Columbia Funds Series Trust II NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number

811-21852

Columbia Funds Series Trust II

(Exact name of registrant as specified in charter)

225 Franklin Street

Boston, Massachusetts 02110

(Address of principal executive offices) (Zip code)

Christopher O. Petersen, Esq.

c/o Columbia Management Investment Advisers, LLC

225 Franklin Street

Boston, Massachusetts 02110

Ryan C. Larrenaga, Esq.

c/o Columbia Management Investment Advisers, LLC

225 Franklin Street

Boston, MA 02110

(Name and address of agent for service)

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

Date of fiscal year end: August 31

Date of reporting period: February 29, 2020

Form N-CSR is to be used by management investment companies to file reports with the

Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N- CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the

Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning

the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

SemiAnnual Report
February 29, 2020

Columbia Emerging Markets Bond Fund

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

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

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

Not FDIC Insured • No bank guarantee • May lose value

Table of Contents

Fund at a Glance	3
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
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

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

Proxy voting policies and procedures

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

Quarterly schedule of investments

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

Additional Fund information

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

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

225 Franklin Street

Boston, MA 02110

Fund distributor

Columbia Management Investment Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Emerging Markets Bond Fund | Semiannual Report 2020

Table of Contents

Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks to provide shareholders with high total return through current income and, secondarily, through capital appreciation.

Portfolio management

Tim Jagger

Lead Portfolio Manager

Managed Fund since 2019

Christopher Cooke

Portfolio Manager

Managed Fund since 2017

Average annual total returns (%) (for the period ended February 29, 2020)
		Inception	6 Months cumulative	1 Year	5 Years	10 Years
Class A	Excluding sales charges	02/16/06	2.63	6.48	4.88	5.81
	Including sales charges		-2.22	1.44	3.86	5.29
Advisor Class*		03/19/13	2.75	6.82	5.14	6.00
Class C	Excluding sales charges	02/16/06	2.17	5.73	4.09	5.02
	Including sales charges		1.17	4.73	4.09	5.02
Institutional Class*		09/27/10	2.75	6.74	5.15	6.08
Institutional 2 Class*		11/08/12	2.72	6.87	5.30	6.13
Institutional 3 Class*		11/08/12	2.83	6.92	5.37	6.18
Class R*		11/16/11	2.41	6.22	4.61	5.57
JPMorgan Emerging Markets Bond Index-Global			2.65	9.89	5.74	6.48

Returns for Class A shares are shown with and without the maximum initial sales charge of 4.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

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

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

The JPMorgan Emerging Markets Bond Index-Global is based on U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities, such as Brady bonds, Eurobonds and loans, and reflects reinvestment of all distributions and changes in market prices.

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

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

Columbia Emerging Markets Bond Fund | Semiannual Report 2020

Table of Contents

Fund at a Glance (continued)
(Unaudited)

Quality breakdown (%) (at February 29, 2020)
AA rating	7.7
A rating	10.4
BBB rating	35.5
BB rating	19.4
B rating	21.4
CCC rating	3.2
D rating	0.3
Not rated	2.1
Total	100.0

Percentages indicated are based upon total fixed income investments.

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody’s, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. When a bond is not rated by any rating agency, it is designated as “Not rated.” Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund’s subadviser incorporates into its credit analysis process, along with such other country-specific factors as the direction and stance of fiscal policy, balance of payment trends and commodity prices, the level and structure of public debt as well as political stability and commitment to strong macroeconomic policies.

Country breakdown (%) (at February 29, 2020)
Angola	1.2
Argentina	1.3
Bahrain	0.9
Belarus	0.5
Brazil	4.6
Chile	1.1
China	3.8
Colombia	2.4
Croatia	0.8
Dominican Republic	5.3
Ecuador	0.6
Egypt	3.6
El Salvador	0.9
Ghana	0.8
Guatemala	0.7
Honduras	0.3
India	1.1
Indonesia	8.5
Ivory Coast	1.0
Kazakhstan	1.9
Malaysia	0.2
Mauritius	0.4
Mexico	9.4
Mongolia	0.4
Morocco	0.6
Netherlands	2.1
Nigeria	0.4
Oman	1.5
Pakistan	1.1
Paraguay	1.2
Peru	2.3
Philippines	1.3
Qatar	3.7
Romania	0.5
Russian Federation	5.3
Saudi Arabia	3.1
Senegal	0.3
Singapore	0.5
South Africa	2.7
Sri Lanka	0.9
Turkey	2.9
Ukraine	1.9
United Arab Emirates	2.2
United Kingdom	0.6
United States^(a)	8.7
Venezuela	0.9
Virgin Islands	3.6
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.

4	Columbia Emerging Markets Bond Fund \| Semiannual Report 2020

Table of Contents

Understanding Your Fund’s Expenses
(Unaudited)

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

Analyzing your Fund’s expenses

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

Compare with other funds

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

September 1, 2019 — February 29, 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	1,026.30	1,019.39	5.54	5.52	1.10
Advisor Class	1,000.00	1,000.00	1,027.50	1,020.64	4.28	4.27	0.85
Class C	1,000.00	1,000.00	1,021.70	1,015.66	9.30	9.27	1.85
Institutional Class	1,000.00	1,000.00	1,027.50	1,020.64	4.28	4.27	0.85
Institutional 2 Class	1,000.00	1,000.00	1,027.20	1,021.23	3.68	3.67	0.73
Institutional 3 Class	1,000.00	1,000.00	1,028.30	1,021.48	3.43	3.42	0.68
Class R	1,000.00	1,000.00	1,024.10	1,018.15	6.79	6.77	1.35

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.

Columbia Emerging Markets Bond Fund | Semiannual Report 2020

Table of Contents

Portfolio of Investments
February 29, 2020 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Corporate Bonds & Notes 6.4%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
China 0.3%
Lenovo Perpetual Securities Ltd.^(a),(b)
12/31/2049	5.375%	1,310,000	1,312,928
Colombia 0.4%
Millicom International Cellular SA^(a)
03/25/2029	6.250%	1,400,000	1,508,547
Ghana 0.2%
Tullow Oil PLC^(a)
03/01/2025	7.000%	1,350,000	936,948
Guatemala 0.2%
Energuate Trust^(a)
05/03/2027	5.875%	950,000	996,205
India 0.3%
Adani Electricity Mumbai Ltd.^(a)
02/12/2030	3.949%	1,250,000	1,269,996
Indonesia 0.4%
Geo Coal International Pte Ltd.^(a)
10/04/2022	8.000%	2,507,000	1,533,326
Malaysia 0.2%
Press Metal Labuan Ltd.^(a)
10/30/2022	4.800%	667,000	655,031
Mauritius 0.4%
Network i2i Ltd.^(a),(b)
12/31/2049	5.650%	1,600,000	1,593,854
Mexico 0.5%
Cemex SAB de CV^(a)
11/19/2029	5.450%	1,900,000	1,921,838
Netherlands 0.9%
Braskem Netherlands Finance BV^(a)
01/31/2050	5.875%	1,060,000	1,042,018
Metinvest BV^(a)
04/23/2026	8.500%	1,850,000	1,957,755
Mong Duong Finance Holdings BV^(a)
05/07/2029	5.125%	570,000	585,830
Total			3,585,603
Peru 0.6%
Inretail Pharma SA^(a)
05/02/2023	5.375%	2,400,000	2,525,772

