Columbia Fund Series Trust II

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.

Columbia Global Value Fund

Annual Report

February 29, 2024

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule, "Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements." The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendments.

Each Tailored Shareholder Report will be share-class specific and will highlight key fund information the SEC believes is most relevant to investors in assessing their investment in the Fund. Much of the information, including a Fund’s financial statements, that is currently disclosed in a Fund’s shareholder reports will instead be made available on the Fund’s website and filed on Form N-CSR on an annual and semiannual basis. This information will be delivered to investors free of charge upon request. Columbia Fund reports will follow the Tailored Shareholder Report approach beginning with reports covering the period ending May 31, 2024.

The new rule also requires the Fund to mail a printed version of the Tailored Shareholder Report to all shareholders who have not elected to receive shareholder reports electronically. Rather than receiving a postcard notifying investors that the shareholder report for Funds in which they invest is available online, investors will begin receiving the Tailored Shareholder Report in the mail unless they have elected to receive their Fund documents electronically.

Not FDIC or NCUA Insured

No Financial Institution Guarantee

May Lose Value

Table of Contents

Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	13
Statement of Operations	15
Statement of Changes in Net Assets	16
Financial Highlights	18
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	35
Federal Income Tax Information	36
Trustees and Officers	36

If you elect to receive the shareholder report for Columbia Global Value Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

Proxy voting policies and procedures

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

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or 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)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Global Value Fund | Annual Report 2024

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with growth of capital and income.

Portfolio management

Fred Copper, CFA

Co-Portfolio Manager

Managed Fund since 2016

Melda Mergen, CFA, CAIA

Co-Portfolio Manager

Managed Fund since 2016

Peter Schroeder, CFA

Co-Portfolio Manager

Managed Fund since 2016

Morningstar style boxTM

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

© 2024 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Average annual total returns (%) (for the period ended February 29, 2024)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	03/20/95	11.39	7.99	6.70
	Including sales charges		4.97	6.72	6.07
Advisor Class		12/11/06	11.77	8.28	6.97
Class C	Excluding sales charges	06/26/00	10.60	7.20	5.90
	Including sales charges		9.60	7.20	5.90
Institutional Class		09/27/10	11.73	8.27	6.97
Institutional 2 Class		12/11/06	11.75	8.35	7.06
Institutional 3 Class		02/28/13	11.84	8.41	7.12
Class R		12/11/06	11.16	7.73	6.43
MSCI World Value Index (Net)			12.69	7.39	6.08
MSCI World Index (Net)			24.96	11.66	9.06

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

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

The Fund’s performance prior to September 2014 reflects returns achieved pursuant to different principal investment strategies. If the Fund’s current strategies had been in place for the prior periods, results shown may have been different.

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

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

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

Columbia Global Value Fund | Annual Report 2024

Fund at a Glance (continued)

(Unaudited)

Performance of a hypothetical $10,000 investment (February 28, 2014 — February 29, 2024)

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

Equity sector breakdown (%) (at February 29, 2024)
Communication Services	5.1
Consumer Discretionary	6.4
Consumer Staples	9.8
Energy	9.4
Financials	21.7
Health Care	14.4
Industrials	10.8
Information Technology	12.1
Materials	3.0
Real Estate	4.2
Utilities	3.1
Total	100.0

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

Country breakdown (%) (at February 29, 2024)
Australia	1.7
Canada	1.4
Finland	0.9
France	3.1
Hong Kong	0.9
Japan	9.7
Netherlands	3.5
Russian Federation	0.0 (a)
Singapore	1.3
South Korea	1.3
United Kingdom	6.2
United States(b)	70.0
Total	100.0

(a)	Rounds to zero.
(b)	Includes investments in Money Market Funds and Exchange-Traded Funds.

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

The Fund may use place of organization/incorporation or other factors in determining whether an issuer is domestic (U.S.) or foreign for purposes of its investment policies. At February 29, 2024, the Fund invested at least 40% of its net assets in foreign companies in accordance with its principal investment strategy.

Columbia Global Value Fund | Annual Report 2024

Manager Discussion of Fund Performance

(Unaudited)

For the 12-month period that ended February 29, 2024, Class A shares of Columbia Global Value Fund returned 11.39% excluding sales charges. The Fund’s primary benchmark, the MSCI World Value Index (Net), returned 12.69% and the MSCI World Index (Net) returned 24.96% for the same time period.

Market overview

Developed global equities generally delivered strong double-digit returns during the 12 months ending February 29, 2024, continuing a recovery from lows recorded in September 2022. All economic sectors within the MSCI World Index (Net) produced positive returns for the period measured in U.S. dollars. Information technology was the best performing sector, followed by communication services and consumer discretionary. Using the MSCI World Index (Net) and the S&P 500 Index for comparison, developed global equities underperformed their U.S. counterparts, returning just under 25% vs. 30%.

Trajectory generally was upward from the start of the period, supported by favorable events such as the extremely warm winter across Europe, which allayed concerns of energy shortages resulting from the loss of Russian supplies after the invasion of Ukraine. More good news was the abandonment of the zero-COVID policy in China just before the start of the period, allowing for activity to begin to normalize after the prolonged period of rolling lockdowns across much of the country. Despite the overwhelmingly positive results for the period, the trajectory was uneven. Markets retreated somewhat after reaching mid-period highs, as rising interest rates and a steep increase in oil prices weighed on sentiment. Mixed inflation news added to downside pressure as well, with worries over falling retail sales in Germany and decade-high borrowing costs in France and Italy more than offsetting reports that overall Eurozone inflation hit a two-year low during the last month of the period. Likewise, worries grew that the summer travel boom was starting to fade as stubborn inflation eroded consumer disposable income. In addition, China’s post-lockdown rebound proved far less robust than hoped for, due in no small part to signs of a technology cold war as the U.S. escalated restrictions on sales of chipmaking equipment. A property slump, high local government debt and increasing consumer pessimism added to the overall economic worries, as did factory activity contracting. Ongoing geopolitical conflict in Ukraine complicated uncertainties for investors, as did the Gaza hostilities that erupted on October 7, 2023. Optimism resumed and developed international markets reaccelerated around the end of October, however, in parallel with a rebound in U.S. equities that began when the U.S. Federal Reserve (Fed) held rates steady at its November 1 meeting. Expectations that U.S. officials believed inflation may have cooled enough to forestall more rate hikes and perhaps even spur cutting in 2024 extended to other central banks as well.

Although relatively stable compared with previous periods, the U.S. dollar fluctuated meaningfully over the 12 months but ended with only a slight decline and did not prove to be a meaningful factor in returns for U.S. investors. As illustration, major developed-market benchmarks delivered nearly the same results when denominated in U.S. dollars and local currencies (the MSCI World Index returned 24.96% measured in U.S. dollars, compared with 25.06% measured in local currencies).

The Fund’s notable detractors during the period

•

Despite delivering a double-digit positive return, the Fund underperformed for the period. This was primarily due to high-conviction positioning with a heavy emphasis on capital preservation and defensive exposures, counter-balanced by moderate exposure to early cycle inflation beneficiaries. Additionally, positioning in the energy sector, where a longstanding overweight based on a belief that supply shortages have become structural and are not fully reflected in current commodity prices, also detracted.

•

In that vein, broad and strongly negative security selection was most responsible for trailing results. Selection within the financials sector was a notable detractor primarily due to lack of exposure to several U.S. banks that were heavily weighted in the benchmark, including JPMorgan Chase & Co. Within the information technology sector, weak results from a high-conviction holding in Singapore-based electronic components maker Venture Corp. more than offset strong results within the semiconductors segment. Similarly, a downturn in high-conviction U.K. telecom provider Vodafone Group PLC hurt absolute and relative results.

•

Although overall sector allocation helped results, an above-benchmark exposure to consumer staples and underexposures to consumer discretionary and industrials detracted. With that positioning in place, and given that the Fund does not attempt to time short-term market movements, the Fund did not benefit from the cyclical rallies that occurred during the period.

Columbia Global Value Fund | Annual Report 2024

Manager Discussion of Fund Performance (continued)

(Unaudited)

•

Most importantly, our macro model did not recognize the extent to which the relationship between the manufacturing and services parts of the economy broke down. Our model accurately predicted trends in the manufacturing sector, but it did not account for the divergence of services due to the extraordinary resilience of consumer spending and the massive pent-up stimulus following the pandemic.

•

In addition to Venture and Vodafone, individual holdings that lagged in absolute and relative terms included three U.S.-domiciled holdings: Ameren Corp., AbbVie, Inc., and Discover Financial Services.

•

From a geographical perspective, the Fund’s overweight to the U.K. was a notable detractor.

The Fund’s notable contributors during the period

•

Allocation from a sector and geographical perspective helped the Fund’s relative results during the period (please note that these exposures are byproducts of the strategy’s bottom-up process).

•

An overweight to the information technology sector and underweights to the materials and utilities sectors were especially beneficial, as was an overweight to Japan (where we are highly constructive due to corporate governance reform).

•

Top individual contributors to absolute and relative results included Eli Lilly & Co. (U.S.), ITOCHU Corp. (Japan), Eaton Corp. PLC (U.S.) and BW LPG Ltd. (Singapore). We exited our position in BW LPG.

Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Investing in derivatives is a specialized activity that involves special risks, which may result in significant losses. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. See the Fund’s prospectus for more information on these and other risks.

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

Columbia Global Value Fund | Annual Report 2024

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, 2023 — February 29, 2024
	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	1,071.30	1,019.24	5.82	5.67	1.13
Advisor Class	1,000.00	1,000.00	1,073.80	1,020.49	4.54	4.42	0.88
Class C	1,000.00	1,000.00	1,067.90	1,015.51	9.67	9.42	1.88
Institutional Class	1,000.00	1,000.00	1,073.30	1,020.49	4.54	4.42	0.88
Institutional 2 Class	1,000.00	1,000.00	1,073.90	1,020.79	4.23	4.12	0.82
Institutional 3 Class	1,000.00	1,000.00	1,073.70	1,021.08	3.92	3.82	0.76
Class R	1,000.00	1,000.00	1,070.30	1,018.00	7.10	6.92	1.38

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 Global Value Fund | Annual Report 2024

Portfolio of Investments

February 29, 2024

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 98.8%
Issuer	Shares	Value ($)
Australia 1.7%
Northern Star Resources Ltd.	1,626,532	13,520,827
Canada 1.4%
Cameco Corp.(a)	276,127	11,191,427
Finland 0.9%
UPM-Kymmene OYJ	219,534	7,347,676
France 3.1%
AXA SA	357,112	12,713,872
BNP Paribas SA	198,227	11,897,596
Total		24,611,468
Hong Kong 0.9%
WH Group Ltd.	12,771,593	7,675,169
Japan 9.7%
Daiwabo Holdings Co., Ltd.	585,000	10,256,383
Macnica Holdings, Inc.	191,100	10,577,960
Mitsubishi UFJ Financial Group, Inc.	1,365,200	14,024,444
ORIX Corp.	468,201	9,837,157
Sankyo Co., Ltd.	1,004,500	11,475,036
Shimamura Co., Ltd.	174,400	9,285,514
Takeda Pharmaceutical Co., Ltd.	427,128	12,491,873
Total		77,948,367
Netherlands 3.5%
ING Groep NV	759,775	10,455,914
Shell PLC	571,099	17,664,000
Total		28,119,914
Russian Federation —%
Lukoil PJSC(b),(c),(d),(e)	48,225	—
Singapore 1.3%
Venture Corp., Ltd.	989,900	10,317,095
South Korea 1.3%
Hyundai Home Shopping Network Corp.	64,388	2,265,301
Youngone Corp.	242,344	8,002,744
Total		10,268,045

Common Stocks (continued)
Issuer	Shares	Value ($)
United Kingdom 6.2%
BP PLC, ADR	270,401	9,461,331
BT Group PLC	3,420,543	4,515,025
DCC PLC	123,958	8,810,032
Diversified Energy Co. PLC	144,630	1,710,809
Just Group PLC	6,205,213	6,582,272
TP Icap Group PLC	4,361,487	9,849,332
Vodafone Group PLC	9,793,118	8,602,366
Total		49,531,167
United States 68.8%
Alphabet, Inc., Class C(f)	84,281	11,780,798
Ameren Corp.	157,430	11,207,442
Bank of America Corp.	655,057	22,612,568
Boston Scientific Corp.(f)	177,408	11,746,184
Chubb Ltd.	67,047	16,873,718
Cisco Systems, Inc.	352,265	17,039,058
Citigroup, Inc.	273,301	15,165,472
Comcast Corp., Class A	370,549	15,878,025
DexCom, Inc.(f)	72,519	8,344,761
DTE Energy Co.	122,211	13,241,562
Eaton Corp. PLC	52,652	15,216,428
Eli Lilly & Co.	11,249	8,478,146
EOG Resources, Inc.	110,317	12,626,884
Equinix, Inc.	12,136	10,786,720
Expedia Group, Inc.(f)	65,128	8,910,813
Exxon Mobil Corp.	209,710	21,918,889
General Dynamics Corp.	38,776	10,595,542
Global Payments, Inc.	106,880	13,862,336
Hilton Worldwide Holdings, Inc.	53,007	10,830,390
Honeywell International, Inc.	70,158	13,942,499
Jazz Pharmaceuticals PLC(f)	71,328	8,480,899
Laboratory Corp. of America Holdings	48,155	10,393,294
Lam Research Corp.	17,971	16,861,291
MasterCard, Inc., Class A	32,325	15,346,617
Merck & Co., Inc.	150,181	19,095,514
Mondelez International, Inc., Class A	164,278	12,003,793
MP Materials Corp.(f)	203,263	3,091,630

