Chair of the Business Development Committee - 2014-2017; Chair of the Governance Committee, 2017-2020); Chair of the Robina Foundation since August 2013; former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017
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	110	Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of Human Resources Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) since 2019
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1950	Trustee since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002	110	Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative since 2010; Board of Directors, The MA Business Roundtable 2003-2019
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1954	Trustee since 12/17	Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016	110	Trustee, Catholic Schools Foundation since 2004
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1952	Chair of the Board since 1/20; Trustee since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Managing Director, Morgan Stanley, 1982-1989; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc.	110	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)

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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
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	110	Trustee, Penn Mutual Life Insurance Company since March 2008; Director, RenaissanceRe Holdings Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011
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	110	Director, BlueCross BlueShield of South Carolina since April 2008; Trustee, Hollingsworth Funds since 2016 (previously Board Chair from 2016-2019); 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	110	Director, NAPE Education Foundation since October 2016

Columbia Seligman Global Technology Fund | Annual Report 2020

Table of Contents

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	Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle	162	Trustee, Columbia Funds since November 2001

*	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, – Accounting and Tax, 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, Chief Accounting Officer (Principal Accounting Officer) (2019), and Principal Financial Officer (2020)	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).

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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
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; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015.
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); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005.
Daniel J. Beckman 225 Franklin Street Boston, MA 02110 Born 1962	Senior Vice President (2020)	Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); previously, Senior Vice President of Investment Product Management, Fidelity Financial Advisor Solutions, a division of Fidelity Investments (January 2012 – March 2015).
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

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 and December 2019 and February, March, April and June 2020, 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,

Columbia Seligman Global Technology Fund | Annual Report 2020

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Approval of Management Agreement (continued)

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 15-17, 2020 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 2020 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. The Board also observed that Columbia Threadneedle has been able to effectively manage, operate and distribute the Funds through the challenging pandemic period (with no disruptions in services provided).

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 2019 in the performance of administrative services, and noted the various enhancements anticipated for 2020. 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.

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 observed that the services being performed under the Management Agreement were of a reasonable 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 quality 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 2020

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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 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. 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 2019 the Board had concluded that 2018 profitability was reasonable and that the 2020 information shows that the profitability generated by Columbia Threadneedle in 2019 decreased slightly from 2018 levels. 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 provide 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 17, 2020, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.

Columbia Seligman Global Technology Fund | Annual Report 2020

Annual Report
October 31, 2020

Columbia Select Global Equity Fund

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

Table of Contents

Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	8
Portfolio of Investments	9
Statement of Assets and Liabilities	12
Statement of Operations	14
Statement of Changes in Net Assets	15
Financial Highlights	18
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	33
Federal Income Tax Information	34
Trustees and Officers	34
Approval of Management and Subadvisory Agreements	38

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

Quarterly schedule of investments

Additional Fund information

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 2020

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

Lead Portfolio Manager

Managed Fund since 2015

Alex Lee, CFA

Portfolio Manager

Managed Fund since December 2019

Darren Powell, CFA

Portfolio Manager

Managed Fund since November 2020

Morningstar style box^TM

Average annual total returns (%) (for the period ended October 31, 2020)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	05/29/90	19.16	13.87	10.71
	Including sales charges		12.35	12.52	10.06
Advisor Class*		03/01/18	19.53	14.03	10.79
Class C	Excluding sales charges	06/26/00	18.33	13.00	9.88
	Including sales charges		17.33	13.00	9.88
Institutional Class		09/27/10	19.54	14.15	10.98
Institutional 2 Class		12/11/06	19.64	14.26	11.13
Institutional 3 Class*		03/01/17	19.59	14.19	10.86
Class R		12/11/06	18.96	13.58	10.43
MSCI ACWI (Net)			4.89	8.11	7.90

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 2020

Table of Contents

Fund at a Glance (continued)

Performance of a hypothetical $10,000 investment (October 31, 2010 — October 31, 2020)

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.

Equity sector breakdown (%) (at October 31, 2020)
Communication Services	13.0
Consumer Discretionary	8.4
Consumer Staples	2.0
Financials	7.5
Health Care	25.6
Industrials	4.4
Information Technology	37.9
Materials	1.2
Total	100.0

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

Country breakdown (%) (at October 31, 2020)
China	2.0
Denmark	3.2
France	0.5
Germany	1.0
Hong Kong	2.1
India	1.7
Japan	7.3
Netherlands	1.7
South Korea	2.3
Sweden	0.9
Switzerland	3.0
Taiwan	1.9
United Kingdom	2.1
United States^(a)	70.3
Total	100.0

(a)	Includes investments in Money Market Funds.

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Table of Contents

Manager Discussion of Fund Performance

For the 12-month period that ended October 31, 2020, the Fund’s Class A shares returned 19.16% excluding sales charges. The Fund significantly outperformed its benchmark, the MSCI ACWI (Net), which returned 4.89% for the same time period. The Fund benefited from security selection with the strongest contributions coming from the financial, health care and industrial sectors. Sector allocation was also helpful, mainly due to the overweight in technology and zero weight in energy.