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)	Value ($)
Singapore 0.5%
Indika Energy Capital III Pte Ltd.^(a)
11/09/2024	5.875%		2,000,000	1,858,873
South Africa 0.9%
Liquid Telecommunications Financing PLC^(a)
07/13/2022	8.500%		3,400,000	3,485,071
Virgin Islands 0.6%
Gold Fields Orogen Holdings BVI Ltd.^(a)
05/15/2029	6.125%		1,900,000	2,258,951
Total Corporate Bonds & Notes (Cost $26,189,952)				25,442,943

Foreign Government Obligations^(c),(d) 83.9%

Angola 1.2%
Angolan Government International Bond^(a)
05/08/2048	9.375%		4,750,000	4,852,828
Argentina 0.9%
Argentine Republic Government International Bond
01/11/2028	5.875%		3,460,000	1,404,549
07/06/2036	7.125%		2,450,000	998,915
01/11/2048	6.875%		2,800,000	1,106,517
Total				3,509,981
Bahrain 0.9%
Bahrain Government International Bond^(a)
10/12/2028	7.000%		671,000	778,834
CBB International Sukuk Programme Co. SPC^(a)
03/30/2027	4.500%		2,900,000	2,968,654
Total				3,747,488
Belarus 0.5%
Republic of Belarus International Bond^(a)
06/29/2027	7.625%		700,000	802,402
02/28/2030	6.200%		1,150,000	1,235,423
Total				2,037,825
Brazil 4.5%
Brazil Notas do Tesouro Nacional, Series F
01/01/2029	10.000%	BRL	23,000,000	6,294,041
Brazilian Government International Bond
05/30/2029	4.500%		1,200,000	1,307,381
01/27/2045	5.000%		9,600,000	10,528,183
Total				18,129,605

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

6	Columbia Emerging Markets Bond Fund \| Semiannual Report 2020

Table of Contents

Portfolio of Investments (continued)
February 29, 2020 (Unaudited)

Foreign Government Obligations^(c),(d) (continued)
Issuer	Coupon Rate		Principal Amount ($)	Value ($)
Chile 1.1%
Chile Government International Bond
01/25/2050	3.500%		1,500,000	1,641,452
Corporación Nacional del Cobre de Chile^(a)
09/30/2029	3.000%		2,285,000	2,336,962
01/30/2050	3.700%		350,000	356,147
Total				4,334,561
China 3.4%
Sinopec Group Overseas Development 2018 Ltd.^(a)
09/12/2025	4.125%		2,700,000	3,010,480
State Grid Overseas Investment 2016 Ltd.^(a)
05/04/2027	3.500%		1,950,000	2,127,822
Syngenta Finance NV^(a)
04/24/2028	5.182%		7,600,000	8,563,050
Total				13,701,352
Colombia 2.0%
Colombia Government International Bond
01/30/2030	3.000%		8,045,000	8,122,643
Croatia 0.8%
Croatia Government International Bond^(a)
01/26/2024	6.000%		1,617,000	1,850,607
Hrvatska Elektroprivreda^(a)
10/23/2022	5.875%		1,290,000	1,414,006
Total				3,264,613
Dominican Republic 5.2%
Dominican Republic Bond^(a)
02/05/2027	11.250%	DOP	197,000,000	3,889,856
Dominican Republic International Bond^(a)
01/08/2021	14.000%	DOP	126,499,000	2,441,129
01/27/2025	5.500%		2,060,000	2,215,941
06/05/2026	9.750%	DOP	167,450,000	3,172,966
01/30/2030	4.500%		1,785,000	1,791,218
04/30/2044	7.450%		4,600,000	5,452,213
01/27/2045	6.850%		1,810,000	2,014,062
Total				20,977,385
Ecuador 0.6%
Ecuador Government International Bond^(a)
10/23/2027	8.875%		1,750,000	1,269,739
01/23/2028	7.875%		1,450,000	1,030,188
Total				2,299,927
Egypt 3.6%
Egypt Government Bond
07/02/2024	15.900%	EGP	57,000,000	3,906,223
09/10/2024	14.350%	EGP	30,000,000	1,935,793

Foreign Government Obligations^(c),(d) (continued)
Issuer	Coupon Rate		Principal Amount ($)	Value ($)
Egypt Government International Bond^(a)
04/16/2030	5.625%	EUR	2,900,000	3,210,650
02/21/2048	7.903%		2,500,000	2,543,177
02/21/2048	7.903%		1,550,000	1,576,770
03/01/2049	8.700%		1,000,000	1,077,625
Total				14,250,238
El Salvador 0.8%
El Salvador Government International Bond^(a)
01/30/2025	5.875%		1,500,000	1,594,101
04/10/2032	8.250%		1,500,000	1,800,314
Total				3,394,415
Ghana 0.6%
Ghana Government International Bond^(a)
02/11/2027	6.375%		2,315,000	2,303,095
Guatemala 0.5%
Guatemala Government Bond^(a)
06/01/2050	6.125%		1,650,000	1,989,240
Honduras 0.3%
Honduras Government International Bond^(a)
01/19/2027	6.250%		1,082,000	1,210,944
India 0.8%
Export-Import Bank of India^(a)
01/15/2030	3.250%		2,400,000	2,439,621
Indian Railway Finance Corp., Ltd.^(a)
02/13/2030	3.249%		840,000	850,560
Total				3,290,181
Indonesia 8.1%
Indonesia Government International Bond^(a)
01/08/2027	4.350%		2,750,000	3,050,792
01/15/2045	5.125%		5,150,000	6,419,916
Indonesia Government International Bond
04/24/2028	4.100%		1,150,000	1,266,519
10/30/2049	3.700%		3,180,000	3,274,591
Pertamina Persero PT^(a)
01/21/2050	4.175%		3,900,000	3,883,181
PT Indonesia Asahan Aluminium Persero Tbk^(a)
11/15/2028	6.530%		1,300,000	1,602,102
PT Pertamina Persero^(a)
08/25/2030	3.100%		2,800,000	2,763,828
PT Perusahaan Listrik Negara^(a)
05/21/2028	5.450%		700,000	819,964
07/17/2029	3.875%		1,900,000	2,011,016
02/05/2030	3.375%		2,135,000	2,175,083
02/05/2050	4.375%		1,050,000	1,091,733

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

Columbia Emerging Markets Bond Fund | Semiannual Report 2020

Table of Contents

Portfolio of Investments (continued)
February 29, 2020 (Unaudited)