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

Columbia Global Value Fund | Annual Report 2024

Portfolio of Investments (continued)

February 29, 2024

Common Stocks (continued)
Issuer	Shares	Value ($)
Parker-Hannifin Corp.	27,657	14,808,941
Primo Water Corp.	1,011,836	16,401,862
Procter & Gamble Co. (The)	133,335	21,192,265
Prologis, Inc.	103,292	13,765,725
QUALCOMM, Inc.	127,270	20,081,933
Realty Income Corp.	168,128	8,761,150
Republic Services, Inc.	64,836	11,903,890
S&P Global, Inc.	30,574	13,097,290
TE Connectivity Ltd.	76,685	11,008,899
Union Pacific Corp.	40,801	10,350,806
UnitedHealth Group, Inc.	41,602	20,534,747
Vertex Pharmaceuticals, Inc.(f)	11,946	5,026,160
Walmart, Inc.	349,284	20,471,535
Zoetis, Inc.	48,572	9,633,285
Total		553,369,761
Total Common Stocks (Cost $700,909,685)		793,900,916

Exchange-Traded Equity Funds 0.6%
	Shares	Value ($)
United States 0.6%
iShares Russell 1000 Value ETF	29,254	5,010,040
Total Exchange-Traded Equity Funds (Cost $4,529,072)		5,010,040

Money Market Funds 0.5%

Columbia Short-Term Cash Fund, 5.557%(g),(h)	3,969,656	3,968,862
Total Money Market Funds (Cost $3,968,848)		3,968,862
Total Investments in Securities (Cost $709,407,605)		802,879,818
Other Assets & Liabilities, Net		1,204,730
Net Assets		$804,084,548

At February 29, 2024, securities and/or cash totaling $2,627,663 were pledged as collateral.

Investments in derivatives

Forward foreign currency exchange contracts
Currency to be sold	Currency to be purchased	Counterparty	Settlement date	Unrealized appreciation ($)	Unrealized depreciation ($)
8,142,000 GBP	10,373,201 USD	Barclays	03/19/2024	94,577	—
18,334,084 USD	16,800,000 EUR	Barclays	03/19/2024	—	(165,220 )
9,691,023 USD	99,756,000 SEK	Barclays	03/19/2024	—	(61,750 )
26,260,069 USD	35,470,000 CAD	Citi	03/19/2024	—	(118,444 )
9,722,159 USD	1,417,781,000 JPY	Citi	03/19/2024	—	(242,162 )
40,830,000 SGD	30,441,608 USD	HSBC	03/19/2024	76,363	—
11,329,865 USD	15,158,000 SGD	HSBC	03/19/2024	—	(56,870 )
2,226,000 EUR	2,410,202 USD	Morgan Stanley	03/19/2024	2,827	—
12,714,815,000 KRW	9,560,011 USD	Morgan Stanley	03/19/2024	16,144	—
50,203,000 SEK	4,798,100 USD	Morgan Stanley	03/19/2024	—	(47,908 )
11,958,329 USD	19,529,000 NZD	Morgan Stanley	03/19/2024	—	(68,000 )
5,585,192,000 JPY	38,179,427 USD	State Street	03/19/2024	834,024	—
6,037,000 AUD	3,980,031 USD	UBS	03/19/2024	54,049	—
16,865,000 NOK	1,604,775 USD	UBS	03/19/2024	16,313	—
6,374,683 USD	43,541,000 DKK	UBS	03/19/2024	—	(56,120 )
5,644,570 USD	5,212,000 EUR	UBS	03/19/2024	—	(7,896 )
Total				1,094,297	(824,370 )

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

Columbia Global Value Fund | Annual Report 2024

Portfolio of Investments (continued)

February 29, 2024

Notes to Portfolio of Investments

(a)	This security or a portion of this security has been pledged as collateral in connection with derivative contracts.
(b)	Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At February 29, 2024, the total value of these securities amounted to $0, which represents less than 0.01% of total net assets.
(c)	Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures approved by the Fund’s Board of Trustees. At February 29, 2024, the total market value of these securities amounted to $0, which represents less than 0.01% of total net assets. Additional information on these securities is as follows:

Security	Acquisition Dates	Shares	Cost ($)	Value ($)
Lukoil PJSC	01/27/2022	48,225	4,239,605	—

(d)	As a result of sanctions and restricted cross-border payments, certain income and/or principal has not been recognized by the Fund. The Fund will continue to monitor the net realizable value and record the income when it is considered collectible.
(e)	Valuation based on significant unobservable inputs.
(f)	Non-income producing investment.
(g)	The rate shown is the seven-day current annualized yield at February 29, 2024.
(h)	As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended February 29, 2024 are as follows:

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Realized gain (loss)($)	Dividends($)	End of period shares
Columbia Short-Term Cash Fund, 5.557%
	4,890,862	125,703,212	(126,624,875 )	(337 )	3,968,862	694	300,408	3,969,656

Abbreviation Legend

ADR	American Depositary Receipt

Currency Legend

AUD	Australian Dollar
CAD	Canada Dollar
DKK	Danish Krone
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
KRW	South Korean Won
NOK	Norwegian Krone
NZD	New Zealand Dollar
SEK	Swedish Krona
SGD	Singapore Dollar
USD	US Dollar

Fair value measurements

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

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

Columbia Global Value Fund | Annual Report 2024

Portfolio of Investments (continued)

February 29, 2024

Fair value measurements (continued)

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

■

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

■

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

■

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

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

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

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

The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using 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 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. Representatives of Columbia Management Investment Advisers, LLC report to 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, 2024:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Common Stocks
Australia	—	13,520,827	—	13,520,827
Canada	11,191,427	—	—	11,191,427
Finland	—	7,347,676	—	7,347,676
France	—	24,611,468	—	24,611,468
Hong Kong	—	7,675,169	—	7,675,169
Japan	—	77,948,367	—	77,948,367
Netherlands	—	28,119,914	—	28,119,914
Russian Federation	—	—	0 *	0 *
Singapore	—	10,317,095	—	10,317,095
South Korea	—	10,268,045	—	10,268,045
United Kingdom	9,461,331	40,069,836	—	49,531,167
United States	553,369,761	—	—	553,369,761
Total Common Stocks	574,022,519	219,878,397	0 *	793,900,916
Exchange-Traded Equity Funds	5,010,040	—	—	5,010,040
Money Market Funds	3,968,862	—	—	3,968,862
Total Investments in Securities	583,001,421	219,878,397	0 *	802,879,818
Investments in Derivatives
Asset
Forward Foreign Currency Exchange Contracts	—	1,094,297	—	1,094,297
Liability
Forward Foreign Currency Exchange Contracts	—	(824,370 )	—	(824,370 )
Total	583,001,421	220,148,324	0 *	803,149,745

*	Rounds to zero.

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

Columbia Global Value Fund | Annual Report 2024

Statement of Operations

Year Ended February 29, 2024

Net investment income
Income:
Dividends — unaffiliated issuers	$24,707,724
Dividends — affiliated issuers	300,408
European Union tax reclaim	1,014,309
Foreign taxes withheld	(1,027,701 )
Total income	24,994,740
Expenses:
Management services fees	5,579,056
Distribution and/or service fees
Class A	1,554,203
Class C	77,748
Class R	30,180
Transfer agent fees
Class A	766,659
Advisor Class	7,230
Class C	9,606
Institutional Class	160,747
Institutional 2 Class	5,096
Institutional 3 Class	1,262
Class R	7,442
Custodian fees	48,797
Printing and postage fees	73,067
Registration fees	102,952
Accounting services fees	82,901
Legal fees	21,485
Interest on collateral	7,106
Interest on interfund lending	358
Compensation of chief compliance officer	148
Compensation of board members	20,957
Deferred compensation of board members	33,152
Other	35,846
Total expenses	8,625,998
Expense reduction	(5,903 )
Total net expenses	8,620,095
Net investment income	16,374,645
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	50,714,537
Investments — affiliated issuers	694
Foreign currency translations	(120,935 )
Forward foreign currency exchange contracts	2,328,781
Option contracts written	67,850
Net realized gain	52,990,927
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	17,589,538
Investments — affiliated issuers	(337 )
Foreign currency translations	25,431
Forward foreign currency exchange contracts	(805,295 )
Net change in unrealized appreciation (depreciation)	16,809,337
Net realized and unrealized gain	69,800,264
Net increase in net assets resulting from operations	$86,174,909

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

Columbia Global Value Fund | Annual Report 2024

Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	February 29, 2024		February 28, 2023
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Shares sold	740,987	8,754,595	1,057,347	12,178,834
Distributions reinvested	3,101,643	36,690,711	4,045,837	43,975,633
Shares redeemed	(6,533,475 )	(77,133,025 )	(6,294,521 )	(73,402,862 )
Net decrease	(2,690,845 )	(31,687,719 )	(1,191,337 )	(17,248,395 )
Advisor Class
Shares sold	107,309	1,273,601	132,358	1,571,155
Distributions reinvested	26,444	314,921	38,995	427,022
Shares redeemed	(176,620 )	(2,108,843 )	(248,167 )	(2,879,175 )
Net decrease	(42,867 )	(520,321 )	(76,814 )	(880,998 )
Class C
Shares sold	16,557	192,126	45,688	516,066
Distributions reinvested	37,255	432,733	61,736	654,781
Shares redeemed	(234,763 )	(2,706,264 )	(280,309 )	(3,185,575 )
Net decrease	(180,951 )	(2,081,405 )	(172,885 )	(2,014,728 )
Institutional Class
Shares sold	772,487	9,168,213	1,003,017	11,724,293
Distributions reinvested	649,618	7,698,908	889,213	9,706,409
Shares redeemed	(2,449,879 )	(28,995,783 )	(2,362,528 )	(27,347,764 )
Net decrease	(1,027,774 )	(12,128,662 )	(470,298 )	(5,917,062 )
Institutional 2 Class
Shares sold	131,912	1,550,141	415,453	5,015,187
Distributions reinvested	46,632	550,744	396,061	4,282,197
Shares redeemed	(239,449 )	(2,830,425 )	(5,646,478 )	(64,232,463 )
Net decrease	(60,905 )	(729,540 )	(4,834,964 )	(54,935,079 )
Institutional 3 Class
Shares sold	529,431	5,995,141	681,678	7,597,930
Distributions reinvested	93,497	1,060,436	67,545	708,542
Shares redeemed	(405,265 )	(4,586,675 )	(328,683 )	(3,766,597 )
Net increase	217,663	2,468,902	420,540	4,539,875
Class R
Shares sold	116,550	1,364,280	167,223	1,940,562
Distributions reinvested	31,289	369,092	40,371	437,064
Shares redeemed	(184,243 )	(2,162,400 )	(215,393 )	(2,548,114 )
Net decrease	(36,404 )	(429,028 )	(7,799 )	(170,488 )
Total net decrease	(3,822,083 )	(45,107,773 )	(6,333,557 )	(76,626,875 )