Market overview

Markets performed well in late 2019 and early 2020, owing to, among other factors, the Federal Reserve’s interest-rate cuts, the robust U.S. economic backdrop, encouraging corporate earnings, and easing Sino-American trade tensions. European and U.K. stocks were further buoyed by hopes of an orderly Brexit as the ruling Conservatives won a decisive victory in the U.K.’s general election in December.

In March, however, markets sold off and volatility spiked, as the coronavirus pandemic (COVID-19) spread rapidly around the world, leading to travel restrictions and lockdowns that brought cities, regions and even countries to a halt. Central banks unleashed a wave of emergency rate cuts and liquidity injections while governments ramped up spending and announced economic support measures.

The significant policy response from central banks and governments fueled a subsequent rally in equities, as did optimism that a vaccine would be found for COVID-19. Sentiment was also bolstered by declining COVID-19 cases and the easing of lockdown measures in some countries, and the associated rebound in economic activity.

However, caution set in later in the period as COVID-19 cases increased across Europe and the U.S., triggering new control measures. Profit-taking in large-cap U.S. technology companies and uncertainty around the U.S. presidential election added to investors’ unease.

Overall, the benchmark posted a gain over the review period. U.S. equities led developed markets, bolstered by improvements in employment and spending data. Emerging markets also outperformed, helped by the U.S. dollar’s weakness and global stimulus programs. Index heavyweight China was a standout performer, as its economy rebounded strongly from the impact of the lockdowns. The U.K. fared worst, hurt by the market’s heavy exposure to energy and financial stocks, which underperformed. Concerns also grew that the U.K. could end up leaving the EU without a trade deal once the Brexit transition period expired at the end of 2020.

In terms of sectors, technology and communication services were among the best performers, benefiting from the lockdown-driven shift towards online services. Health care also outperformed, as the market volatility led investors to favor these defensive stocks, and amid optimism over the search for vaccines, tests and treatments for COVID-19. Energy stocks fared worst as oil prices fell, on concerns about the impact of slowing global growth on demand. Financials also underperformed, due to concerns that profitability would be hurt by an extended period of low interest rates.

The Fund’s leading contributors during the period

•	The Fund’s top three contributing sectors on a relative basis were technology, financials and the zero weight in energy.

•	Within technology, the positive contribution was mainly due to the Fund’s overweight to the sector, relative to the benchmark, which performed strongly this year.

•	Security selection in technology was also helpful, with holdings including Adobe, Microsoft and NVIDIA adding value.

•	Within financials, security selection drove performance; the holding in S&P Global and the zero weight in Wells Fargo were among the main contributors.

•	The zero weight in energy was also beneficial as the sector underperformed during the period, due to pandemic-related uncertainty around the demand for oil.

•	Among individual holdings, Adobe and Microsoft benefited from the pandemic-driven increase in demand for cloud computing.

•	Adobe shifted its experience-management product to the cloud earlier this year. The company boasts a strong foothold in the creative-content industry, owing to its early move into the space and the success of its acquisitions.

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Manager Discussion of Fund Performance (continued)

•	Meanwhile, we believe Microsoft’s platform should ensure that it remains a long-term beneficiary of next generation business migration into cloud computing. Microsoft also boasts large distribution channels and an installed customer base which serve as durable competitive edges.

•

Computer hardware company NVIDIA also added value. Given its exposure to the gaming industry, NVIDIA has profited from the increase in player engagement while people were "nest dwelling" in lockdown. We remain positive on NVIDIA’s prospects owing to its strong exposure to semiconductor growth, and the company’s competitive edges within gaming, cryptocurrencies and artificial intelligence.

•

Within financials, S&P Global benefited from the increased activity on its trading platform as a result of the heightened market volatility this year. We favor S&P Global for its solid pricing power, robust balance sheet, global presence, robust fundamentals and diversified sources of revenue. These factors support the company’s competitive advantage and create high barriers to entry, making it hard for others to compete.

The Fund’s leading detractors during the period

•	Materials was the only sector to detract from relative returns over the period and did so only marginally.

•

The Fund’s zero weight in Apple was the main detractor. Shares outperformed amid the aforementioned shift towards online services and cloud computing. The Fund does not own Apple due to our belief that market saturation could limit future pricing increases and growth, and we do not feel that these concerns are reflected in the current valuation.

•	India’s HDFC Bank underperformed, as investors accounted for the negative impacts of the COVID-19 outbreak on retail-focused lenders, such as a moderation in loan and fee income growth. We closed the Fund’s position during the period.

•

Boston Scientific also lagged, due to weaker than expected results in early 2020 and later, concerns that COVID-19 hospitalizations could derail elective surgical procedures. We believe that the company is well placed over the long term, thanks to its meaningful pipeline and differentiated product range, which provide further opportunity for margin improvement and exposure to secular growth.

Fund 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 with the biggest relative overweights to the United States, Denmark and Hong Kong, while the largest underweights were China, the U.K. and France. Canada and Australia were zero weights in the Fund’s portfolio.

Key new positions over the period included Novo Nordisk, Comcast and Hoya.

Novo Nordisk is a global health care company which specializes in diabetes care. The company’s products include insulin and insulin-delivery devices, and we had conviction in its prospects of healthy sustainable growth, which we believed should exceed that of its wider sector. Medium-term catalysts include Rybelsus, which was granted FDA approval in September 2019 and is the first orally active GLP-1 agonist. We were also optimistic about Novo Nordisk’s plans to expand into new therapeutic categories.