Foreign Government Obligations^(c),(d) (continued)
Issuer	Coupon Rate		Principal Amount ($)	Value ($)
Saka Energi Indonesia PT^(a)
05/05/2024	4.450%		4,000,000	4,036,838
Total				32,395,563
Ivory Coast 1.0%
Ivory Coast Government International Bond^(a)
10/17/2031	5.875%	EUR	3,440,000	3,930,504
Kazakhstan 1.9%
KazMunayGas National Co. JSC^(a)
04/19/2027	4.750%		2,200,000	2,437,041
04/24/2030	5.375%		4,350,000	5,066,256
Total				7,503,297
Mexico 8.9%
Mexican Bonos
05/31/2029	8.500%	MXN	70,000,000	3,960,300
Petroleos Mexicanos
11/12/2026	7.470%	MXN	50,100,000	2,252,028
03/13/2027	6.500%		5,340,000	5,599,642
02/12/2028	5.350%		3,130,000	3,038,934
01/23/2029	6.500%		200,000	205,402
01/23/2045	6.375%		1,700,000	1,598,719
09/21/2047	6.750%		800,000	767,661
Petroleos Mexicanos^(a)
01/23/2030	6.840%		8,465,000	8,875,262
01/28/2031	5.950%		2,085,000	2,024,940
01/23/2050	7.690%		6,936,000	7,206,850
Total				35,529,738
Mongolia 0.4%
Mongolia Government International Bond^(a)
05/01/2023	5.625%		1,750,000	1,765,066
Morocco 0.6%
OCP SA^(a)
04/25/2044	6.875%		1,850,000	2,448,442
Netherlands 1.2%
MDGH - GMTN BV^(a)
11/07/2029	2.875%		3,000,000	3,096,143
11/07/2049	3.700%		1,210,000	1,297,163
Syngenta Finance NV^(a)
04/24/2028	5.182%		250,000	281,679
Total				4,674,985
Nigeria 0.4%
Nigeria Government International Bond^(a)
01/21/2031	8.747%		1,050,000	1,141,787
11/28/2047	7.625%		700,000	655,195
Total				1,796,982

Foreign Government Obligations^(c),(d) (continued)
Issuer	Coupon Rate		Principal Amount ($)	Value ($)
Oman 1.5%
Oman Government International Bond^(a)
03/08/2047	6.500%		3,150,000	2,952,788
01/17/2048	6.750%		3,050,000	2,887,148
Total				5,839,936
Pakistan 1.1%
Pakistan Government International Bond^(a)
09/30/2025	8.250%		2,250,000	2,571,622
03/31/2036	7.875%		1,600,000	1,760,017
Total				4,331,639
Paraguay 1.2%
Paraguay Government International Bond^(a)
08/11/2044	6.100%		2,900,000	3,724,066
03/30/2050	5.400%		925,000	1,111,524
Total				4,835,590
Peru 1.7%
Peruvian Government International Bond
06/20/2030	2.844%		6,300,000	6,706,453
Philippines 1.3%
Philippine Government International Bond
02/01/2028	3.000%		4,750,000	5,083,021
Qatar 3.7%
Qatar Government International Bond^(a)
04/23/2028	4.500%		700,000	812,653
03/14/2029	4.000%		4,350,000	4,942,197
04/23/2048	5.103%		2,750,000	3,663,150
03/14/2049	4.817%		4,250,000	5,445,394
Total				14,863,394
Romania 0.5%
Romanian Government International Bond^(a)
04/03/2049	4.625%	EUR	1,380,000	1,911,228
Russian Federation 5.2%
Gazprom Neft OAO Via GPN Capital SA^(a)
09/19/2022	4.375%		529,000	550,723
Gazprom PJSC via Gaz Finance PLC^(a)
02/25/2030	3.250%		7,985,000	7,850,963
Russian Federal Bond - OFZ
07/20/2022	7.600%	RUB	190,000,000	2,958,664
Russian Foreign Bond - Eurobond^(a)
03/21/2029	4.375%		1,400,000	1,562,035
03/28/2035	5.100%		6,600,000	7,975,024
Total				20,897,409

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

8	Columbia Emerging Markets Bond Fund \| Semiannual Report 2020

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Portfolio of Investments (continued)
February 29, 2020 (Unaudited)

Foreign Government Obligations^(c),(d) (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Saudi Arabia 3.1%
Saudi Arabian Oil Co.^(a)
04/16/2029	3.500%	1,460,000	1,553,640
04/16/2039	4.250%	1,410,000	1,563,075
Saudi Government International Bond^(a)
01/21/2055	3.750%	9,105,000	9,255,628
Total			12,372,343
Senegal 0.3%
Senegal Government International Bond^(a)
05/23/2033	6.250%	992,000	1,043,749
South Africa 1.8%
Eskom Holdings SOC Ltd.^(a)
01/26/2021	5.750%	7,270,000	7,289,740
Sri Lanka 0.9%
Sri Lanka Government International Bond^(a)
06/28/2024	6.350%	2,450,000	2,438,538
05/11/2027	6.200%	1,342,000	1,227,012
Total			3,665,550
Turkey 2.9%
Turkey Government International Bond
03/25/2027	6.000%	3,400,000	3,377,673
02/17/2028	5.125%	450,000	422,769
04/26/2029	7.625%	2,000,000	2,150,277
05/30/2040	6.750%	2,473,000	2,408,500
01/14/2041	6.000%	1,200,000	1,076,370
02/17/2045	6.625%	2,150,000	2,027,351
Total			11,462,940
Ukraine 1.9%
Ukraine Government International Bond^(a)
09/01/2023	7.750%	1,850,000	2,006,342
09/01/2026	7.750%	2,000,000	2,195,509
09/25/2032	7.375%	2,300,000	2,473,210
09/25/2032	7.375%	400,000	430,123
Ukraine Railways Via Shortline PLC^(a)
09/15/2021	9.875%	360,000	374,084
Total			7,479,268
United Arab Emirates 2.2%
Abu Dhabi Government International Bond^(a)
10/11/2027	3.125%	4,600,000	4,940,080
09/30/2049	3.125%	3,600,000	3,665,984
Total			8,606,064

Foreign Government Obligations^(c),(d) (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
United Kingdom 0.6%
NAK Naftogaz Ukraine via Kondor Finance PLC^(a)
11/08/2026	7.625%	2,425,000	2,550,896
Venezuela 0.8%
Petroleos de Venezuela SA^(a),(e)
05/16/2024	0.000%	22,627,059	2,262,706
Venezuela Government International Bond^(a),(e)
10/13/2024	0.000%	7,500,000	1,125,000
Total			3,387,706
Virgin Islands 3.0%
CNOOC Finance Ltd.
09/30/2029	2.875%	2,810,000	2,949,761
Sinopec Group Overseas Development Ltd.^(a)
09/13/2027	3.250%	6,850,000	7,337,956
11/12/2029	2.950%	1,715,000	1,801,804
Total			12,089,521
Total Foreign Government Obligations (Cost $340,625,655)			335,877,345

Treasury Bills 0.4%
Issuer	Effective Yield	Principal Amount ($)	Value ($)
Argentina 0.4%
Argentina Treasury Bill^(e),(f)
08/31/2020	0.000%	5,005,650	1,601,808
Total Treasury Bills (Cost $4,949,201)			1,601,808

Money Market Funds 8.6%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 1.641%^(g),(h)	34,493,306	34,493,306
Total Money Market Funds (Cost $34,493,306)		34,493,306
Total Investments in Securities (Cost $406,258,114)		397,415,402
Other Assets & Liabilities, Net		2,859,117
Net Assets		$400,274,519

At February 29, 2020, securities and/or cash totaling $127,008 were pledged as collateral.