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

Columbia Global Value Fund | Annual Report 2024

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 ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Year Ended 2/29/2024	$11.77	0.24 (c)	1.05	1.29	(0.25 )	(0.50 )	(0.75 )
Year Ended 2/28/2023	$12.91	0.19	(0.46 )	(0.27 )	(0.18 )	(0.69 )	(0.87 )
Year Ended 2/28/2022	$12.87	0.21	1.35	1.56	(0.33 )	(1.19 )	(1.52 )
Year Ended 2/28/2021	$11.89	0.19	1.89	2.08	(0.20 )	(0.90 )	(1.10 )
Year Ended 2/29/2020	$13.00	0.29	(0.18 )	0.11	(0.27 )	(0.95 )	(1.22 )
Advisor Class
Year Ended 2/29/2024	$11.85	0.27 (c)	1.07	1.34	(0.28 )	(0.50 )	(0.78 )
Year Ended 2/28/2023	$13.00	0.23	(0.48 )	(0.25 )	(0.21 )	(0.69 )	(0.90 )
Year Ended 2/28/2022	$12.95	0.24	1.37	1.61	(0.37 )	(1.19 )	(1.56 )
Year Ended 2/28/2021	$11.96	0.20	1.92	2.12	(0.23 )	(0.90 )	(1.13 )
Year Ended 2/29/2020	$13.07	0.32	(0.18 )	0.14	(0.30 )	(0.95 )	(1.25 )
Class C
Year Ended 2/29/2024	$11.54	0.15 (c)	1.04	1.19	(0.17 )	(0.50 )	(0.67 )
Year Ended 2/28/2023	$12.67	0.11	(0.46 )	(0.35 )	(0.09 )	(0.69 )	(0.78 )
Year Ended 2/28/2022	$12.66	0.11	1.32	1.43	(0.23 )	(1.19 )	(1.42 )
Year Ended 2/28/2021	$11.70	0.06	1.91	1.97	(0.11 )	(0.90 )	(1.01 )
Year Ended 2/29/2020	$12.81	0.19	(0.18 )	0.01	(0.17 )	(0.95 )	(1.12 )
Institutional Class
Year Ended 2/29/2024	$11.80	0.27 (c)	1.06	1.33	(0.28 )	(0.50 )	(0.78 )
Year Ended 2/28/2023	$12.95	0.22	(0.47 )	(0.25 )	(0.21 )	(0.69 )	(0.90 )
Year Ended 2/28/2022	$12.90	0.24	1.37	1.61	(0.37 )	(1.19 )	(1.56 )
Year Ended 2/28/2021	$11.92	0.21	1.90	2.11	(0.23 )	(0.90 )	(1.13 )
Year Ended 2/29/2020	$13.03	0.32	(0.18 )	0.14	(0.30 )	(0.95 )	(1.25 )
Institutional 2 Class
Year Ended 2/29/2024	$11.77	0.27 (c)	1.06	1.33	(0.29 )	(0.50 )	(0.79 )
Year Ended 2/28/2023	$12.91	0.27	(0.50 )	(0.23 )	(0.22 )	(0.69 )	(0.91 )
Year Ended 2/28/2022	$12.87	0.25	1.36	1.61	(0.38 )	(1.19 )	(1.57 )
Year Ended 2/28/2021	$11.89	0.19	1.93	2.12	(0.24 )	(0.90 )	(1.14 )
Year Ended 2/29/2020	$13.00	0.32	(0.17 )	0.15	(0.31 )	(0.95 )	(1.26 )
Institutional 3 Class
Year Ended 2/29/2024	$11.31	0.27 (c)	1.02	1.29	(0.30 )	(0.50 )	(0.80 )
Year Ended 2/28/2023	$12.45	0.22	(0.44 )	(0.22 )	(0.23 )	(0.69 )	(0.92 )
Year Ended 2/28/2022	$12.46	0.25	1.32	1.57	(0.39 )	(1.19 )	(1.58 )
Year Ended 2/28/2021	$11.55	0.19	1.87	2.06	(0.25 )	(0.90 )	(1.15 )
Year Ended 2/29/2020	$12.66	0.32	(0.16 )	0.16	(0.32 )	(0.95 )	(1.27 )

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

Columbia Global Value Fund | Annual Report 2024

Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets(a)	Total net expense ratio to average net assets(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 2/29/2024	$12.31	11.39%	1.13% (d),(e)	1.13% (d),(e),(f)	2.02% (c)	59%	$630,038
Year Ended 2/28/2023	$11.77	(1.40% )	1.13% (d)	1.13% (d),(f)	1.65%	52%	$633,847
Year Ended 2/28/2022	$12.91	12.13%	1.11% (d)	1.11% (d),(f)	1.52%	48%	$710,822
Year Ended 2/28/2021	$12.87	18.84%	1.15% (d)	1.15% (d),(f)	1.61%	70%	$696,568
Year Ended 2/29/2020	$11.89	0.36%	1.13% (d)	1.13% (d),(f)	2.20%	37%	$570,739
Advisor Class
Year Ended 2/29/2024	$12.41	11.77%	0.88% (d),(e)	0.88% (d),(e),(f)	2.26% (c)	59%	$5,649
Year Ended 2/28/2023	$11.85	(1.21% )	0.88% (d)	0.87% (d),(f)	1.93%	52%	$5,904
Year Ended 2/28/2022	$13.00	12.44%	0.83% (d)	0.83% (d),(f)	1.77%	48%	$7,474
Year Ended 2/28/2021	$12.95	19.14%	0.90% (d)	0.90% (d),(f)	1.72%	70%	$4,937
Year Ended 2/29/2020	$11.96	0.61%	0.88% (d)	0.88% (d),(f)	2.44%	37%	$2,349
Class C
Year Ended 2/29/2024	$12.06	10.60%	1.88% (d),(e)	1.88% (d),(e),(f)	1.30% (c)	59%	$6,729
Year Ended 2/28/2023	$11.54	(2.13% )	1.88% (d)	1.87% (d),(f)	0.92%	52%	$8,527
Year Ended 2/28/2022	$12.67	11.24%	1.85% (d)	1.85% (d),(f)	0.82%	48%	$11,556
Year Ended 2/28/2021	$12.66	18.01%	1.90% (d)	1.90% (d),(f)	0.54%	70%	$14,480
Year Ended 2/29/2020	$11.70	(0.39% )	1.89% (d)	1.89% (d),(f)	1.46%	37%	$3,696
Institutional Class
Year Ended 2/29/2024	$12.35	11.73%	0.88% (d),(e)	0.88% (d),(e),(f)	2.28% (c)	59%	$130,262
Year Ended 2/28/2023	$11.80	(1.22% )	0.88% (d)	0.88% (d),(f)	1.91%	52%	$136,608
Year Ended 2/28/2022	$12.95	12.47%	0.85% (d)	0.85% (d),(f)	1.77%	48%	$155,962
Year Ended 2/28/2021	$12.90	19.11%	0.90% (d)	0.90% (d),(f)	1.78%	70%	$148,950
Year Ended 2/29/2020	$11.92	0.61%	0.88% (d)	0.88% (d),(f)	2.45%	37%	$88,301
Institutional 2 Class
Year Ended 2/29/2024	$12.31	11.75%	0.82% (d),(e)	0.82% (d),(e)	2.33% (c)	59%	$8,655
Year Ended 2/28/2023	$11.77	(1.06% )	0.78% (d)	0.78% (d)	2.26%	52%	$8,990
Year Ended 2/28/2022	$12.91	12.48%	0.79% (d)	0.79% (d)	1.81%	48%	$72,299
Year Ended 2/28/2021	$12.87	19.26%	0.84% (d)	0.84% (d)	1.55%	70%	$63,366
Year Ended 2/29/2020	$11.89	0.68%	0.81% (d)	0.81% (d)	2.48%	37%	$1,008
Institutional 3 Class
Year Ended 2/29/2024	$11.80	11.84%	0.77% (d),(e)	0.77% (d),(e)	2.35% (c)	59%	$16,495
Year Ended 2/28/2023	$11.31	(1.05% )	0.76% (d)	0.76% (d)	1.94%	52%	$13,349
Year Ended 2/28/2022	$12.45	12.59%	0.70% (d)	0.70% (d)	1.90%	48%	$9,462
Year Ended 2/28/2021	$12.46	19.29%	0.78% (d)	0.78% (d)	1.65%	70%	$8,071
Year Ended 2/29/2020	$11.55	0.75%	0.77% (d)	0.77% (d)	2.56%	37%	$809

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

Columbia Global Value Fund | Annual Report 2024

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
Class R
Year Ended 2/29/2024	$11.72	0.21 (c)	1.06	1.27	(0.23 )	(0.50 )	(0.73 )
Year Ended 2/28/2023	$12.87	0.16	(0.47 )	(0.31 )	(0.15 )	(0.69 )	(0.84 )
Year Ended 2/28/2022	$12.83	0.18	1.35	1.53	(0.30 )	(1.19 )	(1.49 )
Year Ended 2/28/2021	$11.85	0.13	1.92	2.05	(0.17 )	(0.90 )	(1.07 )
Year Ended 2/29/2020	$12.96	0.26	(0.18 )	0.08	(0.24 )	(0.95 )	(1.19 )

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)	Net investment income per share includes European Union tax reclaims which amounted to $0.02 per share for Class A, Advisor Class, Institutional Class and Institutional 2 Class; $0.01 per share for Class C, Institutional 3 Class and Class R. Excluding these amounts, the ratio of net investment income to average net assets would have been lower by 0.13% for each class.
(d)	Ratios include interest on collateral expense which is less than 0.01%.
(e)	Ratios include interfund lending expense which is less than 0.01%.
(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.

Columbia Global Value Fund | Annual Report 2024

Notes to Financial Statements

February 29, 2024

Note 1. Organization

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

Fund shares

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

As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Class C shares automatically convert to Class A shares after 8 years. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.

Note 2. Summary of significant accounting policies

Basis of preparation

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Security valuation

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

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

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

Columbia Global Value Fund | Annual Report 2024

Notes to Financial Statements (continued)

February 29, 2024

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

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

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

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

Foreign currency transactions and translations

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

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

Derivative instruments

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

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

Columbia Global Value Fund | Annual Report 2024

Notes to Financial Statements (continued)

February 29, 2024

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

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

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

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

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

Forward foreign currency exchange contracts

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

Columbia Global Value Fund | Annual Report 2024

Notes to Financial Statements (continued)

February 29, 2024

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

Options contracts

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

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

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

Effects of derivative transactions in the financial statements

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

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at February 29, 2024:

	Asset derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts	1,094,297

Columbia Global Value Fund | Annual Report 2024

Notes to Financial Statements (continued)

February 29, 2024

	Liability derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts	824,370

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended February 29, 2024:

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)	Option contracts written ($)	Total ($)
Equity risk	—	67,850	67,850
Foreign exchange risk	2,328,781	—	2,328,781
Total	2,328,781	67,850	2,396,631

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)
Foreign exchange risk	(805,295 )

The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended February 29, 2024:

Derivative instrument	Average value ($)
Option contracts written	(1,473 )

Derivative instrument	Average unrealized appreciation ($)	Average unrealized depreciation ($)
Forward foreign currency exchange contracts	1,594,828	(1,369,511 )

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, 2024:

	Barclays ($)	Citi ($)	HSBC ($)	Morgan Stanley ($)	State Street ($)	UBS ($)	Total ($)
Assets
Forward foreign currency exchange contracts	94,577	-	76,363	18,971	834,024	70,362	1,094,297
Liabilities
Forward foreign currency exchange contracts	226,970	360,606	56,870	115,908	-	64,016	824,370
Total financial and derivative net assets	(132,393 )	(360,606 )	19,493	(96,937 )	834,024	6,346	269,927
Total collateral received (pledged) (a)	-	-	-	-	-	-	-
Net amount (b)	(132,393 )	(360,606 )	19,493	(96,937 )	834,024	6,346	269,927

(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.

Columbia Global Value Fund | Annual Report 2024

Notes to Financial Statements (continued)

February 29, 2024

Security transactions

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

Income recognition

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

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

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

Expenses

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

Determination of class net asset value

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

Federal income tax status

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

Foreign taxes

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

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

Columbia Global Value Fund | Annual Report 2024

Notes to Financial Statements (continued)

February 29, 2024

The Fund may file withholding tax reclaims in certain European Union countries to recover a portion of foreign taxes previously withheld on dividends earned, which may be reclaimable based upon certain provisions in the Treaty on the Functioning of the European Union (EU) and subsequent rulings by the European Court of Justice. The Fund may record a reclaim receivable when the amount is known, the Fund has received notice of a pending refund, and there are no significant uncertainties on collectability. Income received from EU reclaims is included in the Statement of Operations.

Distributions to shareholders

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

Guarantees and indemnifications

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

Recent accounting pronouncements and regulatory updates

Tailored Shareholder Reports

In October 2022, the Securities and Exchange Commission adopted a final rule, "Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements." The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendments.

Note 3. Fees and other transactions with affiliates

Management services fees

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.72% to 0.52% as the Fund’s net assets increase. The effective management services fee rate for the year ended February 29, 2024 was 0.70% of the Fund’s average daily net assets.

Compensation of Board members

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

Columbia Global Value Fund | Annual Report 2024

Notes to Financial Statements (continued)

February 29, 2024

Compensation of Chief Compliance Officer

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

Transfer agency fees

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

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

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

For the year ended February 29, 2024, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Class A	0.12
Advisor Class	0.12
Class C	0.12
Institutional Class	0.12
Institutional 2 Class	0.06
Institutional 3 Class	0.01
Class R	0.12

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended February 29, 2024, these minimum account balance fees reduced total expenses of the Fund by $5,903.

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.

Columbia Global Value Fund | Annual Report 2024

Notes to Financial Statements (continued)

February 29, 2024

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $799,000 for Class C shares. This amount is based on the most recent information available as of December 31, 2023, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.

Sales charges (unaudited)

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the year ended February 29, 2024, if any, are listed below:

	Front End (%)	CDSC (%)	Amount ($)
Class A	5.75	0.50 - 1.00(a)	52,707
Class C	—	1.00 (b)	407

(a)	This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
(b)	This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.

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

Expenses waived/reimbursed by the Investment Manager and its affiliates

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

	July 1, 2023 through June 30, 2024	Prior to July 1, 2023
Class A	1.17 %	1.15 %
Advisor Class	0.92	0.90
Class C	1.92	1.90
Institutional Class	0.92	0.90
Institutional 2 Class	0.85	0.84
Institutional 3 Class	0.80	0.79
Class R	1.42	1.40

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

Note 4. Federal tax information

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

Columbia Global Value Fund | Annual Report 2024

Notes to Financial Statements (continued)

February 29, 2024

At February 29, 2024, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, foreign currency transactions, passive foreign investment company (pfic) holdings, capital loss carryforwards and trustees’ deferred compensation. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

Undistributed net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
4,329,366	(4,329,366 )	—

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

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

Year Ended February 29, 2024			Year Ended February 28, 2023
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
17,626,377	32,988,456	50,614,833	29,509,096	34,870,298	64,379,394

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

At February 29, 2024, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized appreciation ($)
5,228,481	32,105,964	(51,013,845 )	87,346,496

At February 29, 2024, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized appreciation ($)
715,803,249	126,907,063	(39,560,567 )	87,346,496

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

The following capital loss carryforwards, determined at February 29, 2024, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended February 29, 2024, capital loss carryforwards utilized, if any, were as follows:

No expiration short-term ($)	No expiration long-term ($)	Total ($)	Utilized ($)
(5,559,854 )	(45,453,991 )	(51,013,845 )	873,936

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.