Diversified media powerhouse Comcast has been emerging as an all-purpose entertainment content and distribution company with global reach. Comcast’s industry-leading execution, predictable growth, deleveraging path and stable cash returns gave us confidence that it has the potential to maintain its competitive edge and market position, especially amid increasing demand for online entertainment.

Hoya is a leading supplier of innovative products within health care and technology. The company specializes in optical products, and has maintained an edge over peers with its focus on research and development. We believe prospects for Hoya’s technology business are strong as it develops higher priced, next-generation blanks and renews data-center investment. Within life care, the company’s operating margins continued to exceed expectations while sales growth had been robust.

6	Columbia Select Global Equity Fund \| Annual Report 2020

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Manager Discussion of Fund Performance (continued)

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

Columbia Select Global Equity Fund | Annual Report 2020

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Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

May 1, 2020 — October 31, 2020
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Class A	1,000.00	1,000.00	1,142.60	1,018.60	6.86	6.46	1.28
Advisor Class	1,000.00	1,000.00	1,143.60	1,019.90	5.47	5.15	1.02
Class C	1,000.00	1,000.00	1,138.60	1,014.90	10.80	10.18	2.02
Institutional Class	1,000.00	1,000.00	1,144.40	1,019.90	5.47	5.15	1.02
Institutional 2 Class	1,000.00	1,000.00	1,145.10	1,020.10	5.26	4.95	0.98
Institutional 3 Class	1,000.00	1,000.00	1,144.10	1,020.30	5.04	4.75	0.94
Class R	1,000.00	1,000.00	1,142.00	1,017.40	8.14	7.67	1.52

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 2020

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Portfolio of Investments
October 31, 2020

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 98.6%
Issuer	Shares	Value ($)
China 2.0%
Tencent Holdings Ltd.	165,400	12,637,495
Denmark 3.2%
Novo Nordisk A/S, Class B	322,260	20,549,122
France 0.5%
L’Oreal SA	10,110	3,267,406
Germany 1.0%
Adidas AG^(a)	22,006	6,538,096
Hong Kong 2.1%
AIA Group Ltd.	1,379,600	13,129,897
India 1.7%
Kotak Mahindra Bank Ltd.^(a)	502,899	10,494,772
Japan 7.3%
Daikin Industries Ltd.	34,400	6,437,384
Disco Corp.	33,800	9,122,902
Hoya Corp.	130,200	14,693,974
Keyence Corp.	34,500	15,656,876
Total		45,911,136
Netherlands 1.7%
Koninklijke Philips NV^(a)	227,328	10,529,101
South Korea 2.3%
Samsung Electronics Co., Ltd.	286,426	14,397,383
Sweden 0.9%
Atlas Copco AB, Class B	152,196	5,831,509
Switzerland 3.0%
Nestlé SA, Registered Shares	81,010	9,111,837
Roche Holding AG, Genusschein Shares	31,097	9,992,447
Total		19,104,284
Taiwan 1.9%
Taiwan Semiconductor Manufacturing Co., Ltd.	806,000	12,194,518
United Kingdom 2.1%
Linde PLC	35,366	7,750,994
RELX PLC	286,514	5,668,536
Total		13,419,530

Common Stocks (continued)
Issuer	Shares	Value ($)
United States 68.9%
Abbott Laboratories	194,598	20,454,196
Activision Blizzard, Inc.	109,190	8,268,959
Adobe, Inc.^(a)	57,930	25,900,503
Alphabet, Inc., Class A^(a)	18,399	29,734,808
Amazon.com, Inc.^(a)	15,231	46,243,601
ANSYS, Inc.^(a)	13,213	4,021,641
Baxter International, Inc.	172,094	13,349,332
Boston Scientific Corp.^(a)	439,679	15,067,799
CME Group, Inc.	55,397	8,349,436
Comcast Corp., Class A	379,717	16,039,246
Danaher Corp.	44,767	10,275,817
Edwards Lifesciences Corp.^(a)	87,567	6,277,678
Facebook, Inc., Class A^(a)	55,373	14,569,190
Fidelity National Information Services, Inc.	202,200	25,192,098
Intuit, Inc.	31,825	10,014,691
Lam Research Corp.	44,542	15,236,927
MasterCard, Inc., Class A	108,107	31,204,004
Microsoft Corp.	240,075	48,607,985
NVIDIA Corp.	35,638	17,867,468
S&P Global, Inc.	46,247	14,925,294
ServiceNow, Inc.^(a)	14,235	7,082,909
Thermo Fisher Scientific, Inc.	50,490	23,887,829
TransUnion	119,666	9,532,593
UnitedHealth Group, Inc.	48,356	14,755,350
Total		436,859,354
Total Common Stocks (Cost $421,352,064)		624,863,603

Money Market Funds 1.4%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 0.128%^(b),(c)	8,788,674	8,787,795
Total Money Market Funds (Cost $8,787,795)		8,787,795
Total Investments in Securities (Cost $430,139,859)		633,651,398
Other Assets & Liabilities, Net		104,907
Net Assets		$633,756,305