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

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Portfolio of Investments (continued)
February 29, 2020 (Unaudited)

Investments in derivatives

Forward foreign currency exchange contracts
Currency to be sold	Currency to be purchased	Counterparty	Settlement date	Unrealized appreciation ($)	Unrealized depreciation ($)
122,000,000 MXN	6,500,530 USD	Goldman Sachs	03/13/2020	312,389	—
27,500,000 BRL	6,351,626 USD	Standard Chartered	03/13/2020	206,164	—
8,559,000 EUR	9,344,656 USD	UBS	03/13/2020	—	(110,129)
Total				518,553	(110,129)

Long futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
U.S. Ultra Treasury Bond	44	06/2020	USD	9,130,000	496,276	—

Short futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
U.S. Ultra Bond 10-Year Note	(58)	06/2020	USD	(8,712,688)	—	(286,506)

Notes to Portfolio of Investments

(a)	Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund’s Board of Trustees. At February 29, 2020, the total value of these securities amounted to $272,949,956, which represents 68.19% of total net assets.
(b)	Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of February 29, 2020.
(c)	Principal amounts are denominated in United States Dollars unless otherwise noted.
(d)	Principal and interest may not be guaranteed by a governmental entity.
(e)	Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At February 29, 2020, the total value of these securities amounted to $4,989,514, which represents 1.25% of total net assets.
(f)	On August 29, 2019, the government of Argentina announced a delay in the repayment of short-term government debt at maturity and introduced an extended repayment schedule. The first of three scheduled payments, which represented 15% of the original par was received on September 27, 2019. On December 23, 2019 the government of Argentina announced a maturity extension with all remaining payments to be postponed to the final maturity of August 31, 2020.
(g)	The rate shown is the seven-day current annualized yield at February 29, 2020.
(h)	As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended February 29, 2020 are as follows:

Issuer	Beginning shares	Shares purchased	Shares sold	Ending shares	Realized gain (loss) — affiliated issuers ($)	Net change in unrealized appreciation (depreciation) — affiliated issuers ($)	Dividends — affiliated issuers ($)	Value — affiliated issuers at end of period ($)
Columbia Short-Term Cash Fund, 1.641%
	28,755,316	186,985,417	(181,247,427)	34,493,306	4,544	—	278,977	34,493,306

Currency Legend

BRL	Brazilian Real
DOP	Dominican Republic Peso
EGP	Egyptian Pound
EUR	Euro
MXN	Mexican Peso
RUB	Russian Ruble
USD	US Dollar

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

10	Columbia Emerging Markets Bond Fund \| Semiannual Report 2020

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Portfolio of Investments (continued)
February 29, 2020 (Unaudited)

Fair value measurements

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

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

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

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

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

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category 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 February 29, 2020:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Corporate Bonds & Notes	—	25,442,943	—	25,442,943
Foreign Government Obligations	—	335,877,345	—	335,877,345
Treasury Bills	—	1,601,808	—	1,601,808
Money Market Funds	34,493,306	—	—	34,493,306
Total Investments in Securities	34,493,306	362,922,096	—	397,415,402
Investments in Derivatives
Asset
Forward Foreign Currency Exchange Contracts	—	518,553	—	518,553
Futures Contracts	496,276	—	—	496,276
Liability
Forward Foreign Currency Exchange Contracts	—	(110,129)	—	(110,129)
Futures Contracts	(286,506)	—	—	(286,506)
Total	34,703,076	363,330,520	—	398,033,596

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.

Derivative instruments are valued at unrealized appreciation (depreciation).

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

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Statement of Assets and Liabilities
February 29, 2020 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $371,764,808)	$362,922,096
Affiliated issuers (cost $34,493,306)	34,493,306
Foreign currency (cost $26,608)	25,971
Margin deposits on:
Futures contracts	127,008
Unrealized appreciation on forward foreign currency exchange contracts	518,553
Receivable for:
Investments sold	9,077,713
Capital shares sold	375,696
Dividends	45,422
Interest	4,632,751
Foreign tax reclaims	72,497
Variation margin for futures contracts	189,750
Prepaid expenses	1,640
Other assets	30,574
Total assets	412,512,977
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts	110,129
Payable for:
Investments purchased	11,267,014
Capital shares purchased	602,732
Variation margin for futures contracts	115,094
Management services fees	6,625
Distribution and/or service fees	989
Transfer agent fees	32,128
Compensation of board members	58,909
Other expenses	44,838
Total liabilities	12,238,458
Net assets applicable to outstanding capital stock	$400,274,519
Represented by
Paid in capital	431,879,586
Total distributable earnings (loss)	(31,605,067)
Total - representing net assets applicable to outstanding capital stock	$400,274,519

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

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Statement of Assets and Liabilities (continued)
February 29, 2020 (Unaudited)

Class A
Net assets	$50,303,909
Shares outstanding	4,418,331
Net asset value per share	$11.39
Maximum sales charge	4.75%
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)	$11.96
Advisor Class
Net assets	$15,321,728
Shares outstanding	1,343,169
Net asset value per share	$11.41
Class C
Net assets	$11,502,912
Shares outstanding	1,017,362
Net asset value per share	$11.31
Institutional Class
Net assets	$72,152,331
Shares outstanding	6,331,834
Net asset value per share	$11.40
Institutional 2 Class
Net assets	$38,528,249
Shares outstanding	3,382,718
Net asset value per share	$11.39
Institutional 3 Class
Net assets	$188,874,111
Shares outstanding	16,574,181
Net asset value per share	$11.40
Class R
Net assets	$23,591,279
Shares outstanding	2,073,123
Net asset value per share	$11.38

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

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Statement of Operations
Six Months Ended February 29, 2020 (Unaudited)

Net investment income
Income:
Dividends — affiliated issuers	$278,977
Interest	10,755,208
Interfund lending	746
Foreign taxes withheld	(118,376)
Total income	10,916,555
Expenses:
Management services fees	1,193,743
Distribution and/or service fees
Class A	65,434
Class C	61,751
Class R	59,709
Transfer agent fees
Class A	45,824
Advisor Class	15,313
Class C	10,807
Institutional Class	64,007
Institutional 2 Class	10,353
Institutional 3 Class	7,526
Class R	20,924
Compensation of board members	11,739
Custodian fees	15,813
Printing and postage fees	16,558
Registration fees	51,759
Audit fees	12,620
Legal fees	4,963
Interest on collateral	12
Compensation of chief compliance officer	44
Other	26,907
Total expenses	1,695,806
Net investment income	9,220,749
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	14,236,762
Investments — affiliated issuers	4,544
Foreign currency translations	159,337
Forward foreign currency exchange contracts	500,587
Futures contracts	(349)
Net realized gain	14,900,881
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(13,647,836)
Foreign currency translations	5,810
Forward foreign currency exchange contracts	(45,535)
Futures contracts	73,862
Foreign capital gains tax	6,800
Net change in unrealized appreciation (depreciation)	(13,606,899)
Net realized and unrealized gain	1,293,982
Net increase in net assets resulting from operations	$10,514,731

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

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Statement of Changes in Net Assets