Columbia Global Value Fund | Annual Report 2024

Notes to Financial Statements (continued)

February 29, 2024

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $468,196,070 and $542,056,695, respectively, for the year ended February 29, 2024. 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. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject, by April 2, 2024, to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and, by October 2, 2024, to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 7. Interfund lending

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

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

The Fund’s activity in the Interfund Program during the year ended February 29, 2024 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Borrower	550,000	5.86	4

Interest expense incurred by the Fund is recorded as interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at February 29, 2024.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 26, 2023 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $900 million. Interest is currently 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 secured overnight financing rate plus 0.10% 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 October unless extended or renewed. Prior to the October 26, 2023 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate plus, in each case, 1.00%.

Columbia Global Value Fund | Annual Report 2024

Notes to Financial Statements (continued)

February 29, 2024

The Fund had no borrowings during the year ended February 29, 2024.

Note 9. Significant risks

Financial sector risk

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

Foreign securities and emerging market countries risk

Investing in foreign securities may involve heightened risks relative to investments in U.S. securities. Investing in foreign securities subjects the Fund to the risks associated with the issuer’s country of organization and places of business operations, including 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 be more volatile and less liquid than U.S. securities. Investing in emerging markets may increase these risks and expose the Fund to elevated risks associated with increased inflation, deflation or currency devaluation. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the risks associated with the conditions, events or other factors impacting those countries or regions and may, therefore, have a greater risk than that of a fund that is more geographically diversified. The financial information and disclosure made available by issuers of emerging market securities may be considerably less reliable than publicly available information about other foreign securities. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.

Market risk

The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause 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, other conflicts, 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.

Columbia Global Value Fund | Annual Report 2024

Notes to Financial Statements (continued)

February 29, 2024

on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, restricted cross-border payments and limited access to investments and/or assets in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

Shareholder concentration risk

At February 29, 2024, affiliated shareholders of record owned 40.7% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed 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 are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Global Value Fund | Annual Report 2024

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Global Value Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of February 29, 2024, the related statement of operations for the year ended February 29, 2024, the statement of changes in net assets for each of the two years in the period ended February 29, 2024, including the related notes, and the financial highlights for each of the five years in the period ended February 29, 2024 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 29, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 29, 2024 and the financial highlights for each of the five years in the period ended February 29, 2024 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 29, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

April 22, 2024

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

Columbia Global Value Fund | Annual Report 2024

Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended February 29, 2024. Shareholders will be notified in early 2025 of the amounts for use in preparing 2024 income tax returns.

Qualified dividend income	Dividends received deduction	Section 199A dividends	Capital gain dividend
97.46%	52.73%	2.54%	$50,120,841

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

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

Section 199A dividends. For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents Section 199A dividends potentially eligible for a 20% deduction.

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

TRUSTEES AND OFFICERS

(Unaudited)

The Board oversees the Fund’s operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund’s Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Columbia Global Value Fund | Annual Report 2024

TRUSTEES AND OFFICERS (continued)

(Unaudited)

Independent trustees

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2017	Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016	161	Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2006	Attorney, specializing in arbitration and mediation; Trustee of Gerald Rauenhorst 1982 Trusts, since 2020; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021	161	Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Chair since 2023; Trustee since 2007	President, Springboard – Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982	161	Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee, since 2017 and Audit Committee Chair, since November 2023); Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) (financial services company), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021

Columbia Global Value Fund | Annual Report 2024

TRUSTEES AND OFFICERS (continued)

(Unaudited)

Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957	Trustee since 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018	161	Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2020	CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, January 2020-December 2023; Adjunct Professor of Finance, Bentley University January 2018-April 2023; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015	159	Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios (former mutual fund complex), January 2015-December 2017
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since 2020	Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988	159	Treasurer, Edinburgh University US Trust Board, since January 2023; Member, HBS Community Action Partners Board, since September 2022; former Director, University of Edinburgh Business School (Member of US Board), 2004-2019; former Director, Boston Public Library Foundation, 2008-2017
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950	Trustee since 2004	Professor Emeritus of Economics and Management, Bentley University, since 2023; Professor of Economics and Management, Bentley University, 1976-2023; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002	161	Former Trustee, MA Taxpayers Foundation, 1997-2022; former Director, The MA Business Roundtable, 2003-2019; former Chairperson, Innovation Index Advisory Committee, MA Technology Collaborative, 1997-2020
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2017	Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016	161	Trustee, Catholic Schools Foundation, since 2004

Columbia Global Value Fund | Annual Report 2024

TRUSTEES AND OFFICERS (continued)

(Unaudited)

Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955	Trustee since 1996	Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001	161	Director, SpartanNash Company (food distributor), since November 2013 (Chair of the Board, since May 2021); Director, Aircastle Limited (aircraft leasing), since August 2006 (Chair of Audit Committee); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956	Trustee since 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010	159	None
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Trustee since 2011	Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank	161	Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Senior Adviser to The Carlyle Group (financial services), March 2008-September 2008; former Governance Consultant to Bridgewater Associates, January 2013-December 2015
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Trustee since 2004	Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc.	161	Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee), since 1987; Trustee, Carnegie Endowment for International Peace (on the Investment Committee), since 2009

Columbia Global Value Fund | Annual Report 2024

TRUSTEES AND OFFICERS (continued)

(Unaudited)

Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967	Trustee since 2020	Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008	159	Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2017	Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004	161	Former Director, NAPE (National Alliance for Partnerships in Equity) Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, June 2022-June 2023

Interested trustee affiliated with Investment Manager**

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since November 2021 and President since June 2021	President and Principal Executive Officer of the Columbia Funds, since June 2021; Vice President, Columbia Management Investment Advisers, LLC, since April 2015; formerly, Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, April 2015 – December 2023; President and Principal Executive Officer, Columbia Acorn/Wanger Funds, since July 2021	161	Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc., since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC, since January 2022

The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher, Hacker and Moffett and Mses. Blatz, Carlton, Carrig, Flynn, Paglia, and Yeager serve as directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

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

Columbia Global Value Fund | Annual Report 2024

TRUSTEES AND OFFICERS (continued)

(Unaudited)

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

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

Fund officers

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969	Chief Financial Officer and Principal Financial Officer (2009); Senior Vice President (2019); Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2024) for CFST, CFST I, CFST II, CFVIT and CFVST II	Senior Vice President and North America Head of Operations & Investor Services, Columbia Management Investment Advisers, LLC, since June 2023 (previously Senior Vice President and Head of Global Operations, March 2022 – June 2023, Vice President, Head of North America Operations, and Co-Head of Global Operations, June 2019 - February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. Director, Ameriprise Trust Company, since June 2023.
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968	Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II	Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017.
William F. Truscott 290 Congress Street Boston, MA 02210 1960	Senior Vice President (2001)	Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001 - January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, TAM UK International Holdings Limited, since July 2021; formerly Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, March 2013 – December 2022 and December 2008 – December 2022, respectively; senior executive of various entities affiliated with Columbia Threadneedle Investments.
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Senior Vice President and Assistant Secretary (2021)	Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007.
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972	Senior Vice President and Chief Compliance Officer (2012)	Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020.
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970	Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015)	Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005.

Columbia Global Value Fund | Annual Report 2024

Columbia Overseas Core Fund

Annual Report

February 29, 2024

Not FDIC or NCUA Insured

No Financial Institution Guarantee

May Lose Value

Table of Contents

Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	14
Statement of Operations	16
Statement of Changes in Net Assets	17
Financial Highlights	20
Notes to Financial Statements	24
Report of Independent Registered Public Accounting Firm	38
Federal Income Tax Information	39
Trustees and Officers	39

If you elect to receive the shareholder report for Columbia Overseas Core Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

Proxy voting policies and procedures

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Overseas Core Fund | Annual Report 2024

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with long-term capital appreciation.

Portfolio management

Fred Copper, CFA

Co-Portfolio Manager

Managed Fund since 2018

Daisuke Nomoto, CMA (SAAJ)

Co-Portfolio Manager

Managed Fund since 2018

Paul DiGiacomo, CFA

Co-Portfolio Manager

Managed Fund since January 2024

Morningstar style boxTM

Average annual total returns (%) (for the period ended February 29, 2024)
		Inception	1 Year	5 Years	Life
Class A	Excluding sales charges	03/05/18	9.36	4.93	3.11
	Including sales charges		3.09	3.70	2.10
Advisor Class		03/05/18	9.59	5.16	3.36
Class C	Excluding sales charges	03/05/18	8.56	4.14	2.34
	Including sales charges		7.56	4.14	2.34
Institutional Class		03/05/18	9.59	5.17	3.37
Institutional 2 Class		03/05/18	9.59	5.25	3.45
Institutional 3 Class		03/05/18	9.81	5.33	3.52
Class R		03/05/18	9.01	4.66	2.85
MSCI EAFE Index (Net)			14.41	6.77	4.87

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

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

Columbia Overseas Core Fund | Annual Report 2024

Fund at a Glance (continued)

(Unaudited)

Performance of a hypothetical $10,000 investment (March 5, 2018 — February 29, 2024)

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

Equity sector breakdown (%) (at February 29, 2024)
Communication Services	2.9
Consumer Discretionary	13.0
Consumer Staples	10.0
Energy	8.7
Financials	18.8
Health Care	13.7
Industrials	13.5
Information Technology	13.4
Materials	5.2
Utilities	0.8
Total	100.0

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

Country breakdown (%) (at February 29, 2024)
Australia	4.1
Austria	0.6
Belgium	1.3
Brazil	0.4
Canada	4.4
Denmark	2.1
Finland	1.5
France	8.2
Germany	2.2
Greece	1.1
Hong Kong	0.4
Indonesia	1.1

Country breakdown (%) (at February 29, 2024)
Ireland	2.7
Israel	3.2
Japan	24.6
Jersey	0.5
Netherlands	11.0
Norway	0.9
Russian Federation	0.0 (a)
Singapore	2.6
South Africa	0.1
South Korea	2.2
Switzerland	2.9
Taiwan	3.5
United Kingdom	9.8
United States(b)	8.6
Total	100.0

(a)	Rounds to zero.
(b)	Includes investments in Money Market Funds and Exchange-Traded Funds.

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

Columbia Overseas Core Fund | Annual Report 2024

Manager Discussion of Fund Performance

(Unaudited)

At February 29, 2024, approximately 79.78% of the Fund’s shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.

For the 12-month period that ended February 29, 2024, Class A shares of Columbia Overseas Core Fund returned 9.36% excluding sales charges. The Fund’s benchmark, the MSCI EAFE Index (Net), returned 14.41% for the same time period.

Market overview

Developed international equity generally delivered strong double-digit returns during the 12 months ending February 29, 2024, continuing a recovery from lows recorded in September 2022. With the exception of the real estate and consumer staples sectors, all economic sectors within the MSCI EAFE Index (Net) produced positive returns for the period measured in U.S. dollars. The information technology sector was the best performing sector, followed by the industrials and consumer discretionary sectors. Developed international equities underperformed their U.S. counterparts, with the MSCI EAFE Index (Net) returning 14.41% and the S&P 500 Index returning 30.45%. (All returns stated in U.S. dollars.)

Trajectory generally was upward from the start of the period, supported by favorable events such as the extremely warm winter across Europe, which allayed concerns of energy shortages resulting from the loss of Russian supplies after the invasion of Ukraine. More good news was the abandonment of the zero-COVID policy in China just before the start of the reporting period, allowing for activity to begin to normalize after the prolonged period of rolling lockdowns across much of the country. Despite the overwhelmingly positive results for the period, the trajectory was uneven. Markets retreated somewhat after reaching mid-period highs as rising interest rates and a steep increase in oil prices weighed on sentiment. Mixed inflation news added to downside pressure as well, with worries over falling retail sales in Germany and decade-high borrowing costs in France and Italy more than offsetting reports that overall Eurozone inflation hit a two-year low during the last month of the period. Likewise, worries grew that the summer travel boom was starting to fade as stubborn inflation eroded consumer disposable income. In addition, China’s post-lockdown rebound proved far less robust than hoped for, due in no small part to signs of a technology cold war as the U.S. escalated restrictions on sales of chipmaking equipment. A property slump, high local government debt and increasing consumer pessimism added to the overall economic worries, as did factory activity contracting. Ongoing geopolitical conflict in Ukraine complicated uncertainties for investors, as did the Gaza hostilities that erupted October 7, 2023. Optimism resumed and developed international markets reaccelerated around the end of October, however, in parallel with a rebound in U.S. equities that began when the U.S. Federal Reserve (Fed) held rates steady at its November 1 meeting. Expectations that U.S. officials believed inflation may have cooled enough to forestall more rate hikes and perhaps even spur cutting next year extended to other central banks as well.