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

Columbia Select Global Equity Fund | Annual Report 2020

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Portfolio of Investments (continued)
October 31, 2020

Notes to Portfolio of Investments

(a)	Non-income producing investment.
(b)	The rate shown is the seven-day current annualized yield at October 31, 2020.
(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. The value of the holdings and transactions in these affiliated companies during the year ended October 31, 2020 are as follows:

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Realized gain (loss)($)	Dividends($)	End of period shares
Columbia Short-Term Cash Fund, 0.128%
	7,517,720	168,303,617	(167,033,542)	—	8,787,795	(5,045)	89,508	8,788,674

Fair value measurements

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

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

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

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

The following table is a summary of the inputs used to value the Fund’s investments at October 31, 2020:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Common Stocks
China	—	12,637,495	—	12,637,495
Denmark	—	20,549,122	—	20,549,122
France	—	3,267,406	—	3,267,406
Germany	—	6,538,096	—	6,538,096

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

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Portfolio of Investments (continued)
October 31, 2020

Fair value measurements (continued)

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Hong Kong	—	13,129,897	—	13,129,897
India	—	10,494,772	—	10,494,772
Japan	—	45,911,136	—	45,911,136
Netherlands	—	10,529,101	—	10,529,101
South Korea	—	14,397,383	—	14,397,383
Sweden	—	5,831,509	—	5,831,509
Switzerland	—	19,104,284	—	19,104,284
Taiwan	—	12,194,518	—	12,194,518
United Kingdom	—	13,419,530	—	13,419,530
United States	436,859,354	—	—	436,859,354
Total Common Stocks	436,859,354	188,004,249	—	624,863,603
Money Market Funds	8,787,795	—	—	8,787,795
Total Investments in Securities	445,647,149	188,004,249	—	633,651,398

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 2020

Table of Contents

Statement of Operations
Year Ended October 31, 2020

Net investment income
Income:
Dividends — unaffiliated issuers	$4,974,807
Dividends — affiliated issuers	89,508
Foreign taxes withheld	(253,100)
Total income	4,811,215
Expenses:
Management services fees	4,733,259
Distribution and/or service fees
Class A	1,010,565
Class C	139,034
Class R	13,568
Transfer agent fees
Class A	437,748
Advisor Class	5,848
Class C	14,808
Institutional Class	82,508
Institutional 2 Class	2,566
Institutional 3 Class	3,195
Class R	2,893
Compensation of board members	26,251
Custodian fees	59,035
Printing and postage fees	58,350
Registration fees	116,622
Audit fees	41,443
Legal fees	13,181
Interest on interfund lending	613
Compensation of chief compliance officer	92
Other	19,191
Total expenses	6,780,770
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(14,683)
Fees waived by transfer agent
Institutional 2 Class	(10)
Expense reduction	(1,240)
Total net expenses	6,764,837
Net investment loss	(1,953,622)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	57,775,396
Investments — affiliated issuers	(5,045)
Foreign currency translations	(25,902)
Net realized gain	57,744,449
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	34,398,595
Foreign currency translations	21,116
Foreign capital gains tax	396,580
Net change in unrealized appreciation (depreciation)	34,816,291
Net realized and unrealized gain	92,560,740
Net increase in net assets resulting from operations	$90,607,118

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

14	Columbia Select Global Equity Fund \| Annual Report 2020

Table of Contents

Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	October 31, 2020		October 31, 2019
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	2,831,018	43,749,328	1,338,794	17,446,010
Fund reorganization	2,223,020	36,324,164	—	—
Distributions reinvested	737,618	10,968,383	2,659,009	30,339,297
Redemptions	(3,054,089)	(46,750,884)	(3,179,513)	(41,932,633)
Net increase	2,737,567	44,290,991	818,290	5,852,674
Advisor Class
Subscriptions	658,463	10,498,230	26,257	322,225
Fund reorganization	171,636	2,892,071	—	—
Distributions reinvested	670	10,252	821	9,614
Redemptions	(75,181)	(1,255,579)	(10,389)	(137,064)
Net increase	755,588	12,144,974	16,689	194,775
Class C
Subscriptions	334,060	4,488,366	263,188	2,988,874
Fund reorganization	599,372	8,505,113	—	—
Distributions reinvested	27,230	353,444	77,522	780,647
Redemptions	(279,753)	(3,811,925)	(240,164)	(2,771,898)
Net increase	680,909	9,534,998	100,546	997,623
Institutional Class
Subscriptions	3,941,842	60,355,209	1,899,583	25,607,162
Fund reorganization	1,473,031	24,452,168	—	—
Distributions reinvested	110,081	1,661,131	261,597	3,018,827
Redemptions	(2,599,283)	(38,667,928)	(781,299)	(10,425,338)
Net increase	2,925,671	47,800,580	1,379,881	18,200,651
Institutional 2 Class
Subscriptions	321,311	4,918,517	154,438	1,944,577
Fund reorganization	35,780	597,177	—	—
Distributions reinvested	6,598	100,023	8,042	93,282
Redemptions	(274,326)	(4,178,035)	(38,745)	(503,588)
Net increase	89,363	1,437,682	123,735	1,534,271
Institutional 3 Class
Subscriptions	911,250	14,253,862	128,607	1,759,463
Fund reorganization	240,528	3,961,514	—	—
Distributions reinvested	111,655	1,671,477	435,846	4,990,437
Redemptions	(3,820,544)	(58,720,933)	(767,391)	(10,334,871)
Net decrease	(2,557,111)	(38,834,080)	(202,938)	(3,584,971)
Class R
Subscriptions	191,977	2,957,196	45,268	595,446
Fund reorganization	41,701	677,230	—	—
Distributions reinvested	2,180	32,279	1,969	22,428
Redemptions	(51,467)	(798,147)	(5,945)	(78,973)
Net increase	184,391	2,868,558	41,292	538,901
Class T
Redemptions	—	—	(257)	(3,347)
Net decrease	—	—	(257)	(3,347)
Total net increase	4,816,378	79,243,703	2,277,238	23,730,577