	Six Months Ended February 29, 2020 (Unaudited)	Year Ended August 31, 2019
Operations
Net investment income	$9,220,749	$23,059,863
Net realized gain (loss)	14,900,881	(30,681,315)
Net change in unrealized appreciation (depreciation)	(13,606,899)	45,094,828
Net increase in net assets resulting from operations	10,514,731	37,473,376
Distributions to shareholders
Net investment income and net realized gains
Class A	(892,678)	(2,258,287)
Advisor Class	(313,687)	(502,047)
Class C	(164,539)	(488,629)
Institutional Class	(1,341,838)	(3,080,458)
Institutional 2 Class	(659,366)	(1,468,247)
Institutional 3 Class	(3,561,174)	(8,328,066)
Class R	(378,883)	(953,527)
Class T	—	(1,909)
Total distributions to shareholders	(7,312,165)	(17,081,170)
Decrease in net assets from capital stock activity	(4,888,053)	(53,701,715)
Total decrease in net assets	(1,685,487)	(33,309,509)
Net assets at beginning of period	401,960,006	435,269,515
Net assets at end of period	$400,274,519	$401,960,006

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

Columbia Emerging Markets Bond Fund | Semiannual Report 2020

Table of Contents

Statement of Changes in Net Assets (continued)

	Six Months Ended		Year Ended
	February 29, 2020 (Unaudited)		August 31, 2019
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	202,377	2,293,602	820,311	8,999,216
Distributions reinvested	76,916	870,135	199,197	2,173,681
Redemptions	(711,224)	(8,028,009)	(1,889,197)	(20,699,944)
Net decrease	(431,931)	(4,864,272)	(869,689)	(9,527,047)
Advisor Class
Subscriptions	205,094	2,309,883	1,573,445	17,276,929
Distributions reinvested	27,678	313,501	45,376	501,637
Redemptions	(669,781)	(7,550,020)	(650,791)	(7,048,161)
Net increase (decrease)	(437,009)	(4,926,636)	968,030	10,730,405
Class C
Subscriptions	14,766	164,935	80,670	871,395
Distributions reinvested	13,314	149,644	41,577	449,699
Redemptions	(203,065)	(2,273,808)	(481,411)	(5,247,130)
Net decrease	(174,985)	(1,959,229)	(359,164)	(3,926,036)
Institutional Class
Subscriptions	1,487,288	16,673,988	1,860,095	20,345,926
Distributions reinvested	117,130	1,326,454	277,843	3,034,724
Redemptions	(1,592,855)	(17,962,365)	(3,425,605)	(37,229,571)
Net increase (decrease)	11,563	38,077	(1,287,667)	(13,848,921)
Institutional 2 Class
Subscriptions	930,479	10,671,571	1,442,749	15,696,050
Distributions reinvested	58,176	659,257	134,583	1,468,217
Redemptions	(715,273)	(8,120,713)	(1,858,248)	(19,877,020)
Net increase (decrease)	273,382	3,210,115	(280,916)	(2,712,753)
Institutional 3 Class
Subscriptions	972,065	10,997,378	1,556,246	17,023,820
Distributions reinvested	314,403	3,561,174	762,822	8,328,065
Redemptions	(854,771)	(9,726,643)	(5,061,715)	(55,708,692)
Net increase (decrease)	431,697	4,831,909	(2,742,647)	(30,356,807)
Class R
Subscriptions	46,411	523,896	97,747	1,067,568
Distributions reinvested	31,696	358,703	80,912	882,188
Redemptions	(186,044)	(2,100,616)	(533,534)	(5,848,387)
Net decrease	(107,937)	(1,218,017)	(354,875)	(3,898,631)
Class T
Distributions reinvested	—	—	169	1,795
Redemptions	—	—	(15,561)	(163,720)
Net decrease	—	—	(15,392)	(161,925)
Total net decrease	(435,220)	(4,888,053)	(4,942,320)	(53,701,715)

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

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Columbia Emerging Markets Bond Fund | Semiannual Report 2020

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Financial Highlights

The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Six Months Ended 2/29/2020 (Unaudited)	$11.29	0.25	0.04	0.29	(0.19)	—	(0.19)
Year Ended 8/31/2019	$10.74	0.59	0.39	0.98	(0.43)	—	(0.43)
Year Ended 8/31/2018	$12.09	0.62	(1.31)	(0.69)	(0.66)	—	(0.66)
Year Ended 8/31/2017^(e)	$11.64	0.54	0.33	0.87	(0.42)	—	(0.42)
Year Ended 10/31/2016	$10.56	0.64	0.73	1.37	(0.29)	—	(0.29)
Year Ended 10/31/2015	$11.37	0.62	(1.12)	(0.50)	(0.30)	(0.01)	(0.31)
Year Ended 10/31/2014	$11.59	0.60	(0.18)	0.42	(0.49)	(0.15)	(0.64)
Advisor Class
Six Months Ended 2/29/2020 (Unaudited)	$11.31	0.26	0.05	0.31	(0.21)	—	(0.21)
Year Ended 8/31/2019	$10.75	0.61	0.41	1.02	(0.46)	—	(0.46)
Year Ended 8/31/2018	$12.11	0.65	(1.32)	(0.67)	(0.69)	—	(0.69)
Year Ended 8/31/2017^(e)	$11.65	0.58	0.32	0.90	(0.44)	—	(0.44)
Year Ended 10/31/2016	$10.57	0.68	0.72	1.40	(0.32)	—	(0.32)
Year Ended 10/31/2015	$11.38	0.64	(1.12)	(0.48)	(0.32)	(0.01)	(0.33)
Year Ended 10/31/2014	$11.60	0.63	(0.18)	0.45	(0.52)	(0.15)	(0.67)
Class C
Six Months Ended 2/29/2020 (Unaudited)	$11.22	0.20	0.04	0.24	(0.15)	—	(0.15)
Year Ended 8/31/2019	$10.67	0.51	0.39	0.90	(0.35)	—	(0.35)
Year Ended 8/31/2018	$12.01	0.53	(1.29)	(0.76)	(0.58)	—	(0.58)
Year Ended 8/31/2017^(e)	$11.57	0.47	0.31	0.78	(0.34)	—	(0.34)
Year Ended 10/31/2016	$10.50	0.56	0.72	1.28	(0.21)	—	(0.21)
Year Ended 10/31/2015	$11.32	0.53	(1.11)	(0.58)	(0.23)	(0.01)	(0.24)
Year Ended 10/31/2014	$11.54	0.51	(0.18)	0.33	(0.40)	(0.15)	(0.55)
Institutional Class
Six Months Ended 2/29/2020 (Unaudited)	$11.30	0.26	0.05	0.31	(0.21)	—	(0.21)
Year Ended 8/31/2019	$10.75	0.62	0.39	1.01	(0.46)	—	(0.46)
Year Ended 8/31/2018	$12.10	0.65	(1.31)	(0.66)	(0.69)	—	(0.69)
Year Ended 8/31/2017^(e)	$11.65	0.57	0.32	0.89	(0.44)	—	(0.44)
Year Ended 10/31/2016	$10.57	0.67	0.73	1.40	(0.32)	—	(0.32)
Year Ended 10/31/2015	$11.37	0.64	(1.11)	(0.47)	(0.32)	(0.01)	(0.33)
Year Ended 10/31/2014	$11.59	0.63	(0.18)	0.45	(0.52)	(0.15)	(0.67)