Although relatively stable compared with previous periods, the U.S. dollar fluctuated meaningfully over the 12 months but ended with only a slight decline and did not prove to be a meaningful factor in returns for U.S. investors. As illustration, major developed-market benchmarks delivered nearly the same results when denominated in U.S. dollars and local currencies. The MSCI EAFE Index (Net) returned 14.41% measured in U.S. dollars, compared with 14.82% measured in local currencies.

The Fund’s notable detractors during the period

•

Despite delivering a solid positive return, the Fund underperformed for the period primarily due to high-conviction positioning with a heavy emphasis on capital preservation and defensive exposures, counter-balanced by moderate exposure to early cycle inflation beneficiaries. Additionally, positioning within the energy sector, where a longstanding overweight has been based on a belief that supply shortages have become structural and are not fully reflected in current commodity prices, detracted.

•

In that vein, broad and strongly negative security selection was most responsible for trailing results. Selection within the information technology sector was a notable detractor primarily due to a lack of broader exposure to the benchmark’s high-performing software and semiconductor holdings. Equally noteworthy was security selection within Japanese financials. Although the Fund’s three holdings in the space delivered positive results, lack of broader exposure to the benchmark’s large groups of high-performing banks and insurers more than offset the positive effect.

Columbia Overseas Core Fund | Annual Report 2024

Manager Discussion of Fund Performance (continued)

(Unaudited)

•

Overall sector allocation weighed on results to a far lesser degree, largely as a result of above-benchmark exposure in the energy and consumer staples sectors and underexposures to the industrials sector.

•

With that positioning in place, and given that we do not attempt to time short-term market movements, we did not benefit from the cyclical rallies that occurred during the period.

•

Most importantly, our macro model did not recognize the extent to which the relationship between the manufacturing and services parts of the economy broke down. Our models got the manufacturing side right, but they did not account for the divergence of services due to the extraordinary resilience of consumer spending and the massive pent-up stimulus following the pandemic.

•

Individual holdings that lagged in absolute and relative terms included BayCurrent Consulting, Inc. (Japan), Vodafone Group PLC (U.K.) and JD Sports Fashion PLC (U.K.).

•

From a geographical perspective, the Fund’s modest out-of-benchmark exposure to China detracted meaningfully (small allocations to a textile maker and a bank).

The Fund’s notable contributors during the period

•

Relative to its benchmark, the Fund’s security selection within the energy, financials and consumer staples sectors helped relative results.

•

An overweight to the information technology sector was especially beneficial.

•

Individual top performers included ITOCHU Corp. (Japan), Broadcom, Inc. (U.S.) and Cameco Corp. (Canada). The Fund’s position in Broadcom was sold.

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

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

Columbia Overseas Core Fund | Annual Report 2024

Understanding Your Fund’s Expenses

(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

September 1, 2023 — February 29, 2024
	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	1,043.50	1,018.80	6.20	6.12	1.22
Advisor Class	1,000.00	1,000.00	1,043.50	1,020.04	4.93	4.87	0.97
Class C	1,000.00	1,000.00	1,039.50	1,015.07	9.99	9.87	1.97
Institutional Class	1,000.00	1,000.00	1,044.50	1,020.04	4.93	4.87	0.97
Institutional 2 Class	1,000.00	1,000.00	1,044.00	1,020.44	4.52	4.47	0.89
Institutional 3 Class	1,000.00	1,000.00	1,045.50	1,020.74	4.22	4.17	0.83
Class R	1,000.00	1,000.00	1,041.40	1,017.55	7.46	7.37	1.47

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

Columbia Overseas Core Fund | Annual Report 2024

Portfolio of Investments

February 29, 2024

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 97.4%
Issuer	Shares	Value ($)
Australia 4.1%
Ansell Ltd.	126,320	1,959,257
Northern Star Resources Ltd.	2,063,159	17,150,364
Paladin Energy Ltd.(a)	6,602,794	5,337,174
Santos Ltd.	2,415,284	11,121,269
Total		35,568,064
Austria 0.6%
Kontron AG	205,921	4,751,580
Belgium 1.3%
Liberty Global Ltd., Class C(a)	623,851	11,572,436
Brazil 0.4%
JBS S/A	835,157	3,869,096
Canada 4.3%
Cameco Corp.(b)	259,105	10,501,526
Celestica, Inc.(a)	68,186	2,899,950
Nutrien Ltd.	86,200	4,503,088
Pan American Silver Corp.	262,583	3,258,655
Vermilion Energy, Inc.	329,511	3,654,277
Whitecap Resources, Inc.	1,840,525	12,775,114
Total		37,592,610
Denmark 2.1%
Novo Nordisk A/S	154,814	18,479,479
Finland 1.5%
UPM-Kymmene OYJ	385,189	12,892,054
France 8.2%
AXA SA	338,654	12,056,732
Cie de Saint-Gobain SA	80,700	6,221,216
DBV Technologies SA, ADR(a)	148,468	121,744
Eiffage SA	144,085	15,690,583
Safran SA	46,962	9,847,493
Sanofi SA	205,273	19,565,519
TotalEnergies SE	111,627	7,115,015
Total		70,618,302

Common Stocks (continued)
Issuer	Shares	Value ($)
Germany 2.2%
Duerr AG	153,667	3,400,298
E.ON SE	556,078	7,100,730
KION Group AG	162,145	8,192,541
Total		18,693,569
Greece 1.1%
JUMBO SA	333,724	9,753,028
Hong Kong 0.4%
WH Group Ltd.	6,070,902	3,648,347
Indonesia 1.1%
PT Bank Rakyat Indonesia Persero Tbk	23,764,200	9,260,528
Ireland 2.7%
Amarin Corp. PLC, ADR(a)	100,427	107,457
Bank of Ireland Group PLC	786,775	6,870,896
Flutter Entertainment PLC(a)	77,063	16,686,843
Total		23,665,196
Israel 3.2%
Bank Hapoalim BM	1,001,266	9,590,873
Check Point Software Technologies Ltd.(a)	110,275	17,690,316
Total		27,281,189
Japan 24.5%
Amano Corp.	244,200	5,982,572
BayCurrent Consulting, Inc.	243,900	5,479,192
Denso Corp.	336,600	6,191,866
Hitachi Ltd.	117,800	9,980,080
ITOCHU Corp.	366,800	15,934,147
JustSystems Corp.	98,300	1,762,918
Kinden Corp.	272,800	4,651,056
Macnica Holdings, Inc.	306,500	16,965,697
MatsukiyoCocokara & Co.	835,500	13,855,252
Mebuki Financial Group, Inc.	1,886,700	5,898,297
MEITEC Group Holdings, Inc.	114,200	2,312,449
Mitsubishi UFJ Financial Group, Inc.	1,923,600	19,760,783
Otsuka Corp.	339,900	14,945,953
PAL GROUP Holdings Co., Ltd.	302,300	4,596,653
Round One Corp.	1,342,400	6,271,635

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

Columbia Overseas Core Fund | Annual Report 2024

Portfolio of Investments (continued)

February 29, 2024

Common Stocks (continued)
Issuer	Shares	Value ($)
Sankyo Co., Ltd.	1,240,000	14,165,300
Shimamura Co., Ltd.	208,200	11,085,115
Ship Healthcare Holdings, Inc.	459,500	6,672,990
Suntory Beverage & Food Ltd.	181,300	5,953,405
Takeda Pharmaceutical Co., Ltd.	510,977	14,944,138
Takuma Co., Ltd.	329,700	4,289,066
TOPPAN Holdings, Inc.	566,700	13,506,472
USS Co., Ltd.	411,100	7,156,107
Total		212,361,143
Jersey 0.6%
Arcadium Lithium PLC(a)	865,174	4,749,805
Netherlands 10.9%
Adyen NV(a)	3,986	6,306,804
ASR Nederland NV	357,592	16,504,577
Heineken NV	114,466	10,575,664
ING Groep NV	1,227,174	16,888,191
Koninklijke Ahold Delhaize NV	493,720	14,703,909
Prosus NV	432,155	12,622,391
Shell PLC	550,503	17,026,969
Total		94,628,505
Norway 0.9%
SalMar ASA	120,776	7,670,430
Russian Federation —%
Lukoil PJSC(c),(d),(e),(f)	33,398	—
Singapore 2.6%
DBS Group Holdings Ltd.	518,700	12,861,313
Venture Corp., Ltd.	907,500	9,458,293
Total		22,319,606
South Africa 0.1%
Impala Platinum Holdings Ltd.	324,729	1,101,994
South Korea 2.2%
Hyundai Home Shopping Network Corp.	48,588	1,709,425
Samsung Electronics Co., Ltd.	210,483	11,617,171
Youngone Corp.	180,837	5,971,644
Total		19,298,240

Common Stocks (continued)
Issuer	Shares	Value ($)
Switzerland 2.9%
Landis+Gyr Group AG(a)	104,486	8,153,433
Nestlé SA, Registered Shares	70,163	7,277,111
Novartis AG, Registered Shares	43,574	4,396,511
UBS AG	183,345	5,234,832
Total		25,061,887
Taiwan 3.5%
Fubon Financial Holding Co., Ltd.	4,929,747	10,613,391
Parade Technologies Ltd.	426,000	13,703,252
Taiwan Semiconductor Manufacturing Co., Ltd., ADR	43,271	5,567,680
Total		29,884,323
United Kingdom 9.7%
AstraZeneca PLC, ADR	406,581	26,086,237
Crest Nicholson Holdings PLC	725,990	1,942,804
DCC PLC	206,214	14,656,189
Intermediate Capital Group PLC	163,461	3,985,656
JD Sports Fashion PLC	7,695,722	11,499,596
John Wood Group PLC(a)	727,701	1,359,181
Just Group PLC	3,090,027	3,277,792
TP Icap Group PLC	3,904,905	8,818,255
Vodafone Group PLC	14,501,559	12,738,305
Total		84,364,015
United States 6.3%
ACADIA Pharmaceuticals, Inc.(a)	23,808	553,298
Burford Capital Ltd.	693,433	10,491,641
Energy Fuels, Inc.(a)	665,019	4,209,570
Insmed, Inc.(a)	82,822	2,295,826
Jazz Pharmaceuticals PLC(a)	85,383	10,152,039
Primo Water Corp.	1,057,481	17,141,767
Roche Holding AG, Genusschein Shares	35,437	9,265,402
Sage Therapeutics, Inc.(a)	28,691	616,283
Total		54,725,826
Total Common Stocks (Cost $761,638,972)		843,811,252

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

Columbia Overseas Core Fund | Annual Report 2024

Portfolio of Investments (continued)

February 29, 2024

Exchange-Traded Equity Funds 1.8%
	Shares	Value ($)
United States 1.8%
iShares MSCI EAFE ETF	197,958	15,292,256
Total Exchange-Traded Equity Funds (Cost $14,648,814)		15,292,256

Money Market Funds 0.5%

Columbia Short-Term Cash Fund, 5.557%(g),(h)	4,087,162	4,086,345
Total Money Market Funds (Cost $4,086,344)		4,086,345
Total Investments in Securities (Cost $780,374,130)		863,189,853
Other Assets & Liabilities, Net		2,647,791
Net Assets		$865,837,644

At February 29, 2024, securities and/or cash totaling $3,118,323 were pledged as collateral.

Investments in derivatives

Forward foreign currency exchange contracts
Currency to be sold	Currency to be purchased	Counterparty	Settlement date	Unrealized appreciation ($)	Unrealized depreciation ($)
1,740,598 USD	1,613,000 EUR	Barclays	03/19/2024	3,830	—
63,034,326 USD	57,760,000 EUR	Barclays	03/19/2024	—	(568,041 )
16,245,528 USD	12,768,000 GBP	Barclays	03/19/2024	—	(126,950 )
10,464,898 USD	107,722,000 SEK	Barclays	03/19/2024	—	(66,681 )
29,913,000 CAD	22,155,754 USD	Citi	03/19/2024	109,675	—
383,064,000 JPY	2,626,787 USD	Citi	03/19/2024	65,429	—
44,541,000 NOK	4,265,664 USD	Citi	03/19/2024	70,486	—
2,608,451 USD	2,065,000 GBP	Citi	03/19/2024	—	(1,553 )
18,180,000 NOK	1,732,782 USD	Goldman Sachs International	03/19/2024	20,464	—
4,818,000 GBP	6,110,152 USD	HSBC	03/19/2024	27,813	—
25,304,000 ILS	6,850,213 USD	HSBC	03/19/2024	—	(235,363 )
38,216,000 SGD	28,489,328 USD	HSBC	03/19/2024	68,114	—
5,829,000 SGD	4,332,830 USD	HSBC	03/19/2024	—	(2,193 )
12,243,998 USD	16,381,000 SGD	HSBC	03/19/2024	—	(61,459 )
8,813,000 EUR	9,542,276 USD	Morgan Stanley	03/19/2024	11,192	—
22,645,089,000 KRW	17,026,383 USD	Morgan Stanley	03/19/2024	28,752	—
54,257,000 SEK	5,185,557 USD	Morgan Stanley	03/19/2024	—	(51,777 )
1,323,976,000 TWD	42,473,245 USD	Morgan Stanley	03/19/2024	591,506	—
14,482,382 USD	23,651,000 NZD	Morgan Stanley	03/19/2024	—	(82,353 )
18,716,680 USD	194,758,000 SEK	Morgan Stanley	03/19/2024	82,971	—
1,498,000 CHF	1,696,847 USD	State Street	03/19/2024	112	—
3,605,870,000 JPY	24,649,117 USD	State Street	03/19/2024	538,456	—
19,578,599 USD	16,842,000 CHF	State Street	03/19/2024	—	(502,232 )
5,323,000 AUD	3,457,879 USD	UBS	03/19/2024	—	(3,774 )
15,310,956 USD	23,224,000 AUD	UBS	03/19/2024	—	(207,924 )
1,741,448 USD	1,494,000 CHF	UBS	03/19/2024	—	(49,244 )
10,217,999 USD	69,792,000 DKK	UBS	03/19/2024	—	(89,956 )
16,557,911 USD	15,289,000 EUR	UBS	03/19/2024	—	(23,163 )
1,375,000 GBP	1,740,881 USD	Wells Fargo	03/19/2024	5,054	—
3,467,458 USD	5,289,000 AUD	Wells Fargo	03/19/2024	—	(27,915 )
Total				1,623,854	(2,100,578 )