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

16	Columbia Select Global Equity Fund \| Annual Report 2020

Table of Contents

Financial Highlights

	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 10/31/2020	$14.34	(0.06)	2.76	2.70	—	(0.45)	(0.45)
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)^(e)	2.53	2.53	—	—	—
Year Ended 10/31/2016	$9.97	0.00^(e)	0.15	0.15	—	—	—
Advisor Class
Year Ended 10/31/2020	$14.74	(0.04)	2.87	2.83	—	(0.45)	(0.45)
Year Ended 10/31/2019	$13.38	0.00^(e)	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 10/31/2020	$12.57	(0.16)	2.42	2.26	—	(0.45)	(0.45)
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	—	—	—
Institutional Class
Year Ended 10/31/2020	$14.54	(0.03)	2.82	2.79	—	(0.45)	(0.45)
Year Ended 10/31/2019	$13.22	0.00^(e)	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	—	—	—
Institutional 2 Class
Year Ended 10/31/2020	$14.61	(0.03)	2.85	2.82	—	(0.46)	(0.46)
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	—	—	—
Institutional 3 Class
Year Ended 10/31/2020	$14.44	0.00^(e)	2.77	2.77	—	(0.46)	(0.46)
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 2020

Table of Contents

Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 10/31/2020	$16.59	19.16%	1.28%^(c)	1.28%^(c),(d)	(0.40%)	55%	$461,888
Year Ended 10/31/2019	$14.34	22.30%	1.31%	1.31%^(d)	(0.22%)	46%	$359,804
Year Ended 10/31/2018	$13.04	3.52%	1.34%	1.34%^(d)	(0.15%)	74%	$316,700
Year Ended 10/31/2017	$12.65	25.00%	1.37%^(f)	1.37%^(d),(f)	(0.04%)	72%	$322,569
Year Ended 10/31/2016	$10.12	1.50%	1.40%	1.40%^(d)	0.01%	66%	$303,338
Advisor Class
Year Ended 10/31/2020	$17.12	19.53%	1.03%^(c)	1.02%^(c),(d)	(0.24%)	55%	$13,365
Year Ended 10/31/2019	$14.74	22.52%	1.07%	1.07%^(d)	0.03%	46%	$367
Year Ended 10/31/2018^(g)	$13.38	(0.07%)	1.10%⁽ⁱ⁾	1.10%^(d),(i)	0.11%⁽ⁱ⁾	74%	$110
Class C
Year Ended 10/31/2020	$14.38	18.33%	2.03%^(c)	2.03%^(c),(d)	(1.19%)	55%	$21,140
Year Ended 10/31/2019	$12.57	21.27%	2.06%	2.06%^(d)	(0.97%)	46%	$9,918
Year Ended 10/31/2018	$11.58	2.78%	2.08%	2.08%^(d)	(0.79%)	74%	$7,968
Year Ended 10/31/2017	$11.32	24.12%	2.12%^(f)	2.12%^(d),(f)	(0.78%)	72%	$12,686
Year Ended 10/31/2016	$9.12	0.66%	2.15%	2.15%^(d)	(0.75%)	66%	$13,808
Institutional Class
Year Ended 10/31/2020	$16.88	19.54%	1.03%^(c)	1.03%^(c),(d)	(0.17%)	55%	$109,949
Year Ended 10/31/2019	$14.54	22.50%	1.06%	1.06%^(d)	0.03%	46%	$52,178
Year Ended 10/31/2018	$13.22	3.84%	1.09%	1.09%^(d)	0.10%	74%	$29,191
Year Ended 10/31/2017	$12.81	25.34%	1.13%	1.13%^(d)	0.33%	72%	$24,854
Year Ended 10/31/2016	$10.22	1.69%	1.15%	1.15%^(d)	0.24%	66%	$2,945
Institutional 2 Class
Year Ended 10/31/2020	$16.97	19.64%	0.99%^(c)	0.98%^(c)	(0.16%)	55%	$5,019
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%^(f)	1.03%^(f)	0.20%	72%	$452
Year Ended 10/31/2016	$10.26	1.89%	1.00%	1.00%	0.40%	66%	$148
Institutional 3 Class
Year Ended 10/31/2020	$16.75	19.59%	0.93%^(c)	0.93%^(c)	0.01%	55%	$18,257
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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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 10/31/2020	$14.28	(0.10)	2.76	2.66	—	(0.45)	(0.45)
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	—	—	—

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)	Rounds to zero.
(f)	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%

(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.