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

18	Columbia Emerging Markets Bond Fund \| Semiannual 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 ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Six Months Ended 2/29/2020 (Unaudited)	$11.39	2.63%	1.10%^(c),(d)	1.10%^(c),(d)	4.40%^(c)	102%	$50,304
Year Ended 8/31/2019	$11.29	9.33%	1.11%^(d)	1.11%^(d)	5.40%	106%	$54,778
Year Ended 8/31/2018	$10.74	(5.97%)	1.13%	1.13%	5.33%	64%	$61,421
Year Ended 8/31/2017^(e)	$12.09	7.68%	1.17%^(c)	1.17%^(c)	5.63%^(c)	44%	$77,842
Year Ended 10/31/2016	$11.64	13.30%	1.20%	1.20%	5.91%	44%	$135,877
Year Ended 10/31/2015	$10.56	(4.39%)	1.15%	1.15%^(f)	5.72%	32%	$136,042
Year Ended 10/31/2014	$11.37	3.84%	1.16%	1.16%^(f)	5.29%	42%	$188,935
Advisor Class
Six Months Ended 2/29/2020 (Unaudited)	$11.41	2.75%	0.85%^(c),(d)	0.85%^(c),(d)	4.68%^(c)	102%	$15,322
Year Ended 8/31/2019	$11.31	9.69%	0.86%^(d)	0.86%^(d)	5.51%	106%	$20,141
Year Ended 8/31/2018	$10.75	(5.80%)	0.88%	0.88%	5.60%	64%	$8,734
Year Ended 8/31/2017^(e)	$12.11	7.99%	0.91%^(c)	0.91%^(c)	5.97%^(c)	44%	$8,758
Year Ended 10/31/2016	$11.65	13.57%	0.95%	0.95%	6.21%	44%	$1,964
Year Ended 10/31/2015	$10.57	(4.19%)	0.89%	0.89%^(f)	5.99%	32%	$1,578
Year Ended 10/31/2014	$11.38	4.09%	0.91%	0.91%^(f)	5.54%	42%	$1,985
Class C
Six Months Ended 2/29/2020 (Unaudited)	$11.31	2.17%	1.85%^(c),(d)	1.85%^(c),(d)	3.66%^(c)	102%	$11,503
Year Ended 8/31/2019	$11.22	8.57%	1.86%^(d)	1.86%^(d)	4.66%	106%	$13,374
Year Ended 8/31/2018	$10.67	(6.63%)	1.88%	1.88%	4.57%	64%	$16,550
Year Ended 8/31/2017^(e)	$12.01	6.97%	1.92%^(c)	1.92%^(c)	4.91%^(c)	44%	$20,307
Year Ended 10/31/2016	$11.57	12.43%	1.95%	1.95%	5.16%	44%	$23,714
Year Ended 10/31/2015	$10.50	(5.11%)	1.90%	1.90%^(f)	4.96%	32%	$31,610
Year Ended 10/31/2014	$11.32	3.08%	1.91%	1.91%^(f)	4.55%	42%	$53,086
Institutional Class
Six Months Ended 2/29/2020 (Unaudited)	$11.40	2.75%	0.85%^(c),(d)	0.85%^(c),(d)	4.65%^(c)	102%	$72,152
Year Ended 8/31/2019	$11.30	9.60%	0.86%^(d)	0.86%^(d)	5.65%	106%	$71,443
Year Ended 8/31/2018	$10.75	(5.72%)	0.88%	0.88%	5.57%	64%	$81,762
Year Ended 8/31/2017^(e)	$12.10	7.90%	0.92%^(c)	0.92%^(c)	5.94%^(c)	44%	$94,159
Year Ended 10/31/2016	$11.65	13.57%	0.95%	0.95%	6.17%	44%	$75,526
Year Ended 10/31/2015	$10.57	(4.10%)	0.90%	0.90%^(f)	5.98%	32%	$79,496
Year Ended 10/31/2014	$11.37	4.10%	0.91%	0.91%^(f)	5.55%	42%	$107,518

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

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Table of Contents

Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Institutional 2 Class
Six Months Ended 2/29/2020 (Unaudited)	$11.30	0.27	0.03	0.30	(0.21)	—	(0.21)
Year Ended 8/31/2019	$10.74	0.63	0.40	1.03	(0.47)	—	(0.47)
Year Ended 8/31/2018	$12.10	0.65	(1.30)	(0.65)	(0.71)	—	(0.71)
Year Ended 8/31/2017^(e)	$11.64	0.59	0.33	0.92	(0.46)	—	(0.46)
Year Ended 10/31/2016	$10.56	0.70	0.72	1.42	(0.34)	—	(0.34)
Year Ended 10/31/2015	$11.37	0.66	(1.12)	(0.46)	(0.34)	(0.01)	(0.35)
Year Ended 10/31/2014	$11.59	0.65	(0.18)	0.47	(0.54)	(0.15)	(0.69)
Institutional 3 Class
Six Months Ended 2/29/2020 (Unaudited)	$11.30	0.27	0.05	0.32	(0.22)	—	(0.22)
Year Ended 8/31/2019	$10.75	0.64	0.39	1.03	(0.48)	—	(0.48)
Year Ended 8/31/2018	$12.10	0.66	(1.30)	(0.64)	(0.71)	—	(0.71)
Year Ended 8/31/2017^(e)	$11.65	0.61	0.31	0.92	(0.47)	—	(0.47)
Year Ended 10/31/2016	$10.57	0.71	0.72	1.43	(0.35)	—	(0.35)
Year Ended 10/31/2015	$11.38	0.67	(1.12)	(0.45)	(0.35)	(0.01)	(0.36)
Year Ended 10/31/2014	$11.59	0.65	(0.16)	0.49	(0.55)	(0.15)	(0.70)
Class R
Six Months Ended 2/29/2020 (Unaudited)	$11.29	0.23	0.04	0.27	(0.18)	—	(0.18)
Year Ended 8/31/2019	$10.73	0.56	0.40	0.96	(0.40)	—	(0.40)
Year Ended 8/31/2018	$12.08	0.59	(1.31)	(0.72)	(0.63)	—	(0.63)
Year Ended 8/31/2017^(e)	$11.63	0.52	0.32	0.84	(0.39)	—	(0.39)
Year Ended 10/31/2016	$10.55	0.62	0.73	1.35	(0.27)	—	(0.27)
Year Ended 10/31/2015	$11.37	0.59	(1.12)	(0.53)	(0.28)	(0.01)	(0.29)
Year Ended 10/31/2014	$11.59	0.57	(0.18)	0.39	(0.46)	(0.15)	(0.61)

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)	Annualized.
(d)	Ratios include interest on collateral expense which is less than 0.01%.
(e)	For the period from November 1, 2016 to August 31, 2017. During the period, the Fund’s fiscal year end was changed from October 31 to August 31.
(f)	The benefits derived from expense reductions had an impact of less than 0.01%.