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

Columbia Overseas Core Fund | Annual Report 2024

Portfolio of Investments (continued)

February 29, 2024

Notes to Portfolio of Investments

(a)	Non-income producing investment.
(b)	This security or a portion of this security has been pledged as collateral in connection with derivative contracts.
(c)	Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At February 29, 2024, the total value of these securities amounted to $0, which represents less than 0.01% of total net assets.
(d)	Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures approved by the Fund’s Board of Trustees. At February 29, 2024, the total market value of these securities amounted to $0, which represents less than 0.01% of total net assets. Additional information on these securities is as follows:

Security	Acquisition Dates	Shares	Cost ($)	Value ($)
Lukoil PJSC	01/25/2022-02/02/2022	33,398	2,752,771	—

(e)	As a result of sanctions and restricted cross-border payments, certain income and/or principal has not been recognized by the Fund. The Fund will continue to monitor the net realizable value and record the income when it is considered collectible.
(f)	Valuation based on significant unobservable inputs.
(g)	The rate shown is the seven-day current annualized yield at February 29, 2024.
(h)	As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended February 29, 2024 are as follows:

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Realized gain (loss)($)	Dividends($)	End of period shares
Columbia Short-Term Cash Fund, 5.557%
	2,640,181	185,487,059	(184,040,887 )	(8 )	4,086,345	(370 )	248,903	4,087,162

Abbreviation Legend

ADR	American Depositary Receipt

Currency Legend

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

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

Columbia Overseas Core Fund | Annual Report 2024

Portfolio of Investments (continued)

February 29, 2024

Fair value measurements

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

■

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

■

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

The following table is a summary of the inputs used to value the Fund’s investments at February 29, 2024:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Common Stocks
Australia	—	35,568,064	—	35,568,064
Austria	—	4,751,580	—	4,751,580
Belgium	11,572,436	—	—	11,572,436
Brazil	3,869,096	—	—	3,869,096
Canada	37,592,610	—	—	37,592,610
Denmark	—	18,479,479	—	18,479,479
Finland	—	12,892,054	—	12,892,054
France	121,744	70,496,558	—	70,618,302
Germany	—	18,693,569	—	18,693,569
Greece	—	9,753,028	—	9,753,028
Hong Kong	—	3,648,347	—	3,648,347
Indonesia	—	9,260,528	—	9,260,528
Ireland	107,457	23,557,739	—	23,665,196
Israel	17,690,316	9,590,873	—	27,281,189
Japan	—	212,361,143	—	212,361,143
Jersey	4,749,805	—	—	4,749,805
Netherlands	—	94,628,505	—	94,628,505
Norway	—	7,670,430	—	7,670,430
Russian Federation	—	—	0 *	0 *

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

Columbia Overseas Core Fund | Annual Report 2024

Portfolio of Investments (continued)

February 29, 2024

Fair value measurements (continued)

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Singapore	—	22,319,606	—	22,319,606
South Africa	—	1,101,994	—	1,101,994
South Korea	—	19,298,240	—	19,298,240
Switzerland	—	25,061,887	—	25,061,887
Taiwan	5,567,680	24,316,643	—	29,884,323
United Kingdom	26,086,237	58,277,778	—	84,364,015
United States	45,460,424	9,265,402	—	54,725,826
Total Common Stocks	152,817,805	690,993,447	0 *	843,811,252
Exchange-Traded Equity Funds	15,292,256	—	—	15,292,256
Money Market Funds	4,086,345	—	—	4,086,345
Total Investments in Securities	172,196,406	690,993,447	0 *	863,189,853
Investments in Derivatives
Asset
Forward Foreign Currency Exchange Contracts	—	1,623,854	—	1,623,854
Liability
Forward Foreign Currency Exchange Contracts	—	(2,100,578 )	—	(2,100,578 )
Total	172,196,406	690,516,723	0 *	862,713,129

*	Rounds to zero.

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

The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.

Derivative instruments are valued at unrealized appreciation (depreciation).

The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.

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

Columbia Overseas Core Fund | Annual Report 2024

Statement of Assets and Liabilities

February 29, 2024

Assets
Investments in securities, at value
Unaffiliated issuers (cost $776,287,786)	$859,103,508
Affiliated issuers (cost $4,086,344)	4,086,345
Foreign currency (cost $2)	1
Unrealized appreciation on forward foreign currency exchange contracts	1,623,854
Receivable for:
Investments sold	886,982
Capital shares sold	419,823
Dividends	1,914,964
Foreign tax reclaims	1,560,212
Expense reimbursement due from Investment Manager	1,826
Prepaid expenses	7,396
Total assets	869,604,911
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts	2,100,578
Payable for:
Investments purchased	1,284,107
Capital shares redeemed	163,764
Foreign capital gains taxes deferred	881
Management services fees	19,916
Distribution and/or service fees	349
Transfer agent fees	38,686
Compensation of chief compliance officer	158
Compensation of board members	2,282
Other expenses	63,478
Deferred compensation of board members	93,068
Total liabilities	3,767,267
Net assets applicable to outstanding capital stock	$865,837,644
Represented by
Paid in capital	867,322,643
Total distributable earnings (loss)	(1,484,999 )
Total - representing net assets applicable to outstanding capital stock	$865,837,644

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

Columbia Overseas Core Fund | Annual Report 2024

Statement of Operations

Year Ended February 29, 2024

Net investment income
Income:
Dividends — unaffiliated issuers	$28,629,944
Dividends — affiliated issuers	248,903
Foreign taxes withheld	(2,424,177 )
Total income	26,454,670
Expenses:
Management services fees	7,191,705
Distribution and/or service fees
Class A	118,188
Class C	13,296
Class R	15
Transfer agent fees
Class A	68,350
Advisor Class	378
Class C	1,924
Institutional Class	400,886
Institutional 2 Class	575
Institutional 3 Class	29,402
Class R	3
Custodian fees	145,040
Printing and postage fees	36,259
Registration fees	105,479
Accounting services fees	137,190
Legal fees	22,139
Interest on collateral	27,312
Interest on interfund lending	3,009
Compensation of chief compliance officer	159
Compensation of board members	21,698
Deferred compensation of board members	15,510
Other	40,788
Total expenses	8,379,305
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(694,768 )
Expense reduction	(20 )
Total net expenses	7,684,517
Net investment income	18,770,153
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	1,880,379
Investments — affiliated issuers	(370 )
Foreign currency translations	(98,002 )
Forward foreign currency exchange contracts	4,290,963
Option contracts purchased	(316,579 )
Option contracts written	98,859
Net realized gain	5,855,250
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	54,279,026
Investments — affiliated issuers	(8 )
Foreign currency translations	76,973
Forward foreign currency exchange contracts	(751,675 )
Net change in unrealized appreciation (depreciation)	53,604,316
Net realized and unrealized gain	59,459,566
Net increase in net assets resulting from operations	$78,229,719

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

Columbia Overseas Core Fund | Annual Report 2024

Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	February 29, 2024		February 28, 2023
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Shares sold	257,429	2,488,101	417,180	3,782,989
Distributions reinvested	204,752	1,975,201	81,687	697,607
Shares redeemed	(798,190 )	(7,684,412 )	(908,262 )	(8,071,441 )
Net decrease	(336,009 )	(3,221,110 )	(409,395 )	(3,590,845 )
Advisor Class
Shares sold	25,974	252,023	286	2,538
Distributions reinvested	1,232	11,868	341	2,921
Shares redeemed	(28,992 )	(278,440 )	(6,164 )	(52,080 )
Net decrease	(1,786 )	(14,549 )	(5,537 )	(46,621 )
Class C
Shares sold	10,520	99,618	14,576	132,658
Distributions reinvested	3,956	38,020	3,401	28,907
Shares redeemed	(51,257 )	(491,431 )	(118,762 )	(1,041,494 )
Net decrease	(36,781 )	(353,793 )	(100,785 )	(879,929 )
Institutional Class
Shares sold	4,271,035	41,419,200	15,681,407	153,782,615
Distributions reinvested	1,331,337	12,858,234	568,340	4,864,990
Shares redeemed	(8,668,211 )	(83,231,657 )	(12,654,681 )	(112,948,653 )
Net increase (decrease)	(3,065,839 )	(28,954,223 )	3,595,066	45,698,952
Institutional 2 Class
Shares sold	17,340	167,136	70,546	639,595
Distributions reinvested	3,511	33,967	701	6,009
Shares redeemed	(17,384 )	(172,147 )	(25,357 )	(225,576 )
Net increase	3,467	28,956	45,890	420,028
Institutional 3 Class
Shares sold	2,465,147	24,218,563	892,497	8,278,860
Distributions reinvested	2,653,486	25,657,159	1,002,123	8,588,191
Shares redeemed	(4,870,801 )	(47,443,765 )	(11,594,370 )	(105,165,171 )
Net increase (decrease)	247,832	2,431,957	(9,699,750 )	(88,298,120 )
Total net decrease	(3,189,116 )	(30,082,762 )	(6,574,511 )	(46,696,535 )

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

Columbia Overseas Core Fund | Annual Report 2024

Financial Highlights

	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Year Ended 2/29/2024	$9.38	0.18	0.69	0.87	(0.42 )	—	(0.42 )
Year Ended 2/28/2023	$10.23	0.16	(0.88 )	(0.72 )	—	(0.13 )	(0.13 )
Year Ended 2/28/2022	$10.89	0.17	0.02 (f)	0.19	(0.27 )	(0.58 )	(0.85 )
Year Ended 2/28/2021	$8.99	0.06	2.06	2.12	(0.05 )	(0.17 )	(0.22 )
Year Ended 2/29/2020	$9.36	0.09	(0.11 )	(0.02 )	(0.31 )	(0.04 )	(0.35 )
Advisor Class
Year Ended 2/29/2024	$9.40	0.22	0.67	0.89	(0.46 )	—	(0.46 )
Year Ended 2/28/2023	$10.23	0.19	(0.89 )	(0.70 )	—	(0.13 )	(0.13 )
Year Ended 2/28/2022	$10.89	0.21	0.01 (f)	0.22	(0.30 )	(0.58 )	(0.88 )
Year Ended 2/28/2021	$8.99	0.09	2.05	2.14	(0.07 )	(0.17 )	(0.24 )
Year Ended 2/29/2020	$9.37	0.19	(0.19 )	0.00	(0.34 )	(0.04 )	(0.38 )
Class C
Year Ended 2/29/2024	$9.28	0.12	0.67	0.79	(0.29 )	—	(0.29 )
Year Ended 2/28/2023	$10.20	0.10	(0.89 )	(0.79 )	—	(0.13 )	(0.13 )
Year Ended 2/28/2022	$10.86	0.09	0.02 (f)	0.11	(0.19 )	(0.58 )	(0.77 )
Year Ended 2/28/2021	$9.00	(0.01 )	2.04	2.03	—	(0.17 )	(0.17 )
Year Ended 2/29/2020	$9.36	0.06	(0.15 )	(0.09 )	(0.23 )	(0.04 )	(0.27 )
Institutional Class
Year Ended 2/29/2024	$9.41	0.21	0.68	0.89	(0.46 )	—	(0.46 )
Year Ended 2/28/2023	$10.24	0.19	(0.89 )	(0.70 )	—	(0.13 )	(0.13 )
Year Ended 2/28/2022	$10.89	0.19	0.04 (f)	0.23	(0.30 )	(0.58 )	(0.88 )
Year Ended 2/28/2021	$9.00	0.13	2.00	2.13	(0.07 )	(0.17 )	(0.24 )
Year Ended 2/29/2020	$9.37	0.19	(0.18 )	0.01	(0.34 )	(0.04 )	(0.38 )
Institutional 2 Class
Year Ended 2/29/2024	$9.43	0.21	0.68	0.89	(0.47 )	—	(0.47 )
Year Ended 2/28/2023	$10.25	0.16	(0.85 )	(0.69 )	—	(0.13 )	(0.13 )
Year Ended 2/28/2022	$10.90	0.20	0.04 (f)	0.24	(0.31 )	(0.58 )	(0.89 )
Year Ended 2/28/2021	$9.00	0.10	2.05	2.15	(0.08 )	(0.17 )	(0.25 )
Year Ended 2/29/2020	$9.38	0.19	(0.18 )	0.01	(0.35 )	(0.04 )	(0.39 )