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Notes to Financial Statements
October 31, 2020

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

Note 2. Summary of significant accounting policies

Basis of preparation

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

Security valuation

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

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Notes to Financial Statements (continued)
October 31, 2020

Foreign currency transactions and translations

Security transactions

Income recognition

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.

Expenses

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Notes to Financial Statements (continued)
October 31, 2020

Determination of class net asset value

Federal income tax status

Foreign taxes

Distributions to shareholders

Guarantees and indemnifications

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. Effective July 8, 2020, the management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.87% to 0.62% as the Fund’s net assets increase. Prior to July 8, 2020, the management services fee was equal to a percentage of the Fund’s daily net assets that declined from 0.88% to 0.62% as the Fund’s net asset increased. The effective management services fee rate for the year ended October 31, 2020 was 0.86% of the Fund’s average daily net assets.

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Notes to Financial Statements (continued)
October 31, 2020

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

Compensation of Chief Compliance Officer

Transfer agency fees

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Notes to Financial Statements (continued)
October 31, 2020

For the year ended October 31, 2020, 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	0.11
Advisor Class	0.10
Class C	0.11
Institutional Class	0.11
Institutional 2 Class	0.06
Institutional 3 Class	0.01
Class R	0.11

Distribution and service fees

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $1,308,000 for Class C shares. This amount is based on the most recent information available as of September 30, 2020, 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, 2020, if any, are listed below:

	Front End (%)	CDSC (%)	Amount ($)
Class A	5.75	0.50 - 1.00^(a)	288,354
Class C	—	1.00^(b)	987

(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 as well as any reorganization costs allocated to the Fund) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net

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Notes to Financial Statements (continued)
October 31, 2020

operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the class’ average daily net assets:

	July 11, 2020 through February 28, 2023	March 1, 2020 through July 10, 2020	Prior to March 1, 2020
Class A	1.28%	1.31%	1.38%
Advisor Class	1.03	1.06	1.13
Class C	2.03	2.06	2.13
Institutional Class	1.03	1.06	1.13
Institutional 2 Class	0.96	1.00	1.05
Institutional 3 Class	0.91	0.95	1.00
Class R	1.53	1.56	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. In addition to the contractual agreement, the Investment Manager and certain of its affiliates have voluntarily agreed to waive fees and/or reimburse Fund expenses (excluding certain fees and expenses described above) so that Fund level expenses (expenses directly attributable to the Fund and not to a specific share class) are waived proportionately across all share classes. This arrangement may be revised or discontinued at any time. Reflected in the contractual cap commitment, prior to March 1, 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. 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. Reorganization (see Fund reorganization note) costs were allocated to the Fund only to the extent they are expected to be offset by the anticipated reduction in expenses borne by the Fund’s shareholders during the first year following the reorganization.

Note 4. Federal tax information

At October 31, 2020, 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 ($)
1,905,844	(2,242,023)	336,179

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.

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Notes to Financial Statements (continued)
October 31, 2020

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

Year Ended October 31, 2020			Year Ended October 31, 2019
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
67,775	14,923,253	14,991,028	6,305,508	33,480,566	39,786,074

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

At October 31, 2020, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized appreciation ($)
4,860,028	52,207,541	—	201,516,871

At October 31, 2020, 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) ($)	Net unrealized appreciation ($)
432,134,527	206,496,720	(4,979,849)	201,516,871

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, 2020, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended October 31, 2020, capital loss carryforwards utilized, if any, were as follows:

No expiration short-term ($)	No expiration long-term ($)	Total ($)	Utilized ($)
—	—	—	275,003

The Fund acquired $275,003 of capital loss carryforward in connection with the Columbia Select Global Growth Fund merger (Note 9). In addition to the acquired capital loss carryforward, the Fund also acquired unrealized capital gains as a result of the merger. The yearly utilization of the acquired capital loss carryforward may be limited by the Internal Revenue Code.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $297,065,176 and $306,390,097, respectively, for the year ended October 31, 2020. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Transactions to realign the portfolio for the Fund following the reorganization as described in Note 9 are excluded for purposes of calculating the Fund’s portfolio turnover rate. These realignment transactions amounted to cost of purchases and proceeds from sales of $56,357,492 and $58,359,312, respectively.

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Notes to Financial Statements (continued)
October 31, 2020

Note 6. Affiliated money market fund

Note 7. Interfund lending

The Fund’s activity in the Interfund Program during the year ended October 31, 2020 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Borrower	35,800,000	0.62	1

Interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at October 31, 2020.

Note 8. Line of credit

The Fund had no borrowings during the year ended October 31, 2020.

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Notes to Financial Statements (continued)
October 31, 2020

Note 9. Fund reorganization

At the close of business on July 10, 2020, the Fund acquired the assets and assumed the identified liabilities of Columbia Select Global Growth Fund (the Acquired Fund), a series of Columbia Funds Series Trust. The reorganization was completed after the Board of Trustees of the Acquired Fund approved a plan of reorganization at a meeting held in February 2020. The purpose of the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and strategies.

The aggregate net assets of the Fund immediately before the reorganization were $533,775,284 and the combined net assets immediately after the reorganization were $611,184,721.