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

20	Columbia Emerging Markets Bond Fund \| Semiannual 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 ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Institutional 2 Class
Six Months Ended 2/29/2020 (Unaudited)	$11.39	2.72%	0.73%^(c),(d)	0.73%^(c),(d)	4.76%^(c)	102%	$38,528
Year Ended 8/31/2019	$11.30	9.83%	0.75%^(d)	0.75%^(d)	5.75%	106%	$35,131
Year Ended 8/31/2018	$10.74	(5.68%)	0.75%	0.74%	5.60%	64%	$36,419
Year Ended 8/31/2017^(e)	$12.10	8.18%	0.76%^(c)	0.75%^(c)	6.10%^(c)	44%	$50,366
Year Ended 10/31/2016	$11.64	13.82%	0.74%	0.74%	6.34%	44%	$18,615
Year Ended 10/31/2015	$10.56	(4.03%)	0.72%	0.72%	6.19%	32%	$8,384
Year Ended 10/31/2014	$11.37	4.31%	0.70%	0.70%	5.67%	42%	$8,928
Institutional 3 Class
Six Months Ended 2/29/2020 (Unaudited)	$11.40	2.83%	0.68%^(c),(d)	0.68%^(c),(d)	4.81%^(c)	102%	$188,874
Year Ended 8/31/2019	$11.30	9.79%	0.69%^(d)	0.69%^(d)	5.83%	106%	$182,472
Year Ended 8/31/2018	$10.75	(5.54%)	0.70%	0.69%	5.72%	64%	$202,999
Year Ended 8/31/2017^(e)	$12.10	8.13%	0.71%^(c)	0.70%^(c)	6.17%^(c)	44%	$173,174
Year Ended 10/31/2016	$11.65	13.86%	0.69%	0.69%	6.41%	44%	$3,199
Year Ended 10/31/2015	$10.57	(3.99%)	0.67%	0.67%	6.23%	32%	$1,120
Year Ended 10/31/2014	$11.38	4.46%	0.65%	0.65%	5.83%	42%	$1,384
Class R
Six Months Ended 2/29/2020 (Unaudited)	$11.38	2.41%	1.35%^(c),(d)	1.35%^(c),(d)	4.15%^(c)	102%	$23,591
Year Ended 8/31/2019	$11.29	9.16%	1.36%^(d)	1.36%^(d)	5.15%	106%	$24,620
Year Ended 8/31/2018	$10.73	(6.20%)	1.38%	1.38%	5.07%	64%	$27,218
Year Ended 8/31/2017^(e)	$12.08	7.46%	1.42%^(c)	1.42%^(c)	5.43%^(c)	44%	$33,057
Year Ended 10/31/2016	$11.63	13.03%	1.45%	1.45%	5.64%	44%	$21,289
Year Ended 10/31/2015	$10.55	(4.69%)	1.40%	1.40%^(f)	5.53%	32%	$13,281
Year Ended 10/31/2014	$11.37	3.57%	1.41%	1.41%^(f)	5.07%	42%	$10,212

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

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Notes to Financial Statements
February 29, 2020 (Unaudited)

Note 1. Organization

Columbia Emerging Markets Bond Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a non-diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.

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

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

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

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

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of transactions, at the mean of the latest quoted bid and ask prices.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by 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.

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Notes to Financial Statements (continued)
February 29, 2020 (Unaudited)

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

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

Foreign currency transactions and translations

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

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

Derivative instruments

The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, additional counterparty credit risk is failure of the clearinghouse or CCP. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives contract counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instrument’s payables and/or receivables

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Notes to Financial Statements (continued)
February 29, 2020 (Unaudited)

with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract specific for over-the-counter derivatives. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown on the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

Forward foreign currency exchange contracts

Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund’s securities, to shift foreign currency exposure back to U.S. dollars and to shift investment exposure from one currency to another. These instruments may be used for other purposes in future periods.

The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.

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

Futures contracts

Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark and to manage exposure to movements in interest rates. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

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Notes to Financial Statements (continued)
February 29, 2020 (Unaudited)

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

Effects of derivative transactions in the financial statements

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at February 29, 2020:

	Asset derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts	518,553
Interest rate risk	Component of total distributable earnings (loss) — unrealized appreciation on futures contracts	496,276*
Total		1,014,829

	Liability derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts	110,129
Interest rate risk	Component of total distributable earnings (loss) — unrealized depreciation on futures contracts	286,506*
Total		396,635

*	Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

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Notes to Financial Statements (continued)
February 29, 2020 (Unaudited)

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended February 29, 2020:

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)	Futures contracts ($)	Total ($)
Foreign exchange risk	500,587	—	500,587
Interest rate risk	—	(349)	(349)
Total	500,587	(349)	500,238

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)	Futures contracts ($)	Total ($)
Foreign exchange risk	(45,535)	—	(45,535)
Interest rate risk	—	73,862	73,862
Total	(45,535)	73,862	28,327

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended February 29, 2020:

Derivative instrument	Average notional amounts ($)*
Futures contracts — long	8,788,672
Futures contracts — short	8,551,797

Derivative instrument	Average unrealized appreciation ($)*	Average unrealized depreciation ($)*
Forward foreign currency exchange contracts	323,209	(55,065)

*	Based on the ending quarterly outstanding amounts for the six months ended February 29, 2020.

Treasury inflation protected securities

The Fund may invest in treasury inflation protected securities (TIPS). The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. These adjustments are recorded as interest income in the Statement of Operations. Coupon payments are based on the adjusted principal at the time the interest is paid.

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Notes to Financial Statements (continued)
February 29, 2020 (Unaudited)

Offsetting of assets and liabilities

The following table presents the Fund’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of February 29, 2020:

	Goldman Sachs ($)	Standard Chartered ($)	UBS ($)	Total ($)
Assets
Forward foreign currency exchange contracts	312,389	206,164	-	518,553
Total assets	312,389	206,164	-	518,553
Liabilities
Forward foreign currency exchange contracts	-	-	110,129	110,129
Total liabilities	-	-	110,129	110,129
Total financial and derivative net assets	312,389	206,164	(110,129)	408,424
Total collateral received (pledged) ^(a)	-	-	-	-
Net amount ^(b)	312,389	206,164	(110,129)	408,424

(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

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

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

Dividend income is recorded on the ex-dividend date.

Expenses

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

Determination of class net asset value

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

Federal income tax status

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

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Notes to Financial Statements (continued)
February 29, 2020 (Unaudited)

Foreign taxes

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

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

Distributions to shareholders

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

Guarantees and indemnifications

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

Note 3. Fees and other transactions with affiliates

Management services fees

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.600% to 0.393% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended February 29, 2020 was 0.600% of the Fund’s average daily net assets.

Participating Affiliates

The Investment Manager and its investment advisory affiliates (Participating Affiliates) around the world may coordinate in providing services to their clients. From time to time the Investment Manager (or any affiliated investment subadviser to the Fund, as the case may be) may engage its Participating Affiliates to provide a variety of services such as investment research, investment monitoring, trading and discretionary investment management (including portfolio management) to certain accounts managed by the Investment Manager, including the Fund. These Participating Affiliates provide services to the Investment Manager (or any affiliated investment subadviser to the Fund as the case may be) either pursuant to subadvisory agreements, personnel-sharing agreements or similar inter-company arrangements and the Fund pays no additional fees and expenses as a result of any such arrangements.