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

Columbia Overseas Core Fund | Annual Report 2024

Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets(a)	Total net expense ratio to average net assets(a),(b)	Net investment income (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 2/29/2024	$9.83	9.36%	1.30% (c),(d)	1.22% (c),(d),(e)	1.90%	42%	$46,194
Year Ended 2/28/2023	$9.38	(6.89% )	1.28% (c),(d)	1.22% (c),(d),(e)	1.74%	60%	$47,250
Year Ended 2/28/2022	$10.23	1.38%	1.27% (c),(d)	1.22% (c),(d),(e)	1.47%	43%	$55,723
Year Ended 2/28/2021	$10.89	23.80%	1.33% (c),(d)	1.24% (c),(d),(e)	0.59%	39%	$57,243
Year Ended 2/29/2020	$8.99	(0.46% )	1.40%	1.26%	0.94%	48%	$431
Advisor Class
Year Ended 2/29/2024	$9.83	9.59%	1.05% (c),(d)	0.97% (c),(d),(e)	2.26%	42%	$180
Year Ended 2/28/2023	$9.40	(6.69% )	1.03% (c),(d)	0.97% (c),(d),(e)	2.05%	60%	$189
Year Ended 2/28/2022	$10.23	1.64%	1.02% (c),(d)	0.97% (c),(d),(e)	1.83%	43%	$262
Year Ended 2/28/2021	$10.89	24.07%	1.08% (c),(d)	0.99% (c),(d),(e)	0.91%	39%	$368
Year Ended 2/29/2020	$8.99	(0.30% )	1.15%	1.01%	1.98%	48%	$19
Class C
Year Ended 2/29/2024	$9.78	8.56%	2.06% (c),(d)	1.97% (c),(d),(e)	1.22%	42%	$1,214
Year Ended 2/28/2023	$9.28	(7.60% )	2.03% (c),(d)	1.97% (c),(d),(e)	1.13%	60%	$1,494
Year Ended 2/28/2022	$10.20	0.60%	2.02% (c),(d)	1.97% (c),(d),(e)	0.82%	43%	$2,670
Year Ended 2/28/2021	$10.86	22.80%	2.07% (c),(d)	1.99% (c),(d),(e)	(0.14% )	39%	$3,863
Year Ended 2/29/2020	$9.00	(1.17% )	2.15%	2.01%	0.63%	48%	$49
Institutional Class
Year Ended 2/29/2024	$9.84	9.59%	1.05% (c),(d)	0.97% (c),(d),(e)	2.14%	42%	$269,598
Year Ended 2/28/2023	$9.41	(6.68% )	1.03% (c),(d)	0.97% (c),(d),(e)	2.05%	60%	$286,669
Year Ended 2/28/2022	$10.24	1.73%	1.02% (c),(d)	0.97% (c),(d),(e)	1.68%	43%	$275,013
Year Ended 2/28/2021	$10.89	23.93%	1.10% (c),(d)	1.00% (c),(d),(e)	1.40%	39%	$215,765
Year Ended 2/29/2020	$9.00	(0.19% )	1.15%	1.02%	1.98%	48%	$131,881
Institutional 2 Class
Year Ended 2/29/2024	$9.85	9.59%	0.98% (c),(d)	0.90% (c),(d)	2.16%	42%	$923
Year Ended 2/28/2023	$9.43	(6.58% )	0.97% (c),(d)	0.90% (c),(d)	1.78%	60%	$850
Year Ended 2/28/2022	$10.25	1.81%	0.95% (c),(d)	0.90% (c),(d)	1.77%	43%	$454
Year Ended 2/28/2021	$10.90	24.16%	0.99% (c),(d)	0.90% (c),(d)	1.02%	39%	$439
Year Ended 2/29/2020	$9.00	(0.18% )	1.04%	0.91%	1.99%	48%	$47

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

Columbia Overseas Core Fund | Annual Report 2024

Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Institutional 3 Class
Year Ended 2/29/2024	$9.43	0.22	0.69	0.91	(0.48 )	—	(0.48 )
Year Ended 2/28/2023	$10.25	0.19	(0.88 )	(0.69 )	—	(0.13 )	(0.13 )
Year Ended 2/28/2022	$10.91	0.21	0.03 (f)	0.24	(0.32 )	(0.58 )	(0.90 )
Year Ended 2/28/2021	$9.00	0.12	2.05	2.17	(0.09 )	(0.17 )	(0.26 )
Year Ended 2/29/2020	$9.38	0.21	(0.19 )	0.02	(0.36 )	(0.04 )	(0.40 )
Class R
Year Ended 2/29/2024	$9.36	0.16	0.67	0.83	(0.37 )	—	(0.37 )
Year Ended 2/28/2023	$10.23	0.13	(0.87 )	(0.74 )	—	(0.13 )	(0.13 )
Year Ended 2/28/2022	$10.88	0.15	0.02 (f)	0.17	(0.24 )	(0.58 )	(0.82 )
Year Ended 2/28/2021	$8.99	0.20	1.88	2.08	(0.02 )	(0.17 )	(0.19 )
Year Ended 2/29/2020	$9.36	0.18	(0.22 )	(0.04 )	(0.29 )	(0.04 )	(0.33 )

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	Ratios include interest on collateral expense which is less than 0.01%.
(d)	Ratios include interfund lending expense which is less than 0.01%.
(e)	The benefits derived from expense reductions had an impact of less than 0.01%.
(f)	Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to timing of Fund shares sold and redeemed in relation to fluctuations in the market value of the portfolio.

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

Columbia Overseas Core Fund | Annual Report 2024

Notes to Financial Statements

February 29, 2024

Note 1. Organization

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

Fund shares

The Fund’s Board of Trustees approved a proposal to accelerate the conversion of Class C shares into Class A shares of the Fund. Effective on February 12, 2024, Class C shares of the Fund were closed to new and existing investors and effective on April 15, 2024, shares held by Class C shareholders were converted into Class A shares in a tax-free transaction.

Note 2. Summary of significant accounting policies

Basis of preparation

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

Security valuation

Columbia Overseas Core Fund | Annual Report 2024

Notes to Financial Statements (continued)

February 29, 2024

close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

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

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

Foreign currency transactions and translations

Derivative instruments

Columbia Overseas Core Fund | Annual Report 2024

Notes to Financial Statements (continued)

February 29, 2024

provides some protection in the case of clearing member default. The clearinghouse or central counterparty stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or central counterparty may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the central counterparty or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker’s customers (including the Fund), potentially resulting in losses to the Fund.

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

Columbia Overseas Core Fund | Annual Report 2024

Notes to Financial Statements (continued)

February 29, 2024

Options contracts

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

Effects of derivative transactions in the financial statements

Columbia Overseas Core Fund | Annual Report 2024

Notes to Financial Statements (continued)

February 29, 2024

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, 2024:

	Asset derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts	1,623,854

	Liability derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts	2,100,578

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)	Option contracts purchased ($)	Option contracts written ($)	Total ($)
Equity risk	—	(316,579 )	98,859	(217,720 )
Foreign exchange risk	4,290,963	—	—	4,290,963
Total	4,290,963	(316,579 )	98,859	4,073,243

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)
Foreign exchange risk	(751,675 )

The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended February 29, 2024:

Derivative instrument	Average value ($)
Option contracts purchased	70,729
Option contracts written	(1,793 )

Derivative instrument	Average unrealized appreciation ($)	Average unrealized depreciation ($)
Forward foreign currency exchange contracts	3,335,174	(2,794,677 )

Columbia Overseas Core Fund | Annual Report 2024

Notes to Financial Statements (continued)

February 29, 2024

Offsetting of assets and liabilities

	Barclays ($)	Citi ($)	Goldman Sachs International ($)	HSBC ($)	Morgan Stanley ($)	State Street ($)	UBS ($)	Wells Fargo ($)	Total ($)
Assets
Forward foreign currency exchange contracts	3,830	245,590	20,464	95,927	714,421	538,568	-	5,054	1,623,854
Liabilities
Forward foreign currency exchange contracts	761,672	1,553	-	299,015	134,130	502,232	374,061	27,915	2,100,578
Total financial and derivative net assets	(757,842 )	244,037	20,464	(203,088 )	580,291	36,336	(374,061 )	(22,861 )	(476,724 )
Total collateral received (pledged) (a)	-	-	-	-	580,291	-	-	-	580,291
Net amount (b)	(757,842 )	244,037	20,464	(203,088 )	-	36,336	(374,061 )	(22,861 )	(1,057,015 )

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

Security transactions

Income recognition

Expenses

Determination of class net asset value

Columbia Overseas Core Fund | Annual Report 2024

Notes to Financial Statements (continued)

February 29, 2024

Federal income tax status

Foreign taxes

Distributions to shareholders

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

Guarantees and indemnifications

Recent accounting pronouncements and regulatory updates

Tailored Shareholder Reports

Note 3. Fees and other transactions with affiliates

Management services fees

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.87% to 0.62% as the Fund’s net assets increase. The effective management services fee rate for the year ended February 29, 2024 was 0.84% of the Fund’s average daily net assets.

Columbia Overseas Core Fund | Annual Report 2024

Notes to Financial Statements (continued)

February 29, 2024

Compensation of Board members

Compensation of Chief Compliance Officer

Transfer agency fees

For the year ended February 29, 2024, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Class A	0.14
Advisor Class	0.14
Class C	0.14
Institutional Class	0.14
Institutional 2 Class	0.07
Institutional 3 Class	0.01
Class R	0.14

Columbia Overseas Core Fund | Annual Report 2024

Notes to Financial Statements (continued)

February 29, 2024

Distribution and service fees

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $194,000 for Class C shares. This amount is based on the most recent information available as of December 31, 2023, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.

Sales charges (unaudited)

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the year ended February 29, 2024, if any, are listed below:

	Front End (%)	CDSC (%)	Amount ($)
Class A	5.75	0.50 - 1.00(a)	19,684
Class C	—	1.00 (b)	21

(a)	This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
(b)	This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.

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

Expenses waived/reimbursed by the Investment Manager and its affiliates

	July 1, 2023 through June 30, 2024	Prior to July 1, 2023
Class A	1.22 %	1.22 %
Advisor Class	0.97	0.97
Class C	1.97	1.97
Institutional Class	0.97	0.97
Institutional 2 Class	0.89	0.90
Institutional 3 Class	0.83	0.85
Class R	1.47	1.47

Columbia Overseas Core Fund | Annual Report 2024

Notes to Financial Statements (continued)

February 29, 2024

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

At February 29, 2024, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, foreign currency transactions, passive foreign investment company (pfic) holdings, capital loss carryforwards, trustees’ deferred compensation, non-deductible expenses and foreign capital gains tax. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

Excess of distributions over net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
9,662,160	(9,662,160 )	—

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

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

Year Ended February 29, 2024			Year Ended February 28, 2023
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
40,619,633	—	40,619,633	249,728	13,957,284	14,207,012

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

At February 29, 2024, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized appreciation ($)
6,054,676	—	(71,443,582 )	64,073,701

At February 29, 2024, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized appreciation ($)
798,639,428	129,860,168	(65,786,467 )	64,073,701

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

Columbia Overseas Core Fund | Annual Report 2024

Notes to Financial Statements (continued)

February 29, 2024

No expiration short-term ($)	No expiration long-term ($)	Total ($)	Utilized ($)
(35,659,500 )	(35,784,082 )	(71,443,582 )	—

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $354,969,072 and $406,234,707, respectively, for the year ended February 29, 2024. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

Note 7. Interfund lending

The Fund’s activity in the Interfund Program during the year ended February 29, 2024 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Borrower	4,625,000	5.86	4

Interest expense incurred by the Fund is recorded as interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at February 29, 2024.

Note 8. Line of credit

Columbia Overseas Core Fund | Annual Report 2024

Notes to Financial Statements (continued)

February 29, 2024

an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $900 million. Interest is currently 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 secured overnight financing rate plus 0.10% 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 October unless extended or renewed. Prior to the October 26, 2023 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate plus, in each case, 1.00%.

The Fund had no borrowings during the year ended February 29, 2024.

Note 9. Significant risks

Foreign securities and emerging market countries risk

Geographic focus risk

The Fund may be particularly susceptible to risks related to economic, political, regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. The Fund’s net asset value may be more volatile than the net asset value of a more geographically diversified fund.

Asia Pacific Region. The Fund is particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries in the Asia Pacific region. Many of the countries in the region are considered underdeveloped or developing, including from a political, economic and/or social perspective, and may have relatively unstable governments and economies based on limited business, industries and/or natural resources or commodities. Events in any one country within the region may impact other countries in the region or the region as a whole. As a result, events in the region will generally have a greater effect on the Fund than if the Fund were more geographically diversified. This could result in increased volatility in the value of the Fund’s investments and losses for the Fund. Also, securities of some companies in the region can be less liquid than U.S. or other foreign securities, potentially making it difficult for the Fund to sell such securities at a desirable time and price.