The reorganization was accomplished by a tax-free exchange of 3,788,264 shares of the Acquired Fund valued at $77,409,437 (including $37,166,030 of unrealized appreciation/(depreciation)).

In exchange for the Acquired Fund’s shares, the Fund issued the following number of shares:

	Shares
Class A	2,223,020
Advisor Class	171,636
Class C	599,372
Institutional Class	1,473,031
Institutional 2 Class	35,780
Institutional 3 Class	240,528
Class R	41,701

For financial reporting purposes, net assets received and shares issued by the Fund were recorded at fair value; however, the Acquired Fund’s cost of investments was carried forward.

The Fund’s financial statements reflect both the operations of the Fund for the period prior to the reorganization and the combined Fund for the period subsequent to the reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the combined Fund’s Statement of Operations since the reorganization was completed.

Assuming the reorganization had been completed on November 1, 2019, the Fund’s pro-forma results of operations for the year ended October 31, 2020 would have been approximately:

	($)
Net investment loss	(2,354,000)
Net realized gain	57,408,000
Net change in unrealized appreciation	53,983,000
Net increase in net asset from operations	109,037,000

Note 10. 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.

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Notes to Financial Statements (continued)
October 31, 2020

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.

Information technology sector risk

Market and environment risk

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Notes to Financial Statements (continued)
October 31, 2020

Shareholder concentration risk

At October 31, 2020, affiliated shareholders of record owned 69.8% 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 11. Subsequent events

Note 12. Information regarding pending and settled legal proceedings

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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, referred to hereafter as the "Fund") as of October 31, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2020 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

December 21, 2020

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

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Federal Income Tax Information

(Unaudited)

Qualified dividend income	Dividends received deduction	Capital gain dividend
100.00%	99.98%	$54,912,534

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

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	110	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

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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	110	Trustee, BlueCross BlueShield of Minnesota since 2009 (Chair of the Business Development Committee - 2014-2017; Chair of the Governance Committee, 2017-2020); Chair of the Robina Foundation since August 2013; former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017
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	110	Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of Human Resources Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) since 2019
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1950	Trustee since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002	110	Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative since 2010; Board of Directors, The MA Business Roundtable 2003-2019
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1954	Trustee since 12/17	Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016	110	Trustee, Catholic Schools Foundation since 2004
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1952	Chair of the Board since 1/20; Trustee since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Managing Director, Morgan Stanley, 1982-1989; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc.	110	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)

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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
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	110	Trustee, Penn Mutual Life Insurance Company since March 2008; Director, RenaissanceRe Holdings Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011
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	110	Director, BlueCross BlueShield of South Carolina since April 2008; Trustee, Hollingsworth Funds since 2016 (previously Board Chair from 2016-2019); 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	110	Director, NAPE Education Foundation since October 2016

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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	Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle	162	Trustee, Columbia Funds since November 2001

*	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.

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, – Accounting and Tax, 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, Chief Accounting Officer (Principal Accounting Officer) (2019), and Principal Financial Officer (2020)	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).

Columbia Select Global Equity Fund | Annual Report 2020

Table of Contents

TRUSTEES AND OFFICERS (continued)

Fund officers (continued)

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
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; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015.
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); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005.
Daniel J. Beckman 225 Franklin Street Boston, MA 02110 Born 1962	Senior Vice President (2020)	Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); previously, Senior Vice President of Investment Product Management, Fidelity Financial Advisor Solutions, a division of Fidelity Investments (January 2012 – March 2015).
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.

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 and

38	Columbia Select Global Equity Fund \| Annual Report 2020

Table of Contents

Approval of Management and Subadvisory

Agreements (continued)

December 2019 and February, March, April and June 2020, 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 15-17, 2020 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 2020 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. The Board also observed that Columbia Threadneedle has been able to effectively manage, operate and distribute the Funds through the challenging pandemic period (with no disruptions in services provided).

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 2019 in the performance of administrative services, and noted the various enhancements anticipated for 2020. 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.

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 a change to the management fee rate, effective concurrently with the merger with Columbia Select Global Growth Fund. The Board also noted the wide array of legal and compliance services provided to the Funds under the Fund Management Agreements. It was observed that the services being performed under the Management Agreement were of a reasonable quality.

Columbia Select Global Equity Fund | Annual Report 2020

Table of Contents

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 concerns material to the Fund 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 quality 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 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 approximated 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. 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.

40	Columbia Select Global Equity Fund \| Annual Report 2020

Table of Contents

Approval of Management and Subadvisory

Agreements (continued)

Economies of scale to be realized

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 17, 2020, the Board, including all of the Independent Trustees, approved the renewal of each of the Advisory Agreements.