These Participating Affiliates, like the Investment Manager, are direct or indirect subsidiaries of Ameriprise Financial and are registered, as appropriate, with respective regulators in their home jurisdictions and, where required, the Securities and Exchange Commission and the Commodity Futures Trading Commission in the United States.

Pursuant to some of these arrangements, certain employees of these Participating Affiliates may serve as "associated persons" of the Investment Manager and, in this capacity, subject to the oversight and supervision of the Investment Manager and consistent with the investment objectives, policies and limitations set forth in the Fund’s prospectus and Statement of Additional Information (SAI), may provide such services to the Fund on behalf of the Investment Manager.

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Notes to Financial Statements (continued)
February 29, 2020 (Unaudited)

Compensation of board members

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

Compensation of Chief Compliance Officer

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

Transactions with affiliates

For the six months ended February 29, 2020, the Fund engaged in purchase and/or sale transactions with affiliates and/or accounts that have a common investment manager (or affiliated investment managers), common directors/trustees, and/or common officers. Those purchase and sale transactions complied with provisions of Rule 17a-7 under the 1940 Act and were $3,658,900 and $0, respectively.

Transfer agency fees

Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with DST Asset Manager Solutions, Inc. (DST) to serve as sub-transfer agent. The Transfer Agent pays the fees of DST for services as sub-transfer agent and DST is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.

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

For the six months ended February 29, 2020, the Fund’s annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Class A	0.18
Advisor Class	0.18
Class C	0.18
Institutional Class	0.18
Institutional 2 Class	0.06
Institutional 3 Class	0.01
Class R	0.18

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Notes to Financial Statements (continued)
February 29, 2020 (Unaudited)

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended February 29, 2020, no minimum account balance fees were charged by the Fund.

Distribution and service fees

The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution, the Fund pays a fee at the maximum annual rates of up to 0.25%, 1.00% and 0.50% of the Fund’s average daily net assets attributable to Class A, Class C and Class R shares, respectively. For Class C shares, of the 1.00% fee, up to 0.75% can be reimbursed for distribution expenses and up to an additional 0.25% can be reimbursed for shareholder servicing expenses. For Class R shares, of the 0.50% fee, up to 0.25% can be reimbursed for shareholder servicing expenses.

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $324,000 for Class C shares. This amount is based on the most recent information available as of December 31, 2019, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.

Sales charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the six months ended February 29, 2020, if any, are listed below:

	Front End (%)	CDSC (%)	Amount ($)
Class A	4.75	0.50 - 1.00	15,540
Class C	—	1.00	717

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

Expenses waived/reimbursed by the Investment Manager and its affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the class’ average daily net assets:

	January 1, 2020 through December 31, 2020	Prior to January 1, 2020
Class A	1.16%	1.20%
Advisor Class	0.91	0.95
Class C	1.91	1.95
Institutional Class	0.91	0.95
Institutional 2 Class	0.80	0.83
Institutional 3 Class	0.75	0.77
Class R	1.41	1.45

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, infrequent and/or

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Notes to Financial Statements (continued)
February 29, 2020 (Unaudited)

unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

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

At February 29, 2020, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized (depreciation) ($)
406,258,000	12,923,000	(21,147,000)	(8,224,000)

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

The following capital loss carryforwards, determined at August 31, 2019, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. Capital loss carryforwards with no expiration are required to be utilized prior to any capital losses which carry an expiration date. As a result of this ordering rule, capital loss carryforwards which carry an expiration date may be more likely to expire unused.

No expiration short-term ($)	No expiration long-term ($)	Total ($)
(8,665,379)	(26,429,612)	(35,094,991)

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund will elect to treat the following late-year ordinary losses and post-October capital losses at August 31, 2019 as arising on September 1, 2019.

Late year ordinary losses ($)	Post-October capital losses ($)
2,078,301	—

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 $369,913,362 and $366,088,953, respectively, for the six months ended February 29, 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,

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Notes to Financial Statements (continued)
February 29, 2020 (Unaudited)

the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

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

The Fund’s activity in the Interfund Program during the six months ended February 29, 2020 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Lender	3,866,667	2.21	3

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at February 29, 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., HSBC Bank USA, N.A. and JPMorgan Chase Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits collective borrowings up to $1 billion. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the one-month LIBOR rate and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in December unless extended or renewed.

The Fund had no borrowings during the six months ended February 29, 2020.

Note 9. Significant risks

Credit risk

Credit risk is the risk that the value of debt instruments in the Fund’s portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.

Foreign securities and emerging market countries risk

Investing in foreign securities may involve certain risks not typically associated with investing in U.S. securities, such as increased currency volatility and risks associated with political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, which may result in significant market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may increase these risks and expose the Fund to elevated risks associated with increased inflation, deflation or currency devaluation. To the extent that the Fund

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Notes to Financial Statements (continued)
February 29, 2020 (Unaudited)

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.

High-yield investments risk

Securities and other debt instruments held by the Fund that are rated below investment grade (commonly called "high-yield" or "junk" bonds) and unrated debt instruments of comparable quality expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade debt instruments. In addition, these investments have greater price fluctuations, are less liquid and are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.

Interest rate risk

Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt securities tend to fall, and if interest rates fall, the values of debt securities tend to rise. Actions by governments and central banking authorities can result in increases in interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.

Liquidity risk

Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

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 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 coronavirus disease 2019 (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

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Notes to Financial Statements (continued)
February 29, 2020 (Unaudited)

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 their 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 February 29, 2020, one unaffiliated shareholder of record owned 12.3% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 56.3% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to

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Notes to Financial Statements (continued)
February 29, 2020 (Unaudited)

estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial.

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Table of Contents

Columbia Emerging Markets Bond Fund

P.O. Box 219104

Kansas City, MO 64121-9104

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

columbiathreadneedleus.com/investor/

SAR141_08_K01_(04/20)

Item 2. Code of Ethics.

Not applicable for semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

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

(b)Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

(a)The registrant's principal executive officer and principal financial officer, based on their evaluation of the registrant's disclosure controls and procedures as of a

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

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

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

Not applicable.

Item 13. Exhibits.

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable for semiannual reports.

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

(a)(3) Not applicable.

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

SIGNATURES

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

authorized.
(registrant)			Columbia Funds Series Trust II
By (Signature and Title)			/s/ Christopher O. Petersen
			Christopher O. Petersen, President and Principal Executive Officer
Date			April 29, 2020

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

By (Signature and Title)		/s/ Christopher O. Petersen
		Christopher O. Petersen, President and Principal Executive Officer
Date		April 29, 2020
By (Signature and Title)		/s/ Michael G. Clarke
		Michael G. Clarke, Chief Financial Officer, Principal Financial Officer
		and Senior Vice President
Date		April 29, 2020
By (Signature and Title)		/s/ Joseph Beranek
		Joseph Beranek, Treasurer, Chief Accounting Officer and Principal
		Financial Officer
Date		April 29, 2020

Columbia Funds Series Trust II N-CSRSCertified semi-annual shareholder report (management investment company)