Europe. The Fund is particularly susceptible to risks related to economic, political, regulatory or other events or conditions, including acts of war or other conflicts in the region, affecting issuers and countries in Europe. Countries in Europe are often closely connected and interdependent, and events in one European country can have an adverse impact on, and potentially spread to, other European countries. In addition, significant private or public debt problems in a single European Union (EU)

Columbia Overseas Core Fund | Annual Report 2024

Notes to Financial Statements (continued)

February 29, 2024

country can pose economic risks to the EU as a whole. As a result, the Fund’s net asset value may be more volatile than the net asset value of a more geographically diversified fund. If securities of issuers in Europe fall out of favor, it may cause the Fund to underperform other funds that do not focus their investments in this region of the world. Uncertainty caused by the departure of the United Kingdom (UK) from the EU, which occurred in January 2020, could have negative impacts on the UK and EU, as well as other European economies and the broader global economy. These could include negative impacts on currencies and financial markets as well as increased volatility and illiquidity, and potentially lower economic growth in markets in Europe, which could adversely affect the value of your investment in the Fund.

Japan. The Fund is particularly susceptible to the social, political, economic, regulatory and other conditions or events that may affect Japan’s economy. The Japanese economy is heavily dependent upon international trade, including, among other things, the export of finished goods and the import of oil and other commodities and raw materials. Because of its trade dependence, the Japanese economy is particularly exposed to the risks of currency fluctuation, foreign trade policy and regional and global economic disruption, including the risk of increased tariffs, embargoes, and other trade limitations or factors. Strained relationships between Japan and its neighboring countries, including China, South Korea and North Korea, based on historical grievances, territorial disputes, and defense concerns, may also cause uncertainty in Japanese markets. As a result, additional tariffs, other trade barriers, or boycotts may have an adverse impact on the Japanese economy. Japanese government policy has been characterized by economic regulation, intervention, protectionism and large government deficits. The Japanese economy is also challenged by an unstable financial services sector, highly leveraged corporate balance sheets and extensive cross-ownership among major corporations. Structural social and labor market changes, including an aging workforce, population decline and traditional aversion to labor mobility may adversely affect Japan’s economic competitiveness and growth potential. The potential for natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, could also have significant negative effects on Japan’s economy. As a result of the Fund’s investment in Japanese securities, the Fund’s net asset value may be more volatile than the net asset value of a more geographically diversified fund. If securities of issuers in Japan fall out of favor, it may cause the Fund to underperform other funds that do not focus their investments in Japan.

Market risk

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could continue to be significant. Market disruption caused by the Russian military action, and any countermeasures or responses thereto (including international sanctions, a downgrade in a country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could continue to have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, restricted cross-border payments and limited access to investments and/or assets in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

Columbia Overseas Core Fund | Annual Report 2024

Notes to Financial Statements (continued)

February 29, 2024

Shareholder concentration risk

At February 29, 2024, affiliated shareholders of record owned 88.2% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed 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. Other than as noted in Note 1 above, there were no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Columbia Overseas Core Fund | Annual Report 2024

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Overseas Core Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of February 29, 2024, the related statement of operations for the year ended February 29, 2024, the statement of changes in net assets for each of the two years in the period ended February 29, 2024, including the related notes, and the financial highlights for each of the five years in the period ended February 29, 2024 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 29, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 29, 2024 and the financial highlights for each of the five years in the period ended February 29, 2024 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

April 22, 2024

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

Columbia Overseas Core Fund | Annual Report 2024

Federal Income Tax Information

(Unaudited)

Qualified dividend income	Foreign taxes paid to foreign countries	Foreign taxes paid per share to foreign countries	Foreign source income	Foreign source income per share
82.17%	$2,472,932	$0.03	$28,234,232	$0.32

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

TRUSTEES AND OFFICERS

(Unaudited)

Independent trustees

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2017	Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016	161	Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994

Columbia Overseas Core Fund | Annual Report 2024

TRUSTEES AND OFFICERS (continued)

(Unaudited)

Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2006	Attorney, specializing in arbitration and mediation; Trustee of Gerald Rauenhorst 1982 Trusts, since 2020; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021	161	Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Chair since 2023; Trustee since 2007	President, Springboard – Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982	161	Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee, since 2017 and Audit Committee Chair, since November 2023); Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) (financial services company), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957	Trustee since 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018	161	Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2020	CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, January 2020-December 2023; Adjunct Professor of Finance, Bentley University January 2018-April 2023; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015	159	Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios (former mutual fund complex), January 2015-December 2017

Columbia Overseas Core Fund | Annual Report 2024

TRUSTEES AND OFFICERS (continued)

(Unaudited)

Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since 2020	Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988	159	Treasurer, Edinburgh University US Trust Board, since January 2023; Member, HBS Community Action Partners Board, since September 2022; former Director, University of Edinburgh Business School (Member of US Board), 2004-2019; former Director, Boston Public Library Foundation, 2008-2017
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950	Trustee since 2004	Professor Emeritus of Economics and Management, Bentley University, since 2023; Professor of Economics and Management, Bentley University, 1976-2023; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002	161	Former Trustee, MA Taxpayers Foundation, 1997-2022; former Director, The MA Business Roundtable, 2003-2019; former Chairperson, Innovation Index Advisory Committee, MA Technology Collaborative, 1997-2020
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2017	Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016	161	Trustee, Catholic Schools Foundation, since 2004
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955	Trustee since 1996	Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001	161	Director, SpartanNash Company (food distributor), since November 2013 (Chair of the Board, since May 2021); Director, Aircastle Limited (aircraft leasing), since August 2006 (Chair of Audit Committee); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956	Trustee since 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010	159	None

Columbia Overseas Core Fund | Annual Report 2024

TRUSTEES AND OFFICERS (continued)

(Unaudited)

Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Trustee since 2011	Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank	161	Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Senior Adviser to The Carlyle Group (financial services), March 2008-September 2008; former Governance Consultant to Bridgewater Associates, January 2013-December 2015
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Trustee since 2004	Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc.	161	Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee), since 1987; Trustee, Carnegie Endowment for International Peace (on the Investment Committee), since 2009
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967	Trustee since 2020	Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008	159	Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2017	Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004	161	Former Director, NAPE (National Alliance for Partnerships in Equity) Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, June 2022-June 2023

Columbia Overseas Core Fund | Annual Report 2024

TRUSTEES AND OFFICERS (continued)

(Unaudited)

Independent trustees (continued)

Interested trustee affiliated with Investment Manager**

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since November 2021 and President since June 2021	President and Principal Executive Officer of the Columbia Funds, since June 2021; Vice President, Columbia Management Investment Advisers, LLC, since April 2015; formerly, Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, April 2015 – December 2023; President and Principal Executive Officer, Columbia Acorn/Wanger Funds, since July 2021	161	Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc., since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC, since January 2022

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

Fund officers

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969	Chief Financial Officer and Principal Financial Officer (2009); Senior Vice President (2019); Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2024) for CFST, CFST I, CFST II, CFVIT and CFVST II	Senior Vice President and North America Head of Operations & Investor Services, Columbia Management Investment Advisers, LLC, since June 2023 (previously Senior Vice President and Head of Global Operations, March 2022 – June 2023, Vice President, Head of North America Operations, and Co-Head of Global Operations, June 2019 - February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. Director, Ameriprise Trust Company, since June 2023.

Columbia Overseas Core Fund | Annual Report 2024

TRUSTEES AND OFFICERS (continued)

(Unaudited)

Fund officers (continued)

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968	Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II	Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017.
William F. Truscott 290 Congress Street Boston, MA 02210 1960	Senior Vice President (2001)	Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001 - January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, TAM UK International Holdings Limited, since July 2021; formerly Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, March 2013 – December 2022 and December 2008 – December 2022, respectively; senior executive of various entities affiliated with Columbia Threadneedle Investments.
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Senior Vice President and Assistant Secretary (2021)	Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007.
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972	Senior Vice President and Chief Compliance Officer (2012)	Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020.
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970	Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015)	Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005.
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021).
Lyn Kephart-Strong 5903 Ameriprise Financial Center Minneapolis, MN 55474 1960	Vice President (2015)	Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017.

Columbia Overseas Core Fund | Annual Report 2024

The registrant has adopted a code of ethics (the “Code”) that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. During the period covered by this report, there were not any amendments to a provision of the Code that relates to any element of the code of ethics definition enumerated in paragraph (b) of Item 2 of Form N-CSR. During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the Code that relates to one or more of the items set forth in paragraph (b) of Item 2 of Form N-CSR. A copy of the Code is attached hereto.

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

Fee information below is disclosed for the series of the relevant registrant whose reports to shareholders are included in this annual filing.

(a) Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended February 29, 2024 and February 29, 2023 are approximately as follows:

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

(b) Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended February 29, 2024 and February 29, 2023 are approximately as follows:

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

During the fiscal years ended February 29, 2024 and February 29, 2023, there were no Audit-Related Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(c) Tax Fees. Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended February 29, 2024 and February 29, 2023 are approximately as follows:

Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning.

During the fiscal years ended February 29, 2024 and February 29, 2023, there were no Tax Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(d) All Other Fees. Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended February 29, 2024 and February 29, 2023 are approximately as follows:

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

Aggregate All Other Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant during the fiscal years ended February 29, 2024 and February 29, 2023 are approximately as follows:

In fiscal years 2024 and 2023, All Other Fees primarily consists of fees billed for internal control examinations of the registrant’s transfer agent and investment adviser.

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

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

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

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

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

(e)(2) None, or 0%, of the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund or affiliated entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended February 29, 2024 and February 29, 2023 are approximately as follows:

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

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

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

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

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

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.

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.

Class A
Net assets	$630,038,221
Shares outstanding	51,169,127
Net asset value per share	$12.31
Maximum sales charge	5.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$13.06
Advisor Class
Net assets	$5,648,512
Shares outstanding	455,207
Net asset value per share	$12.41
Class C
Net assets	$6,729,389
Shares outstanding	558,158
Net asset value per share	$12.06
Institutional Class
Net assets	$130,262,407
Shares outstanding	10,547,516
Net asset value per share	$12.35
Institutional 2 Class
Net assets	$8,655,115
Shares outstanding	703,180
Net asset value per share	$12.31
Institutional 3 Class
Net assets	$16,495,432
Shares outstanding	1,398,125
Net asset value per share	$11.80
Class R
Net assets	$6,255,472
Shares outstanding	510,105
Net asset value per share	$12.26

	Year Ended February 29, 2024	Year Ended February 28, 2023
Operations
Net investment income	$16,374,645	$14,593,970
Net realized gain	52,990,927	26,341,714
Net change in unrealized appreciation (depreciation)	16,809,337	(61,005,676 )
Net increase (decrease) in net assets resulting from operations	86,174,909	(20,069,992 )
Distributions to shareholders
Net investment income and net realized gains
Class A	(39,302,250 )	(47,053,581 )
Advisor Class	(381,427 )	(508,198 )
Class C	(435,540 )	(656,180 )
Institutional Class	(8,503,640 )	(10,693,987 )
Institutional 2 Class	(551,940 )	(4,318,013 )
Institutional 3 Class	(1,070,944 )	(712,368 )
Class R	(369,092 )	(437,067 )
Total distributions to shareholders	(50,614,833 )	(64,379,394 )
Decrease in net assets from capital stock activity	(45,107,773 )	(76,626,875 )
Total decrease in net assets	(9,547,697 )	(161,076,261 )
Net assets at beginning of year	813,632,245	974,708,506
Net assets at end of year	$804,084,548	$813,632,245

Assets
Investments in securities, at value
Unaffiliated issuers (cost $705,438,757)	$798,910,956
Affiliated issuers (cost $3,968,848)	3,968,862
Cash	654
Unrealized appreciation on forward foreign currency exchange contracts	1,094,297
Receivable for:
Capital shares sold	43,384
Dividends	1,626,694
Foreign tax reclaims	266,392
Prepaid expenses	7,669
Deferred compensation of board members	80,793
Total assets	805,999,701
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts	824,370
Payable for:
Capital shares redeemed	604,652
Management services fees	15,418
Distribution and/or service fees	4,577
Transfer agent fees	61,636
Compensation of chief compliance officer	148
Compensation of board members	2,213
Other expenses	50,168
Deferred compensation of board members	351,971
Total liabilities	1,915,153
Net assets applicable to outstanding capital stock	$804,084,548
Represented by
Paid in capital	730,783,842
Total distributable earnings (loss)	73,300,706
Total - representing net assets applicable to outstanding capital stock	$804,084,548

Class A
Net assets	$46,193,766
Shares outstanding	4,701,637
Net asset value per share	$9.83
Maximum sales charge	5.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$10.43
Advisor Class
Net assets	$180,097
Shares outstanding	18,315
Net asset value per share	$9.83
Class C
Net assets	$1,213,855
Shares outstanding	124,147
Net asset value per share	$9.78
Institutional Class
Net assets	$269,598,475
Shares outstanding	27,394,677
Net asset value per share	$9.84
Institutional 2 Class
Net assets	$922,508
Shares outstanding	93,627
Net asset value per share	$9.85
Institutional 3 Class
Net assets	$547,725,850
Shares outstanding	55,575,715
Net asset value per share	$9.86
Class R
Net assets	$3,093
Shares outstanding	315
Net asset value per share	$9.82

(registrant)	Columbia Funds Series Trust II

By (Signature and Title)	/s/ Daniel J. Beckman
	Daniel J. Beckman, President and Principal Executive Officer

Date	April 22, 2024

By (Signature and Title)	/s/ Michael G. Clarke
	Michael G. Clarke, Chief Financial Officer, Treasurer, Chief Accounting Officer, Principal Financial Officer
	and Senior Vice President

Date	April 22, 2024