Columbia Select Global Equity Fund | Annual Report 2020

Assets
Investments in securities, at value
Unaffiliated issuers (cost $774,054,675)	$1,318,393,750
Affiliated issuers (cost $10,750,308)	10,750,308
Cash	5,574
Cash collateral held at broker for:
Options contracts written	1,000,000
Receivable for:
Investments sold	9,840,287
Capital shares sold	372,831
Dividends	103,978
Foreign tax reclaims	42,220
Prepaid expenses	5,978
Total assets	1,340,514,926
Liabilities
Option contracts written, at value (premiums received $566,762)	366,678
Payable for:
Investments purchased	13,402,483
Capital shares purchased	1,366,889
Management services fees	33,576
Distribution and/or service fees	9,356
Transfer agent fees	143,878
Compensation of board members	63,396
Other expenses	48,645
Total liabilities	15,434,901
Net assets applicable to outstanding capital stock	$1,325,080,025
Represented by
Paid in capital	631,566,826
Total distributable earnings (loss)	693,513,199
Total - representing net assets applicable to outstanding capital stock	$1,325,080,025

Class A
Net assets	$866,318,365
Shares outstanding	17,192,542
Net asset value per share	$50.39
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)	$53.46
Advisor Class
Net assets	$31,695,168
Shares outstanding	602,560
Net asset value per share	$52.60
Class C
Net assets	$72,301,594
Shares outstanding	1,996,224
Net asset value per share	$36.22
Institutional Class
Net assets	$221,018,476
Shares outstanding	4,281,951
Net asset value per share	$51.62
Institutional 2 Class
Net assets	$30,500,056
Shares outstanding	586,976
Net asset value per share	$51.96
Institutional 3 Class
Net assets	$8,379,559
Shares outstanding	162,373
Net asset value per share	$51.61
Class R
Net assets	$94,866,807
Shares outstanding	1,974,113
Net asset value per share	$48.06

	Year Ended October 31, 2020	Year Ended October 31, 2019
Operations
Net investment income (loss)	$4,373,763	$(1,883,790)
Net realized gain	148,113,478	124,662,533
Net change in unrealized appreciation (depreciation)	120,554,676	161,175,740
Net increase in net assets resulting from operations	273,041,917	283,954,483
Distributions to shareholders
Net investment income and net realized gains
Class A	(81,704,120)	(72,889,935)
Advisor Class	(2,783,843)	(2,082,330)
Class C	(9,007,829)	(8,584,086)
Institutional Class	(20,864,004)	(20,328,208)
Institutional 2 Class	(3,007,246)	(2,274,625)
Institutional 3 Class	(311,545)	(209,449)
Class R	(7,076,855)	(4,602,603)
Total distributions to shareholders	(124,755,442)	(110,971,236)
Decrease in net assets from capital stock activity	(27,052,685)	(38,337,509)
Total increase in net assets	121,233,790	134,645,738
Net assets at beginning of year	1,203,846,235	1,069,200,497
Net assets at end of year	$1,325,080,025	$1,203,846,235

Assets
Investments in securities, at value
Unaffiliated issuers (cost $421,352,064)	$624,863,603
Affiliated issuers (cost $8,787,795)	8,787,795
Foreign currency (cost $645,982)	660,639
Receivable for:
Investments sold	92
Capital shares sold	646,800
Dividends	312,948
Foreign tax reclaims	274,248
Expense reimbursement due from Investment Manager	129
Prepaid expenses	3,681
Total assets	635,549,935
Liabilities
Due to custodian	27,818
Payable for:
Investments purchased	393,776
Capital shares purchased	814,670
Foreign capital gains taxes deferred	279,223
Management services fees	15,026
Distribution and/or service fees	3,851
Transfer agent fees	45,809
Compensation of board members	154,693
Other expenses	58,764
Total liabilities	1,793,630
Net assets applicable to outstanding capital stock	$633,756,305
Represented by
Paid in capital	375,582,062
Total distributable earnings (loss)	258,174,243
Total - representing net assets applicable to outstanding capital stock	$633,756,305

Class A
Net assets	$461,888,017
Shares outstanding	27,834,229
Net asset value per share	$16.59
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)	$17.60
Advisor Class
Net assets	$13,365,366
Shares outstanding	780,466
Net asset value per share	$17.12
Class C
Net assets	$21,140,199
Shares outstanding	1,469,710
Net asset value per share	$14.38
Institutional Class
Net assets	$109,948,906
Shares outstanding	6,514,331
Net asset value per share	$16.88
Institutional 2 Class
Net assets	$5,019,240
Shares outstanding	295,818
Net asset value per share	$16.97
Institutional 3 Class
Net assets	$18,256,532
Shares outstanding	1,089,922
Net asset value per share	$16.75
Class R
Net assets	$4,138,045
Shares outstanding	250,986
Net asset value per share	$16.49

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 21, 2020

	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		June 2020
Overview and Statement

Date: December 21, 2020	/s/ Christopher O. Petersen
	Christopher O. Petersen, President and Principal
	Executive Officer

Date: December 21, 2020		/s/ Michael G. Clarke
	Michael G. Clarke, Chief Financial Officer,
	Principal Financial Officer and Senior Vice
	President

	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

Date: December 21, 2020		/s/ Joseph Beranek
	Joseph Beranek, Treasurer, Chief Accounting
	Officer and Principal Financial Officer

Date:	December 21, 2020	/s/ Christopher O. Petersen
		Christopher O. Petersen, President and Principal
		Executive Officer
Date:	December 21, 2020	/s/ Michael G. Clarke
		Michael G. Clarke, Chief Financial Officer,
		Principal Financial Officer and Senior Vice
		President
Date:	December 21, 2020	/s/ Joseph Beranek
		Joseph Beranek, Treasurer, Chief Accounting
		Officer and Principal Financial Officer